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TheStreet Open House

'Fast Money' Recap: A New Year's Hangover

NEW YORK (TheStreet) -- The S&P 500 started 2014 hungover, falling nearly 1% in the first trading day of the new year. 

Guy Adami, managing director of stockmonster.com, said the sooner the S&P 500 trades down to 1,760, the better off it'll be in 2014. 

Josh Brown, CEO and co-founder of Ritholtz Wealth Management, agreed that a pullback would be a great way to start the new year, giving investors a solid entry point into equities. 

Tim Seymour, managing partner of Triogem Asset Management, said today's selloff doesn't mean much in the intermediate term. He reminded investors that Thursday's U.S. and European PMI numbers were very strong. 

Shares of Apple (AAPL) traded lower on Thursday on a downgrade from Wells Fargo to hold from buy. 

Brian Kelly, founder of Brian Kelly Capital, said AAPL is still consolidating after its strong move higher in recent months. He said investors should not panic or sell the stock. Seymour added that AAPL's fundamentals are strong but it needs the technicals to cooperate in order for the share price to move higher. 

Brian Marshall, managing director of ISI, was a guest on the show. He said calendar year 2014 should be very good for AAPL, and the deal with China Mobile Limited (CHL) has not been fully factored into the stock price. He added that eventually margins will sag but the speed at which they decrease will not be fast. Marshall also suggested that AAPL will continue to trade with a below-market earnings multiple. 

Brown said that growth investors feel more comfortable chasing new technology stocks with high earnings multiples. He suggested 3D Systems (DDD) and Stratasys (SSYS)

Adami was a buyer of Cisco Systems (CSCO) and a seller of International Business Machine (IBM). Kelly was a seller of Brazilian equities because of the country's struggling economy and currency devaluation.  Brown was a buyer of emerging markets, because of its multi-year underperformance. 

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