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TheStreet Open House

'Fast Money' Recap: The Economy and the Market

NEW YORK (TheStreet) -- The broader markets finally endured a steep decline, with the S&P 500 falling 1.25%. 

On CNBC's "Fast Money" TV show, Brian Kelly, founder of Brian Kelly Capital, said the nonfarm payrolls report was truly bad and the Federal Reserve willmost likely continue with its asset tapering plans. 

Tim Seymour, managing partner of Triogem Asset Management, said the employment trend still looks good and the economy hasn't dramatically changed. 

Guy Adami, managing director of stockmonster.com, said equities' move lower mostly appears technical. He added the S&P 500 seems likely to work its way down to 1,750 or so. From there it could continue lower or bounce back to new highs. 

Josh Brown, CEO and co-founder of Ritholtz Wealth Management, said the market is not overbought and was dragged lower by the retail sector. 

Kelly suggested the financial sector will have to report a really strong earnings season to continue higher because it has done so well over the past year. He added that today's selloff in the market is justified. 

For content plays, Seymour continues to like Disney (DIS)

Charter Communications (CHTR) is interested in bidding for Time Warner Cable (TWC). Kelly suggested there is a "floor" of support near $130 and a target bid price near $160. He was a buyer. 

Brown pointed out the market is in a "good state" as there is competitive buying occurring. Adami added that Blackstone (BX) is a beneficiary of deals like this. He's a buyer of BX. 

Guest Adam Parker, chief U.S. equity strategist and managing director at Morgan Stanley (MS), said the earnings season should be fine. He said there hasn't been a lot of negative pre-releases and the off-season earnings reports weren't bad. He advised investors to calm down because the market is barely off its highs. The risk could be if the Fed continues to taper and the U.S. hits an economic "soft patch" in the spring, he said. 

The group revealed their top earnings trades: 

Seymour is a buyer of Cummins (CMI), which should benefit from higher margins on its diesel and natural gas truck engines. 

Kelly is a seller of Bank of Montreal (BMO), due to the struggling economy. 

Brown likes JPMorgan Chase (JPM) ahead of its earnings report Tuesday. He said the bank has beat EPS estimates for eight consecutive quarters by an average of 14%. 

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