This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

'Fast Money' Recap: A Bad Case of China

NEW YORK (TheStreet) -- The S&P 500 dropped nearly 1% in Thursday's trading session but was able to close off of session lows. 

On CNBC's "Fast Money" TV show, Brian Kelly, founder of Brian Kelly Capital, said weak Chinese PMI data sparked today's selloff in U.S. equities. He added that the selloff is not over, especially with earnings seasons here and an upcoming debt ceiling debate. 

Steve Grasso, director of institutional sales at Stuart Frankel & Company, said there didn't seem to be panic in today's selloff. He added that each dip has been met with buyers and that support near 1,820 in the S&P 500 has held.

Guy Adami, managing director of stockmonster.com, said it would still be healthy for the S&P 500 to pullback to the 1,760 area. 

Karen Finerman, president of Metropolitan Capital Advisors, said pullbacks are a good thing. She added the market should do fine as long as earnings go well. 

Carter Braxton Worth, chief market technician and managing director at Oppenheimer & Company, was a guest on the show. He said the S&P 500 should pull back to about 1,750 for the bull market to remain "healthy." He added that the iShares MSCI Emerging Markets ETF (EEM) looks likely to break lower, which is not good for U.S. stocks. 

Grasso reminded investors that utility stocks and emerging market stocks got hit hard last time tapering talks arose. He said he's a buyer of Southern Company (SO)

Microsoft (MSFT) beat on top- and bottom -line estimates. Daniel Ives, senior analyst at FBR Capital Markets, said the PC market seems to have bottomed and Windows 8 could demonstrate growth over the next six months. He added that the cloud business did well but the stock is likely to remain rangebound until a new CEO is named. 

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs