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'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. 

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