This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

'Fast Money' Recap: How Low Can the S&P Go?

NEW YORK (TheStreet) -- U.S. equities took a beating on Friday, with the S&P 500 finishing lower by over 2%. 

On CNBC's "Fast Money" TV show, Brian Kelly, founder of Brian Kelly Capital, said it's too early to tell if this is the start of a big correction. He added that continued political and financial issues in Argentina could lead to higher oil prices. 

Steve Grasso, director of institutional sales at Stuart Frankel & Company, said the S&P 500 may decline to the 100-day moving average of 1,762. He added the recent selloff is unlikely the start of a 10% correction. 

Tim Seymour, managing partner at Triogem Asset Management, said many emerging market issues simply do not matter because economically they are too small.  He argued the macro economic data remain strong. 

Josh Brown, co-founder and CEO of Ritholtz Wealth Management, agreed with Seymour about the macro economy. He added the market rally has been all about sentiment and a 10% correction is possible, which would put the S&P 500 at 1,665.

Guest Bill Fleckenstein, famed short-seller and president of Fleckenstein Capital, agreed it's too early to tell if this is the start of a bigger pullback but thinks it is unlikely the start of the really big pullback. He added that the Federal Reserve could take tapering off the table if things got bad enough. He said "high-flying tech" stocks are the most at risk of a severe decline because of the overvaluation. 

Grasso said it would be a bad thing if the Fed reversed its tapering decision because it would create volatility in the market once again. For his emerging markets play he is a buyer of the Mexican peso and oil companies, such as Halliburton (HAL) and Key Energy Services (KEY), that operate in the area. 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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!
AAPL $123.25 0.00%
FB $83.30 0.00%
GOOG $548.34 0.00%
TSLA $185.00 0.00%
YHOO $45.10 0.00%


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

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