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'Fast Money' Recap: Talking Turkey

NEW YORK (TheStreet) -- The S&P 500 was able to bounce back after several volatile trading sessions that led the market lower over the past week. 

On CNBC's "Fast Money" TV show, Turkey was in the spotlight after its central bank voted to raise overnight lending rates to 12% from 7.75%.

Brian Kelly, founder of Brian Kelly Capital, said this is good news but he was skeptical about whether it will actually work. He is a seller of the iShares MSCI Emerging Markets ETF (EEM), which popped in after-hours trading.

Tim Seymour, managing partner of Triogem Asset Management, said the move is very good. He said it should stop the outflows in emerging markets and he is a buyer of the EEM for the short term. 

Guy Adami, managing director of stockmonster.com, said the decision doesn't deter him from thinking that the S&P 500will decline to 1,765 by the end of the week. 

Guest Jon Hilsenrath, chief economics correspondent for the Wall Street Journal, said the Federal Reserve is likely aware of the situation in emerging markets but will not focus on it. The Fed's concern is on the U.S. economy and financial system. He suggested the Fed will announce another round of tapering during the release of January's Federal Open Market Committee minutes. However, Hilsenrath does not believe the size of the taper would increase. 

Yahoo! (YHOO) sold off after reporting fourth-quarter earnings. Kelly said the selloff offers a solid entry for investors looking to buy for the Alibaba initial public offering.

Karen Finerman, president of Metropolitan Capital Advisors, said she prefers to be in Google (GOOG) over YHOO. However, with the company set to report earnings on Thursday, she opted to sell upside $1,160 weekly calls against her long position. 

Rob Sanderson, senior analyst at MKM Partners, was a guest on the show. He said the selloff in Yahoo! is not surprising and pointed out the rising spending costs at the company. Although it beat on the bottom line, he said earnings are not the focus -- Alibaba is the focus. He added that it would be an "encore" to see the core business do better. 

Apple (AAPL) closed near session lows, down 8% after reporting earnings on Monday night. Seymour said the stock held the low-$500 level nicely. He added that next quarter doesn't seem as if it will be all that great, but the company is strong and valuation is low. He said investors could own the stock. 

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