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'Fast Money' Recap: What's Next?

NEW YORK (TheStreet) -- The S&P 500 slid lower on Thursday over continued fears in emerging markets and amid the Federal Reserve's decision to taper an addition $1 billion from its asset purchasing plan. 

Guy Adami, managing director of stockmonster.com, said he would be "shocked" if the broader market declined on Thursday. It's important for the S&P 500 to stay above 1,765 for the bulls. 

Josh Brown, CEO and co-founder of Ritholtz Wealth Management, said he doesn't expect the market to rally on Thursday. He added there have been interesting pockets of strength, including the Market Vectors Gold Miners ETF (GDX), the iShares 20+ Year Treasury Bond ETF (TLT) and the Materials Select Sector SPDR ETF (XLB)

Dan Nathan, co-founder and editor of riskreversal.com, said last year's leading stocks have been selling off for weeks now, including Nike (NKE) and Starbucks (SBUX).  He added that the S&P 500 seems likely to trade down to 1,700, near the 200-day moving average. 

Steve Grasso, director of institutional sales at Stuart Frankel, said the S&P 500 keeps hitting on support at its 100-day moving average, making it more likely that it will eventually fail. He thinks the market will go lower. 

Google (GOOG) announced it will sell Motorola Mobility to Lenovo for $2.91 billion, pending regulatory approval. Adami said investors should stay long Google but reduce their long position before the close on Thursday. 

Nathan said Google is getting overvalued because it is up 35% since it reported earnings last quarter. He said investors should look to buy near $1,000. 

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