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: What Goes Down...

NEW YORK (TheStreet) -- The S&P 500 had a large selloff to start the month of February, down nearly 2.3%. 

On CNBC's "Fast Money" TV show, Guy Adami, managing director of stockmonster.com, said investors have not seemed panicked. He added that 1,725 would be an important level for bulls to hold in the S&P 500. 

Karen Finerman, president of Metropolitan Capital Advisors, said she would be worried about the market if the economic data in February come in weaker than expected. However, she remains optimistic and said the market seems likely to bounce soon. 

Tim Seymour, managing partner of Triogem Asset Management, said Monday's ISM number was bad but the rest of the U.S. economic data over the past few weeks have been pretty good. 

Brian Kelly, founder of Brian Kelly Capital, said he's still short and still bearish. He would likely look to cover (and others would look to go long) near 1,700 in the S&P 500. We're about halfway through the selloff, he said, which could last a few more weeks. 

Dennis Gartman, editor and publisher of The Gartman Letter, said the market could decline an additional 10%. He suggested that the best trade was being neutral or flat (meaning neither long or short) the market. He reminded investors that equities are still in a bull market, but could pull back more than many anticipate. 

Yum! Brands (YUM) popped after reporting earnings. Seymour likes CEO David Novak as well as the stock at current levels. 

Michael Kors (KORS) was down 4% ahead of its earnings report on Tuesday. Finerman said the stock has been really impressive but expectations are likely to be high. Adami said he would be a buyer in the low-$70 range if it sells off. 

AT&T (T) fell 4% on Monday and Seymour said he would avoid it as well as the rest of the sector because all the companies are engaged in pricing wars. 

Pfizer (PFE) ended the day slightly higher. Adami said he would not buy the stock based on its breast cancer drug news but because of its valuation and yield. 

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 17,265.99 +109.14 0.64%
S&P 500 2,011.36 +9.79 0.49%
NASDAQ 4,593.4250 +31.2360 0.68%

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