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'Fast Money' Recap: Taking a Breather

NEW YORK (TheStreet) -- After making record highs on Monday, the S&P 500 took a breather on Tuesday and closed lower by 0.13%. 

On CNBC's "Fast Money" TV show, Tim Seymour, managing partner at Triogem Asset Management, said consumer spending remains much higher than it was in the past and that trend will likely continue. However, he said the valuation for U.S. equities is getting a little a high. 

Steve Grasso, director of institutional sales at Stuart Frankel & Company, said rising energy costs such as natural gas are negatively affecting consumer discretionary sales. 

Guy Adami, managing partner of stockmonster.com, pointed out that the iShares Russell 2000 ETF (IWM) failed to make new highs, and looks like it could begin to decline. If so, it could be a prelude to the S&P 500 also moving lower. 

Must Read: 'Fast Money' Recap: Buy or Sell?

Karen Finerman, president of Metropolitan Capital Advisors, said the overall market is starting to get a little "frothy," even for value stocks. She was a seller of upside calls. 

Shares of Tesla Motors (TSLA) made all-time highs, closing up 14% at $248. Craig Irwin, an analyst at Wedbush Securities, has an outperform rating on the stock and said the company's new battery plant will be a huge positive. It will allow Tesla to cut costs in a very significant manner while helping the company meet production demand. 

Grasso said Tesla still has a big short interest and could continue to move higher. However, he suggested taking some profits after Tuesday's big gain. Seymour likes Tesla's products and technology, but is not a buyer of the stock. Adami and Finerman agreed they were not buyer or sellers of the stock. 

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