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'Fast Money' Recap: China Syndrome

NEW YORK (TheStreet) -- The S&P 500 finished Wednesday unchanged. On CNBC's "Fast Money" TV show, the trading panel was discussing different China plays. 

Regarding the possibility of a large default on Chinese corporate debt, Brian Kelly, founder of Brian Kelly Capital, said he is short copper. 

Steve Grasso, director of institutional sales at Stuart Frankel, is bullish on China and is a buyer. 

Tim Seymour, managing partner of Triogem Asset Management, said investors can trade Brazil based on what happens in China since the economies are highly correlated. 

Must Read: 'Fast Money' Recap: Russia's Threat to Ukraine and the Markets

General Motors (GM) moved higher after issuing a report that its sales in China were up 20% in February. Seymour said the stock has support near $35 but could struggle with $40 as resistance. 

Karen Finerman, president of Metropolitan Capital Advisors, said she remains long GM and still likes the company despite all the recalls. Grasso pointed out that GM is down about 8% year-to-date, while Ford (F) is nearly flat. He likes GM at current levels.

Grasso is also a buyer of Bank of America (BAC) for the longer term. Finerman suggested it could reach $20 by the end of the year. 

Seymour said he would not chase shares of Zynga (ZNGA) after its big run higher. Kelly said he would be a buyer of First Solar (FSLR) for the long term. 

When asked at which level he would buy Dreamworks Animation (DWA), Grasso said he would wait for it to clear $30 before stepping in. However, he prefers to own Disney (DIS).  Kelly said he's a buyer of Lions Gate Entertainment (LGF). Seymour prefers Disney.

Rachel Fox, a member of the Leaders Investment Club, was a guest on the show. She said she likes to trade Facebook (FB), Twitter (TWTR) and LinkedIn (LNKD) because those are the names "everybody talks about." She says these momentum names are usually driven by psychology and sentiment, which is a very important element in the short-term trading world. 

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