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TheStreet Open House

'Fast Money' Recap: Mardi Gras on Wall Street

NEW YORK (TheStreet) -- The S&P 500 erased Monday's losses with a strong Tuesday, finishing the session higher by 1.50%. 

On CNBC's "Fast Money" TV show, Josh Brown, CEO and co-founder of Ritholtz Wealth Management, noted that 490 of the 500 stocks in the S&P 500 closed higher Tuesday. The financial sector was exceptionally strong, too. 

Tim Seymour, managing partner of Triogem Asset Management, said to sell gold and buy equities while purchasing volatility as a hedge. 

Brian Kelly, founder of Brian Kelly Capital, said investors should not try to trade geopolitical issues since it is impossible to know what the outcome will be. He is a buyer of gold, arguing that it has strong demand from China. 

Pete Najarian, co-founder of optionmonster.com and trademonster.com, noted the upside call selling in the Chicago Volatility Index (VIX.X) (bearish on volatility), the downside put selling on the iShares MSCI Emerging Markets ETF (EEM) (bullish on emerging markets) and the downside put selling on the Market Vectors Russia ETF (RSX) (bullish on Russia). He is a buyer of U.S. equities. 

Facebook (FB) is in talks to buy Titan Aerospace for $60 million. Mike Isaac, senior editor at Re/Code, was a guest on the show discussing the possible acquisition. He likes the potential deal, saying it would help the company achieves its Internet.org goal of bringing Internet access to the entire world. Google (GOOG) has a similar initiative. Doing so could be beneficial to the companies years down the road, as these underdeveloped economies become more developed, he concluded. 

Seymour said he is a seller of European telecom companies such as Telefonica (TEF), Telenor and TeliaSonera.

Najarian is a buyer of Facebook. 

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