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'Fast Money' Recap: Shrugging Off Negative News

NEW YORK (TheStreet) -- Despite Monday's weak open, the S&P 500 was able to close essentially flat, off only 0.05%.

On CNBC's "Fast Money" TV show, Steve Grasso, director of institutional sales at Stuart Frankel, said the market continues to shrug off negative news despite investors' hesitance buying at current levels. 

Tim Seymour, managing partner of Triogem Asset Management, said he's surprised by the stock market's price action on Monday, especially after the "absolutely awful" Chinese data. He was a seller of the Materials Select Sector SPDR ETF (XLB) and the iShares Russell 2000 ETF (IWM)

Brian Kelly, founder of Brian Kelly Capital, said a "blowoff top" could be coming in the broader market. He's a buyer of beaten-down stocks and names that are non-geopolitical sensitive. Specifically, he likes FireEye (FEYE) on the long side. 

Dan Nathan, co-founder and editor of riskreversal.com, said it feels like the market could both correct lower or erupt to new highs. He added the broader market is likely to follow whichever direction the PowerShares QQQ Trust ETF (QQQ) goes. 

Bill Fleckenstein, legendary short-seller and president of Fleckenstein Capital, said he's looking to open his short fund sometime in the second quarter of this year, so he's ready to short-sell when the time is right. To time his short-selling, he is looking for a major disruption between the bond market and the Federal Reserve

Nathan added that when technology stocks start to miss their own estimates, it may be time to "pile in" on the short side. 

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