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: Waiting on the Fed

NEW YORK (TheStreet) -- The S&P 500 closed higher on Monday after selling off last week. However, some investors are skeptical of the rally -- Monday marked the second-lowest volume day of 2014. 

On CNBC's "Fast Money" TV show, Dan Nathan, co-founder and editor of riskreversal.com, said investors were definitely worried on Friday going into the weekend, which made Monday's relief rally not all that surprising. 

Steve Grasso, director of institutional sales at Stuart Frankel, pointed out the Federal Reserve's FOMCwill release its statement on Wednesday. No one is selling aggressively ahead of the event, he argued. 

Guy Adami, managing director of stockmonster.com, said the recent economic data have been "mixed at best." He added that this week could be an important "tell" on whether the S&P 500 makes new highs above 1,880 or if it breaks down to 1,818. 

Brian Kelly, founder of Brian Kelly Capital, said he is a short-term buyer on pullbacks because Chinese, Russian and Crimean issues are "off the table" right now.

Grasso said he wouldn't be surprised to see the S&P 500 trade up to 1,900 before selling off. 

Adami said he likes U.S. Bancorp (USB), Blackstone (BX) and F5 Networks (FFIV) on the long side. 

General Motors (GM) announced that it will recall 1.2 million vehicles due to an airbag issue. This is on top of the previously announced 1.6 million vehicle recall for ignition switch issues. Despite this news, the stock traded higher on Monday. 

Kelly said investors could buy GM for a trade since it looks like it could rally from current levels. However, if investors aren't looking at GM because of company-specific issues and want a stock based on potential auto market strengthening, buy Ford (F)

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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 16,614.81 +215.14 1.31%
S&P 500 1,941.28 +37.27 1.96%
NASDAQ 4,419.4780 +103.4040 2.40%

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