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'Fast Money' Recap: Financial Sector Follies

NEW YORK (TheStreet) -- After initially selling off, the S&P 500 closed positive on Monday, finishing higher by 0.19%.

On CNBC's "Fast Money" TV show, the trading panel discussed the financial sector. 

Guy Adami, managing director of stockmonster.com, said the sector has been painful for investors over the past month. However, the stocks have done very well over the past several years. His top picks included Blackstone (BK), U.S. Bancorp (USB) and Wells Fargo (WFC)

Brian Kelly, founder of Brian Kelly Capital, said financial stocks are "really tough" to own at current levels. Ifthe economy seemed like it was improving -- which it isn't, he says -- he would be a buyer of steel stocks instead of financial stocks. 

Karen Finerman, president of Metropolitan Capital Advisors, said she still likes JPMorgan Chase (JPM), Bank of America (BAC) and Citigroup (C). She added that the financials have low valuations but may need more time before rewarding investors. 

Pete Najarian, co-founder of optionmonster.com and trademonster.com, is a buyer of JPM and BAC but is waiting for bullish options activity to confirm his long thesis. 

Gerald Storch, former vice chairman at Target (TGT), called it a "tremendous company with a great future." He added Target needs to improve three things: e-commerce, supply chain management and its Canadian operations. He said the security breach was a one-time event. He is not a seller of the stock. 

Adami disagreed, saying Target has not been acting well. He was a short-term buyer of Abercrombie & Fitch (ANF)

Finerman said she likes shares of Target but suggested that there is more bad news on the horizon. For now she is holding off on buying the stock. Kelly said investors should avoid shares of Target. 

Najarian wondered who would be the new CEO for Target and pointed out how difficult it is for the retail companies in the current environment. 

Kelly said he is a seller of American International Group (AIG).

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