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'Fast Money' Recap: Blame David Tepper

She said the company is making great strides by bringing back private brands and promotions. Consumers are taking notice, indicative by the company's first positive monthly traffic number in 30 months. She still likes the stock at current levels based on improved consumer perception. She did not like teen retail companies. 

Adami admitted the company reported better comparative-store sales and said the stock can continue higher due to its 30% short interest. However, he is looking for a level to short-sell the stock, not buy it. 

Kelly was a seller of J.C. Penney. 

Deepak Narula, founder and managing partner at Metacapital Management, said the housing market has had two years of "very solid performance." He added that nationwide home prices have rebounded roughly 25% from the lows, but there still exists a pocket of risk: underperforming loans. Banks carry around $200 billion in underperforming loans, while the government has $150 billion and Fannie Mae and Freddie Mac have about $300 billion. 

He says banks will shed their positions in underperforming loans because the capital requirements are too high. It presents a buying opportunity for the loans, especially if investors can get them at a 30% to 40% discount to the property value. In this instance, home prices don't need to rally to make the investment profitable. He concluded that Treasury yields will rise, it's only a question of when. 

Adami said the airline stocks have been "impervious" to the broader market's price action. His top pick is Delta Air Lines (DAL)

Jacob Walthour, former managing director at Citadel Investment Group, disagreed that investors should be skeptical of the stock market. Instead, he called U.S. Treasuries one of the "riskiest assets" and suggested that investors will rotate out of them and into equities. He said to "stay invested" in the market, where he sees value. He also sees value in the credit market. 

Bethany McLean, contributing editor at Vanity Fair, said hedge funds have essentially taken over the private equity business, especially when one considers how many illiquid investments the former makes. She argued that activist investing is basically the new form of private equity. 

Rackspace Hosting (RAX) was the first stock on the show's "Pops & Drops" segment, finishing higher by 7%. Adami said not to short-sell the stock since it has "room to run on the upside."

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