Adami said General Motors (GM) continues to find support near $32. However, if that level fails it could be headed much lower. He is not a buyer. Nathan added that it looks like it may be headed to $30.
Kelly was a seller of Facebook (FB) on the announcement of its video advertisements. He also said the sideways price action has not been very encouraging for the bulls. Nathan added users will not take kindly to the video ads.
Bill Fleckenstein, president of Fleckenstein Capital, said there is always risk to the markets for a flash crash, due to high frequency trading. He added that eventually the markets will fall significantly because the Federal Reserve has pumped in too much liquidity, as it did in the early 2000s and in 2008. The Federal Reserve is not alone -- central banks around the world have been doing the same thing, which could make the situation worse.
Kelly agreed, and he is short S&P 500 future contracts and long the Japanese yen.Nathan reasoned that Wynn Resorts (WYNN) is headed lower after it breaks below its $200 level of support. However, he suggested not trying to sell it until it rallies back toward the $210 or $215 level. Gene Munster, senior research analyst at Piper Jaffray, said Amazon's (AMZN) investment into Yummy77 for $20 million is "chump change." However, it's a wise move for Amazon because it lets people in China run the operations rather than trying to do it from the U.S. He added that many of Amazon's U.S. strategies do not sync with China -- and it has found that out the hard way. Regarding its recent selloff, Munster said shares of Amazon are at good levels for investors who have a five-year outlook, citing a rapidly growing e-commerce market. Adami said shares of Amazon could retest the $345 level, but whether it will is like "flipping a coin." He is not trading the stock. Orbitz Worldwide (OWW) fell 7% and was the first stock on the show's "Pops & Drops" segment. Adami said the stock is not expensive but investors should wait until after it prices its secondary offering before determining whether to buy the stock. Carnival (CCL) climbed 1%. Grasso said he is not a buyer, yet.
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