NEW YORK (TheStreet) -- The Dow Jones Industrial Average posted its first loss in five sessions and fell by triple digits for the first time in three weeks.
On CNBC's "Fast Money" TV show, Steve Grasso, director of institutional sales at Stuart Frankel, said investors are running out of headlines to trade from, meaning any little thing -- good or bad -- can push the market either up or down.
Dan Nathan, co-founder and editor of riskreversal.com, said Wednesday's action is not telling of anything to come in the near future. He added that issues in Iraq could have severe consequences going forward if they get worse, especially in the oil market.
Brian Kelly, founder of Brian Kelly Capital, said Wednesday's small selloff does not need to have a reason behind the cause. He said it's "too early to say" whether the market will continue lower.Guy Adami, managing director of stockmonster.com, pointed out a few possible signs that a market pullback may be in the cards: The Russell 2000appears to be hitting a short-term top, the price action in Treasuries was volatile and odd and the Dow Transports traded poorly as well.
Nathan said he is not a buyer of Apple (AAPL) at current levels. He added the stock makes up 13.5% of the Nasdaq 100, meaning a pullback in Apple could hinder the index in future. He also pointed out that some of last week's big call buyers in Apple appear to be taking some profits. The stock is overbought according to the Relative Strength Index (RSI) and is getting near its previous 2012 high, which could act as resistance, he said. Adami said Netflix (NFLX) could be forming a double top and suggested that Apple may be, too, unless it can find support near $100. Grasso said he recently bought a "50% position" in Apple. He plans to buy the other 50% on a pullback to $85 or on a breakout higher. Shares of Synaptics (SYNA) jumped nearly 30% after the company announced it would purchase Renesas' LCD Driver unit for $475 million. Renesas is a supplier to Apple. Rick Bergman, president and CEO of Synaptics, said the acquisition will allow for thinner, clearer, and lighter smartphones. It will also allow for cost savings for both the phone manufacturer and Synaptics. He's hopeful the deal will also lead to a deal with Apple. He said the recent guidance boost does not include a potential deal with Apple.
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