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'Fast Money' Recap: A Mixed Bag for Housing

NEW YORK (TheStreet) -- The S&P 500 sold off near the end of Tuesday's trading session, closing lower by 0.64%.

On CNBC's "Fast Money" TV show, Guy Adami, managing director of stockmonster.com, said Tuesday's housing data were good but the bond market still refused to selloff. He reasoned that Treasury yields are likely headed lower while the S&P 500 could skid into the end of month, possibly falling to 1,860. 

Brian Kelly, founder of Brian Kelly Capital, said he was surprised the stock market sold off following such positive results from Tuesday's new-home sales. He took profits in his long S&P 500 position. 

Dan Nathan, co-founder and editor of riskreversal.com, said the S&P 500 is unlikely to decline to 1,860. He added that bonds have done well because it's one of the few safe haven assets left for investors to buy. 

Karen Finerman, president of Metropolitan Capital Advisors, said she is more inclined to buy volatility at current levels, than to sell it, despite the CBOE Volatility Index (VIX.X) rallying more than 10%.

Nathan and Finerman said there needs to be more positive data on the housing market to truly confirm that it is improving. Nathan called the housing market a "mixed bag" at the moment.

Adami said Home Depot (HD) seems to be setting up as a solid short-sell candidate. 

Robyn Karnauska, biotechnology analyst at Deutsche Bank, was a guest on the show. She is not a seller of Vertex Pharmaceuticals (VRTX) and still has a buy rating on the stock despite its jump by 40% on Tuesday. The stock popped on positive Phase 3 trial results for its cystic fibrosis treatment. The stock has more upside as the company can afford to raise prices. She added that Pharmacyclics (PCYC) could double in the next 12 months. 

Kelly said the iShares Nasdaq Biotechnology ETF (IBB) is a good way for investors who don't have a lot of knowledge in the biotech space to gain broad exposure to the industry. 

Finerman agreed, adding the exchange-traded fund will provide investors with less volatility than they would have by simply owning individual biotech stocks. 

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