'Fast Money' Recap: Waiting for the Dust to Settle
NEW YORK (TheStreet) -- The selloff in equities continued on Tuesday as the S&P 500 slid 0.70% and the Nasdaq fell 1.35%.
On CNBC's "Fast Money" TV show, Steve Grasso, director of institutional sales at Stuart Frankel, said the pullback in the broader market has been very small so far, and 1,921 and 1,890 will be key support levels for the S&P 500.
Brian Kelly, founder of Brian Kelly Capital, suggested that investors "wait for the dust to settle" before rushing into buy more stocks.
Karen Finerman, president of Metropolitan Capital Advisors, said she is staying long volatility via the CBOE Volatility Index (VIX.X) -- commonly referred to as the "fear gauge" -- as a hedge against her long positions.Dan Nathan, co-founder and editor of riskreversal.com, is long Pandora (P) and Twitter (TWTR) but has partially hedged his long positions by purchasing put options on the PowerShares QQQ Trust ETF (QQQ). Bob Peck, managing director at SunTrust Robinson Humphrey, has a buy rating on shares of Twitter with a $45 price target. Shares fell 7%, which wasn't helped by the broader market pullback, he said, but a third-party report also attributed to the losses. The report suggested the company will disappoint investors with its data on monthly average users, expected to be near 267 million users. He called MoPub an "under-appreciated asset" capable of generating a lot of revenue for Twitter. Peck has three top picks: Amazon (AMZN), to which he assigned a buy rating and a $425 price target; Facebook (FB), which has a buy rating and $70 price target, and Google (GOOGL), which has a buy rating and $650 price target. Nathan is not a buyer of Peck's top three choices. He added that investors could likely buy Twitter near $36 and its monthly active users could actually surprise investors to the upside due to the World Cup, the National Hockey League playoffs, and the National Basketball Association's playoffs. Kelly said Twitter is likely a buy near $35. Grasso said there's more upside left for Alcoa (AA), which beat on the top and bottom lines while reiterating full-year guidance. Kelly suggested taking profits in AA.
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