This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

'Fast Money' Recap: Seeking Security in Glittering Gold

NEW YORK (TheStreet) -- The S&P 500 closed flat on Wednesday's trading session while gold rallied 1.45%.

On CNBC's "Fast Money" TV show, Tim Seymour, managing partner of Triogem Asset Management, said he would sell the rally in gold and buy the pullback in emerging market equities. The S&P 500 seems poised to decline to 1,880. 

Pete Najarian, co-founder of optionmonster.com and trademonster.com, said investors appear to be fleeing to "safety trades." He added that some stocks such as Target (TGT) appear oversold but most stocks seem to have more downside ahead. 

Read More: Groupon Plunges: What Wall Street's Saying

Guy Adami, managing director of stockmonster.com, pointed out that the 1,915 level in the S&P 500 continues to hold. If equities rally strongly off this level, investors should not sell it short. However, he reasoned that the S&P 500 seems more likely to trade down to 1,860. 

Steve Grasso, director of institutional sales at Stuart Frankel, suggested that Wednesday's low of 1,911 in the S&P 500 is an important level to watch. If it breaks, 1,860 is in play.

The German equities index, the DAX, has declined 10%, officially entering correction territory. Despite being oversold, Seymour thinks there is another 3% to 4% of downside. 

Adami said the Market Vectors Russia ETF (RSX) is almost a buy. 

Larry McDonald, senior director at Newedge USA, said that if Russia were to invade Ukraine, the S&P 500 could decline 15% to 20%. He reasoned that WTI crude oil prices should be higher, closer to $115 per barrel, based how much oil is exported by Russia. He also pointed out that many big funds have been buying short-term CBOE Volatility Index (VIX.X) contracts and selling long-term contracts. 

Adami agreed with McDonald's scenario but Seymour disagreed U.S. equities would correct by that much if there was an invasion. 

Read More: How Microsoft Can Boost the Struggling Surface

Bank of America (BAC) raised its quarterly dividend from 1 cent to 5 cents per share and appears close to reaching a $16 billion to $17 billion settlement with the Department of Justice regarding its mortgage back securities business. 

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,131.97 +100.83 0.59%
S&P 500 1,998.98 +14.85 0.75%
NASDAQ 4,552.7590 +33.8570 0.75%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs