NEW YORK (
) -- The markets ended slightly lower Tuesday after the Federal Reserve Open Market Committee said it would maintain the current low-interest rate environment.
Dow Jones Industrial Average
fell 17.24, or 0.16%, to 10,433.71, while the
dipped 0.59, or 0.05%, to 1,105.65. The
fell 6.83, or 0.31%, to 2,169.18.
Tim Seymour said on
's "Fast Money" TV show that it was a "tough" tape today, with a lot of data coming out, including a revised third-quarter GDP, Fed minutes and housing numbers, and different interpretations as to what they meant.
For a breakout of some stocks from a recent "Fast Money" TV show,check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
3 Stocks I Saw onTV
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Pete Najarian noted a pullback in volatility and light trading volume that should continue through the remainder of the week.
Rick Santelli, the moderator of the show, was surprised that the revised third-quarter GDP figure of 2.8% from 3.5% had no impact on the markets. He said that means that the markets are going up for reasons "outside the fundamentals."
Karen Finerman agreed, saying that fundamentals won't play a role in the market's direction in the short term. "It will in the long term," she added.
Santelli noted gold was up for the eighth consecutive day. Guy Adami admitted he "clearly missed the boat" on this trade. But he said what worries him is that he can't think of any scenarios that would send the precious metal down.
Still, Adami said it's "going to be messy" when investors try to get out of the trade all at once.
Seymour said he doesn't think the supply side on the gold trade can catch up because the demand is coming from investors seeking diversification. Najarian said investors should not overlook the run of copper, which was up 5% today and, unlike gold, is based on production demand.
Nonetheless, Najarian agreed with Adami on the need of investors to buy puts on both commodities as part of a sensible exit strategy.
Santelli was critical of the minutes released by the
that talked about an orderly decline in the dollar. He said it'll be very hard to stop the currency once it starts dropping rapidly, as was the case in Japan.
Seymour said the talk of an orderly decline in the dollar makes him bullish for commodities and emerging markets. He said the Fed didn't send a very good signal when it used that phrase.
Santelli said the oil names looked good today, especially names like
Shifting to the financials, Finerman said she didn't think the banks are going to pay back their TARP right away. Seymour said a similar situation may be developing in China, which it is asking the five largest banks in the country to raise more capital.
Adami said with one in four mortgages in the country upside down and so much shadow inventory and foreclosures, he would take profits in homebuilder stocks, or at least buy some put protection.
Santelli brought Peter Schiff, president of Euro Pacific Capital, to talk about the rush to get into gold. He said there is still a lot of room for gold to rise because this country is printing too much paper to prop up the financial and housing industries.
He said the best place for investors to be in is gold, commodities and overseas, where he said he is investing in resources, materials, mining, utilities and REITs.
Santelli said pharma best sector in the market today, led by
. Najarian said the
Health Care Select Sector SPDR
was seeing some very strong options activity.
Adami said his favorite in the group is
, which is showing solid earnings growth and won't see most of its patents expired until 2017.
Santelli brought in Charles Grom, a retail analyst with JPMorgan Broadline, to talk about Black Friday. Grom said it's difficult to tell how November retail sales will turn out. He said the first three weeks have been soft but Black Friday and the following Saturday, which account for 50% of the month's sales, could turn things around.
He offered a balance trade, with
on one end and
on the other.
He said the high-end retailers like
are going to have a difficult time because they will probably stick to 40% discounts while shoppers are expecting something like 70%.
On the "prop desk," Najarian suggested a look at chemicals in the commodities space. He especially liked
, which continues to grow and is projecting earnings of $6 per share in 2012.
Santelli let off some steam when he pressed for an audit of the Federal Reserve. He said more transparency is needed of the Fed's oversight activities of the financial sector. Several panelists, though, said the Fed needs to maintain its independency and wondered how productive an audit would be.
Getting a jump on how to trade Cyber Monday, Santelli brought in Mark Mahaney, Citigroup's U.S. Internet retail analyst. Mahaney was high on
, which he said is enjoying 30% year- over-year growth in fourth quarter after growth north of 30% in the third quarter.
He said Amazon has an edge over offline retailers which are doing less discounting this holiday season and have leaner inventories. He said Amazon has much more inventory to offer than brick-and-mortar retailers.
He said Amazon continues to do well overseas, where it gets half its revenues. And he said all the advertising for the e-reader will benefit sales of Amazon's Kindle.
Seymour was wary about Amazon, saying a lot of the good news already has been baked into the high stock price.
In the "giving thanks" segment, Najarian offered
. He said the stock has exploded to the upside this year after starting at $80 at the beginning of the year. He said the company has $23 billion in cash, zero debt and projected earnings of $8 a share in 2010. He said the picture will get even brighter when Apple unveils its tablet sometime next year. He said the product will cooler and more innovative than the Kindle.
In the final trades, Seymour said to take profits in
off the table. Adami liked
. Finerman liked
. Najarian said to buy
on a pullback.
-- Written by David Tong in San Francisco
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