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NEW YORK (TheStreet) -- U.S. equities took a beating on Friday, with the S&P 500 finishing lower by over 2%. 

On CNBC's "Fast Money" TV show, Brian Kelly, founder of Brian Kelly Capital, said it's too early to tell if this is the start of a big correction. He added that continued political and financial issues in Argentina could lead to higher oil prices. 

Steve Grasso, director of institutional sales at Stuart Frankel & Company, said the S&P 500 may decline to the 100-day moving average of 1,762. He added the recent selloff is unlikely the start of a 10% correction. 

Tim Seymour, managing partner at Triogem Asset Management, said many emerging market issues simply do not matter because economically they are too small.  He argued the macro economic data remain strong. 

Josh Brown, co-founder and CEO of Ritholtz Wealth Management, agreed with Seymour about the macro economy. He added the market rally has been all about sentiment and a 10% correction is possible, which would put the S&P 500 at 1,665.

Guest Bill Fleckenstein, famed short-seller and president of Fleckenstein Capital, agreed it's too early to tell if this is the start of a bigger pullback but thinks it is unlikely the start of the really big pullback. He added that the Federal Reserve could take tapering off the table if things got bad enough. He said "high-flying tech" stocks are the most at risk of a severe decline because of the overvaluation. 

Grasso said it would be a bad thing if the Fed reversed its tapering decision because it would create volatility in the market once again. For his emerging markets play he is a buyer of the Mexican peso and oil companies, such as Halliburton (HAL) - Get Halliburton Company Report and Key Energy Services (KEY) - Get KeyCorp Report, that operate in the area. 

Seymour said he is a buyer of Yandex (YNDX) - Get Yandex NV Class A Report and is taking profits in Baidu (BIDU) - Get Baidu Inc. Report for now. 

Kelly said he is a seller of the Euro Stoxx 50 future indices. He also likes Grasso's oil trade. 

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Brown said not all emerging market economies will suffer from current account deficits, but it might take a few months to pan out since all of the markets are currently being sold down.

Brian Marshall, managing director at ISI Group, has a strong buy rating on Apple (AAPL) - Get Apple Inc. Report with a $600 price target. He said the quarter should be strong because of the company's product cycles. He added that the March quarter, which is typically weak for AAPL, should be strong due to the increased demand in China. He said the stock is unlikely to fall after reporting earnings on Monday. 

Kelly is a buyer of Apple. Regarding natural gas, he attributed some of Friday's rally to short-covering. He said at some point the fuel becomes a sell. 

Seymour suggested investors look to coal stocks because of the high price of natural gas. 

Grasso said Cabot Oil & Gas (COG) - Get Cabot Oil & Gas Corporation Report, Encana (ECA) - Get Encana Corporation Report and Southwestern Energy (SWN) - Get Southwestern Energy Company Report all have a good correlation to natural gas prices, especially COG. 

For their final trades, Kelly said to short the ProShares UltraShort Euro ETF (EUO) - Get ProShares UltraShort Euro Report and Grasso is a buyer of Southern Company (SO) - Get Southern Company Report. Seymour is buying YNDX and Brown suggested investors analyze their portfolios and consider raising cash by selling the positions in which they have no faith.

-- Written by Bret Kenwell in Petoskey, Mich.

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Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.