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NEW YORK (TheStreet) -- The broader market ended in the red after the FederalReserve told investors, through the minutes of its last meeting, that tapering could possibly begin in a couple of months.

Brian Kelly, founder of Brian Kelly Capital, said the Fed finally has an opportunity to taper without shocking the markets and suggested investors shouldn't be nervous. He added the Fed should begin tapering in December. 

Guy Adami, managing director of, said the S&P 500 still seems likely to get to 1,760 this week. He thinks the Fed is unlikely to taper until at least the spring or summer of next year. 

Stuart Frankel & Company's Steve Grasso said the markets should sell off 4% to 6%. If the 1,760 level fails to hold in the S&P 500, then it should head to 1,730. He suggested long-term investors should stay long. 

Karen Finerman, president of Metropolitan Capital Advisors, said a 4% to 6% pullback isn't that drastic and wouldn't force her to sell any of her positions.

Anthony Scaramucci, founder of SkyBridge Capital, was a guest on the show and said the Fed is unlikely to taper as soon as everyone thinks. He suggested that it will keep "testing" the market by talking about tapering. He added that short-selling is a dangerous play for average retail investors because even if there is a taper it'll only be a trim from the massive stimulus program. 

J.C. Penney (JCP) - Get J. C. Penney Company, Inc. Report jumped 8% on Wednesday. Although things are getting better, there are much better places to invest in the market such as Macy's (M) - Get Macy's Inc Report, Finerman said.

Adami suggested investors could potentially short JCP near $10.

Kelly said rising gasoline prices could hurt low-end retail chains like Wal-Mart (WMT) - Get Walmart Inc. Report or FamilyDollarStores (FDO) .

Grasso suggested traders buy Abercrombie & Fitch (ANF) - Get Abercrombie & Fitch Co. Class A Report and use $30 as a stop-loss. 

Kelly said investors could buy TeslaMotors (TSLA) - Get Tesla Inc Report with a stop-loss at $120. Adami suggested the stock could go down to $108 and Grasso concurred.

The crew released their best short ideas: 

Adami's favorite short is WesternDigital (WDC) - Get Western Digital Corporation Report because of falling PC demand and shrinking margins. 

Finerman's top short is Caterpillar (CAT) - Get Caterpillar Inc. Report due to poor management credibility and a terrible resource and mining business. 

Grasso likes a short InternationalBusinessMachine (IBM) - Get International Business Machines Corporation Report position because of increased competition and less growth opportunities. 

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Kelly continues to favor shorting Pioneer Natural Resources (PXD) - Get Pioneer Natural Resources Company Report, due to its fading momentum and the "bubble" forming in oil stocks. 

Adami said traders could buy 3DSystems (DDD) - Get 3D Systems Corporation Report with a stop-loss at $65. Grasso said there is a lot of risk to retail traders trying to buy the stocks, which might be acquisition targets for big tech companies such as Hewlett-Packard (HPQ) - Get HP Inc. Report

Adami said he continues to like HomeDepot (HD) - Get Home Depot, Inc. Report over Lowe's (LOW) - Get Lowe's Companies, Inc. Report based on each company's most recent earnings report.

Thomas Flexner, global head of real estate at Citigroup (C) - Get Citigroup Inc. Report, was a guest on the show and said the home rental market should continue to improve. Despite REITs getting hit on tapering talk earlier this year, his top three REIT plays include lodging, industrial and multi-family rentals. (PCLN) was the first company on the show's "Pops & Drops" segment. Adami said the stock is still cheap based on valuation. 

Staples (SPLS) fell 1%. Despite it being cheap, Mike Khouw, managing director and primary strategist at DASH Financial, said he would avoid the stock. 

Yahoo! (YHOO) popped 3%. Grasso continues to remain long and said Yahoo! is headed to $40 and above. 

Deere (DE) - Get Deere & Company Report jumped 2% and Finerman said the company had a decent earnings report. But she prefers UnitedRentals (URI) - Get United Rentals, Inc. Report to take advantage of the improving U.S. construction market. 

TrinaSolar (TSL) closed 5% higher and Kelly suggested taking profits. 

JohnsonControl (JCI) - Get Johnson Controls International plc Report boosted its dividend and initiated a $3.5 billion share buyback program. Adami warned investors not to chase it, but suggested the stock wasn't that expensive and should be watched for a pullback. 

For their final trades, Adami said to sell WDC, Khouw is selling HD and Grasso said to buy Qualcomm (QCOM) - Get Qualcomm Inc Report with a stop-loss at $69.85. Finerman is selling WellPoint (WLP) and Kelly said to sell the Market Vectors Gold Miners ETF (GDX) - Get VanEck Gold Miners ETF Report

-- 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.