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NEW YORK (TheStreet) -- The broader market finished flat and the Nasdaq moved slightly higher ahead of the Federal Open Market Committee announcement on Wednesday.

Traders were trying to position themselves ahead of the slew of economic data to be released throughout the rest of the week. Most notably, on Wednesday the ADP jobs report and second-quarter GDP estimates will be released at 8:30 a.m. EDT, followed by the FOMC announcement at 2:00 p.m. EDT.

Guy Adami said on


"Fast Money" TV show that the market wants to go higher based on its refusal to go down. Although the

S&P 500

ended flat Tuesday, it had a big day in terms of holding support at 1,681.

Tim Seymour expects the market to go higher but doesn't believe that tapering of the

Federal Reserve

bond buying has been baked into the markets. He added that the Fed did a poor job communicating with the market the last several times it released statements and will probably try to look as dovish as possible on Wednesday. He is a buyer of the U.S. dollar.

Brian Kelly said he is long the dollar via a short position in silver. He added that if the Fed plans to taper in the fall and end quantitative easing by mid-2014, then the market could be in for a shock.

Karen Finerman said the market is now higher than it was when the Fed began talking about tapering, making her confused on whether it will be received as a good thing or a bad thing.

Guest Jon Hilsenrath of

The Wall Street Journal

said that while the Fed is widely expected to begin tapering in the fall, he wouldn't be so quick to say the same. Fed Chairman Ben Bernanke will need to see a strong economy before tapering can be considered as an option and, as Hilsenrath pointed out, the economy grew sluggishly through the first six months of the year. He expects no tapering announcement later Wednesday.

Fertilizer stocks were discussed first during the "Top Trades" segment.

TheStreet Recommends





(MOS) - Get Mosaic Company Report

fell as much as 25% on Tuesday from news that one of the world's largest potash partnerships would be breaking up.

Seymour said he bought shares of Potash on Tuesday, which closed down 16%, but added that the bounce might not come as soon as everyone hopes. He did acknowledge the downside could be severe if potash prices fall to $300/tonne.

Homebuilders were next, with the Case-Schiller Home Price Index revealing a 12.2% jump in year-over-year house prices for May. Kelly said that while the data were good, it will be a while before we see what the current, higher interest rates have done to housing demand. He is a seller on strength for assets such as the

Materials Select Sector SPDR ETF

(XLB) - Get Materials Select Sector SPDR Fund Report




reported in-line EPS results but missed on top-line expectations. Finerman said the current valuation is the lowest it's been in a while, but the stock deserves it because the company had lower same-store sales and saw increased pressure from

Michael Kors



Johnson & Johnson

(JNJ) - Get Johnson & Johnson Report

was the highlight in the show's "Street Fight" segment. Adami took the bull side, saying he thinks the move higher can continue. He added that the valuation is a little high, but the company has strong growth from its acquisitions, pharmaceutical drugs and consumer products.

Kelly said J&J is great, but far overvalued at this point. While he acknowledged the growth, he said the company is only growing because of its recent acquisitions. That's a problem because there are only two solutions to maintain a high PE ratio that way: continue acquiring smaller businesses or allow margins to compress, which will damp the valuation and the stock price will drop.


(BID) - Get Sotheby's Report

started off the "Pops & Drops" segment, up 4% on Tuesday. Finerman said that this name was the one pure play for art, but that she was not a buyer.

Deutsche Bank

(DB) - Get Deutsche Bank AG Report

was down 5% on Tuesday from poor earnings. Kelly is staying away from it, but added that if investors wanted to see all the progress in Europe come undone, shrinking bank assets would be the first sign to another "lost decade."

Community Health Systems

(CYH) - Get Community Health Systems, Inc. Report

fell 4% on the news of its acquisition of

Health Management Associates


, which was also down. Mike Khouw said he is not a buyer and views both companies as fully valued.



(CMI) - Get Cummins Inc. Report

posting solid earnings results, the stock only rose marginally on Tuesday, up 1%. Seymour said that he didn't like how the price reacted and sees resistance at $120. He is not a buyer.


(HLF) - Get Herbalife Nutrition Ltd. Report

made new 52-week highs on Tuesday before closing at the lows of the session. Adami said that this is typically a bad sign and that he wouldn't be surprised if the stock traded lower by 8% to 10%. He recommended that retail traders avoid this name.

Shifting segments, Seymour said


(PBR) - Get Petróleo Brasileiro SA Report

still has a lot of underlying issues, as does Brazil. He recommended going short on upward moves.

Finerman said


(M) - Get Macy's Inc Report

was her biggest position in the retail space. While she's not as optimistic on back-to-school sales as she was a few weeks ago, she remains a buyer.

U.S. Steel Corp.

(X) - Get United States Steel Corporation Report

fell hard on Tuesday, after initially popping higher on Monday from its earnings report. Adami said the stock was a buy near its current levels of $17.50.

Kelly said

Occidental Petroleum

(OXY) - Get Occidental Petroleum Corporation Report

was almost a buy. He recommended waiting for the stock to trade down to $84, around the stock's 50-day moving average.

For their final trades, Seymour is a buyer of Potash and Adami said to buy

Rockwell Collins


. Kelly is a seller of the British pound via the

CurrencyShares British Pound Sterling Trust ETF

(FXB) - Get Invesco CurrencyShares British Pound Sterling Trust Report

and Finerman said to sell

GNC Holdings

(GNC) - Get GNC Holdings, Inc. Class A 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.