NEW YORK (TheStreet) -- The broader market closed slightly lower after touching a new high earlier in the session.

On

CNBC's

"Fast Money" TV show, Steve Grasso said investors should wait a few days to see how the market reacts to the

Federal Reserve's

no-taper decision. He added that he's long gold miners, utilities and emerging markets.

Guy Adami said it's been a couple of big days for gold and investors can own it along with equities in the short term. However, he warned that the

S&P 500

is getting a bit extended.

Tim Seymour is not a believer in gold, but is a seller of bonds and buying pullbacks in the emerging markets.

Mike Khouw said equities seemed to be fully valued at 17 times earnings.

Vornado Realty Trust

(VNO) - Get Report

, a large shareholder of

J.C. Penney

(JCP) - Get Report

, announced it is selling its entire 13.4 million share stake. Finerman said she is not a buyer of the stock, although there are some big buyers in the name.

Adami added J.C. Penney could easily bounce to $15.50 or so before possibly heading lower.

Rebecca Patterson, CIO of Bessemer Trust, was a guest on the show and said the Fed blew a great opportunity to announce tapering, since the market was ready and braced for the move. She added the housing and auto data held up well, despite the higher interest rate environment. She thinks that, in general, equities will now go higher.

AK Steel Holding Corp.

(AKS) - Get Report

got hit in the after-hours for cutting its guidance. Adami said he prefers

Nucor

(NUE) - Get Report

and

U.S. Steel Corp.

(X) - Get Report

, in that order.

Rite Aid

(RAD) - Get Report

was the first stock on the show's "Pops & Drops" segment. Finerman said if the company could turn it around, there's a lot more upside left.

J.C. Penney fell 2% and Grasso said the stock could go higher on a technical basis, but he does not like the fundamentals.

Lennar

(LEN) - Get Report

fell 3%. Khouw said he would avoid the name, along with all homebuilders.

ConAgra Foods

(CAG) - Get Report

dropped 4% and Seymour said buyers should wait before stepping in on the long side.

Regions Financial

(RF) - Get Report

was down 4% on Thursday. Adami said traders could look to buy the stock at $9.20.

Goldman Sachs

(GS) - Get Report

was the featured company on the show's "Street Fight" segment. Adami defended the stock, saying it has crushed both the top and bottom lines over the past three quarters. He added that the company's tangible book value has risen consistently and that should keep the stock moving higher.

Seymour disagreed, saying the company had low bars to jump regarding its earnings expectations. He added that the stock is not cheap, the core and fixed-income business remains in a downtrend and the dividend yield is only 1%.

Finerman said

Herbalife

(HLF) - Get Report

isn't going up on fundamentals but on momentum and short-squeeze potential.

Adami said the stock is now approaching multi-level highs, but he wouldn't bet just yet against hedge fund manager Carl Icahn, who has a large long position in the stock.

Brad Lamensdorf, founder of BHL Partners, was a guest on the show and runs the

AdvisorShares Ranger Equity Bear ETF

(HDGE) - Get Report

, which is down 23% this year. He said the market indicators resemble 2000 and 2007-2008 and the markets have experienced intense multiple expansion over the past several years. He added the fund is short

3D Systems

(DDD) - Get Report

due to its poor balance sheet, falling cash flow and terrible earnings quality.

Mike Khouw said the fundamentals for

Priceline.com

(PCLN)

are actually pretty good and remain attractive, despite being stretched a bit on the technical side of things.

For their final trades, Khouw wanted portfolio protection via

SPDR S&P 500 Trust ETF

(SPY) - Get Report

puts, while Finerman preferred puts on the

SPDR S&P MidCap 400 Trust ETF

(MDY) - Get Report

. Adami said to buy

Huntsman Corp

(HUN) - Get Report

, Seymour is buying

ProShares UltraShort 20+ Year Treasury ETF

(TBT) - Get Report

and Grasso said to buy

Las Vegas Sands

(LVS) - Get Report

.

-- Written by Bret Kenwell in Petoskey, Mich.

Follow @BretKenwell

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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.