The stock market pulled back off record highs Wednesday after Wall Street analysts forecast negative earnings growth in the first quarter for the S&P 500. The team at CNBC's "Fast Money" did a post-mortem on the market. Tim Seymour of Red Star Asset Management wasn't in bull mode Wednesday. Instead, he sold some steel and aluminum stocks because he is concerned about inflation and retail sales numbers. Jeff Macke maintains that the bears had nothing today and they couldn't break any of the heavily shorted stocks. Bad news from Boeing ( BA) and Honeywell ( HON) helped the bears. The bad news for Boeing was the delayed delivery of the new 787 Dreamliners. Finerman wasn't surprised by the delay, and she isn't worried about it. DaimlerChrysler ( DAI) was hit with bad news Wednesday. The United Auto Workers are striking at the car maker after the union failed to reach a tentative contract before a union-imposed deadline. Macke doesn't think the strike will impact the auto supply stocks. He favors Johnson Controls ( JCI) and American Axle ( AXL). Seymour recommends Magna ( MGA).
Even if the Fed isn't concerned about inflation, Seymour is. His fear is that the weak dollar will eventually cause inflation. Gartman says until the Treasury Department comes out and defends the dollar that it's a short sale. Lastly, he continues to be bullish on the metal and grain markets. (Take a look at this gold portfolio on Stockpickr.com: Gold Miser Fund.)
Costco ( COST) traded higher after reporting strong earnings and same-store sales. Macke thinks too many shorts are leaning against the retailers. GAP ( GPS) is a name to get long and he likes Children's Place ( PLCE) for a trade. Finerman expects numbers to be bad for retailers, but she doesn't believe the stocks will go down. She mentioned some big insider buying at American Eagle ( AEO). Najarian suggests that the best trade in the retail space is Kohl's ( KSS). Oil continues to trade higher, moving over $81 on Wednesday. Seymour says fundamentally nothing has changed for the oil names. He advises investors look at ConocoPhillips ( COP). Finerman disagrees and comments that she has been selling some of the ConocoPhillips position in her hedge fund.
PetSmart ( PETM) fell 4% after lowering profit forecasts. Macke advises buying this stock under $30. Turkcell ( TKC) dropped 5%. Seymour remarks that Turkey's government is hurting business for this cellular play. I-Robot ( IRBT) fell 8% after reporting a loss. Anything with a vacuum doesn't interest Finerman enough to get on board. TempurPedic International ( TPX) fell 7% after bearish analyst comments. Macke wants investors to get out of the mattress business.