NEW YORK ( TheStreet) -- The broader markets continued lower on Thursday, down almost 1.5%, closing near session lows.On CNBC's "Fast Money" TV show, Brian Kelly said Thursday's price action was discomforting and that he would now look to "sell the rips" because it's clear the market has not fully digested the idea of tapering. Paul Hickey said names like Cisco Systems ( CSCO) and Wal-Mart ( WMT) make headlines, but are not the bull market leaders that they used to be. Steve Grasso said it's not surprising for retail to be doing bad, when housing and autos have been so strong. He added that consumers who are afraid of rising interest rates are likely trying to get in ahead of the move. Karen Finerman said she was more inclined to buy stocks here rather than sell them. She likes H&R Block ( HRB). Nick Colas, managing director and chief market strategist at ConvergEx Group, was a guest on the show and said he was still avoiding equities. He thinks that over the near term investors may continue to see more action similar to Thursday's. He added that active investors should consider moving to cash for now and that waiting for the 10-year treasury note to settle down would be best. Hickey said he didn't agree with that argument and expects equities to be higher by the end of the year, although volatility will remain on both the upside and the downside, due to low market volume. Grasso said that trimming positions wasn't a bad idea, but that the average investor shouldn't move to all cash if it's for a month or less. Dell ( DELL) beat on top- and bottom-line estimates and Brian Kelly said there's not really anything left here for traders with the pending takeover bid. He added that investors could learn a lesson from the company though: The PC is dying and it will probably hurt names like Microsoft ( MSFT), and possibly help names like Apple ( AAPL). Nordstrom ( JWN) missed on revenue and guided lower for next quarter and Finerman said this is disappointing to see. However, if it pushes Macy's ( M) lower on Friday, she would rather buy Macy's, not Nordstrom.
Estee Lauder ( EL) was the first stock on the show's "Pops & Drops" segment. Finerman said it's a great stock and always performs well. Ford ( F) dropped 3% on Thursday. Kelly said the stock got hit on a bad market day and that there should be support near $16. Grasso thinks Micron ( MU) will go higher and he is sticking with the name. Berkshire Hathaway ( BRK.B) dropped 1.5%. Hickey said the firm's stock portfolio has underperformed the S&P 500 and is likely responsible for some of the selling pressure. Jos. A. Bank Clothiers ( JOSB) missed earnings. Finerman said that she loves the stock but the selloff gives the activist investors a stronger hand. On the show's "Street Fight" segment, Hickey defended the homebuilders, saying the negativity is too high. He added that the situation is a "win-win" because although rising interest rates will hurt housing demand, it also means the economy is improving, meaning consumers can afford housing. If the economy doesn't improve, the Federal Reserve will continue quantitative easing and rates will stay low. Kelly took the bear side and said that sellers are selling for a reason: They feel the cash is more valuable than the asset. He added that rising interest will continue to hurt demand and that's reflective in the plunging mortgage applications. He added that traders could short on a rip higher. Gold and silver saw strong pops to the upside on Thursday and Kelly said he thinks we'll get a better idea for how the trend will develop for metals over the next couple of days. He added that silver is much more volatile and that it's the best option for traders. Finerman said BlackBerry ( BBRY) seems desperate at this point and wouldn't be surprised if there was a "takeunder," or an offer at a price less than its current market price. Grasso said he's not a huge fan of the solar sector, and would take a pass on First Solar ( FSLR) and go with SolarCity ( SCTY) instead. Kelly said he is still short Treasury notes and that the long ProShares UltraShort 20+ Year Treasury ETF ( TBT) trade can continue to work. Hickey said a down dollar is good for Caterpillar ( CAT), but he remains short the stock. For their final trades, Finerman took a long position in SPDR S&P MidCap 400 ETF ( MDY) via short puts and Grasso said to buy D.R. Horton ( DHI). Hickey was a buyer of Generac Holdings ( GNRC) and Kelly said he was a seller of Freeport-McMoRan ( FCX). -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell Follow TheStreet.com on Twitter and become a fan on Facebook.