'Fast Money' Recap: On a Losing Streak

NEW YORK (TheStreet) -- The broader market remained mixed on Friday, closing down for the week after another day in the red.

After stocks suffered their worst three-day losing streak since July 2012, Dan Nathan said on CNBC's "Fast Money" TV show that it only feels like we're in a correction, down 3% off the highs.

He likes defensive stocks with solid yields and is a buyer AT&T ( T) call options.

Brian Kelly said the bond market has been wild, but if it gets too out of control it will likely hurt the equity markets. He said he's worried about the speed in which rates are climbing.

Josh Brown said that based on seasonality, this price action is totally normal and he welcomes a healthy pullback. He added that the Federal Reserve has put in too much time and money to simply cut off the stimulus completely.

Steve Grasso added that housing numbers still look good, despite housing stocks performing poorly. He thinks investors could stay long the stocks they believe in.

Guest Marc Faber, publisher of the Doom, Gloom & Boom Report, said he continues to like gold. He pointed to the recent poor performance from the interior of the market -- such as housing, retail and airlines -- yet the S&P 500 is only down a couple of percent from the highs.

He added that he sees value in the miners and recently bought Barrick Gold ( ABX), Freeport-McMoRan ( FCX) and Newmont Mining ( NEM).

TripAdvisor ( TRIP) was the first stock on the show's "Pops & Drops" segment; the stock dropped 13% on the week. Nathan said the stock is lower due to pessimistic comments from the CEO regarding traveling.

Apple ( AAPL) popped 11% this week. Brown said the stock was going up regardless but it didn't hurt that hedge fund manager Carl Icahn gave it the push it needed. Brown added the stock should have solid support near $500.

PulteGroup ( PHM) made some ugly lows on Thursday, but bounced back strong, up 4% for the week. Grasso said traders could take a small position in homebuilders going forward.

Brian Kelly thinks traders could look at Tesoro ( TSO) on the long side, despite the stock falling 4% for the week.

Icahn raised his 8.98% stake in Chesapeake Energy ( CHK) to 9.98%, and Kelly said it appears natural gas has bottomed. If natural starts being used more in transportation, this is a place to be, he said.

For their final trades, Grasso was a buyer of Cree ( CREE) and Brown suggested holding cash and waiting for a better buying opportunity. Nathan said to sell Zillow ( Z) and Kelly said to take profits in the ProShares UltraShort 20+ Year Treasury ETF ( TBT).

-- 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.

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