'Fast Money' Recap: Taper Talk

NEW YORK ( TheStreet) -- After the Federal Reserve's Federal Open Market Committee meeting, the markets whipped higher and lower, ultimately closing slightly above session lows.

On CNBC's "Fast Money" TV show, Brian Kelly said he doesn't expect the Fed to taper in September and the economic data currently available are not good enough to prompt an earlier date

Tim Seymour disagreed, saying the Fed sounds like it is sticking to its original plan from June, which was aimed at slowing its asset purchases in September.

He added that the biggest move on the yield curve was in the five-year Treasury notes, indicating traders think interest rates will be adjusted higher in 2015.

Karen Finerman said it doesn't really matter when the Fed tapers, but how fast.

Jon Najarian added that this has not changed his perception of the market at all. He noted that the Dow Jones Industrial Average is only marginally off its all-time highs and this is simply a pullback.

Mike Khouw said tapering will happen eventually, but the volatility has inflated option premiums and he would look to sell that premium.

Merrill Lynch's Savita Subramanian was a guest on the show and she upheld her July prediction that the S&P 500 would finish the year at 1,750. She added that 5% pullbacks are common for the market and actually represents healthy price action. She concluded that this is a buying opportunity, specifically for technology, energy and industrial stocks.

Hewlett-Packard ( HPQ) missed top-line estimates after reporting third-quarter earnings. Kelly said he would short any pops higher.

Seymour criticized HP management and said there are no real positive catalysts coming soon, so there's no reason to get into the name.

Khouw said the options market expected a move of around 11% and it doesn't look like that will happen. He remains bearish and said traders could look to short the stock via long puts.

Najarian said he likes Netflix ( NFLX), but that the stock is too fully valued at this point.

Najarian defended Target ( TGT) on the show's "Street Fight" segment, saying the stock had more room to go on the upside. In his bullish case he cited the company's new partnership with Facebook ( FB), predictable dividend and growing online sales.

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