NEW YORK (TheStreet) -- The markets coughed up moderate gains and closed on the lows of the day from news of a potential U.S. intervention in Syria.Josh Brown said on CNBC's "Fast Money" TV show that equities and bonds have been highly correlated, (0.88), over the past 30 days, until Monday's session. When Secretary of Defense John Kerry was speaking about possible action in Syria, bonds rocketed higher while stocks fell to session lows. Brown added this bears watching. Dan Nathan said the stock move doesn't seem that bad and that it could have been a lot worse. He reminded everyone that it was a low-volume Monday in August. Scott Wapner, the show's host, added that without great earnings results and more debt ceiling issues looming, an announcement of a later bond tapering date by the Federal Reserve might be the only positive catalyst for stocks. Guy Adami agreed, adding that the markets should have been down more on a day like this if it were that bad. He has been under the impression that September would be too early of a tapering date and any indication of that from the Fed was just a test. Michael Hanson, senior U.S. economist at Merrill Lynch, was a guest on the show and said the housing market and consumer confidence have been damped by rising mortgage rates. He added that they will likely slow down the housing market but not stop it from moving forward. He believes the Fed will not taper in September. Hedge fund manager Bill Ackman has indicated he will be liquidating his entire 18.1 million share stake in J.C. Penney ( JCP). Adami and Steve Grasso said they would take a shot on the stock after it finally settles down a bit. Tesla Motors ( TSLA) made more new highs on Monday and is up 395% on the year. Brown said he is definitely not a buyer of the stock, although he has been mostly bullish until now. Grasso added that investors have to factor in growth, the great abilities of CEO Elon Musk and the new appeal of electric cars. He bought more shares on Monday and said the stock needs to hold the $160 level.
Guest Dennis Gartman, publisher of the Gartman Letter, said he doesn't think gold is done moving higher. Gold closed above $1,400 on Monday. He added there will likely be resistance at $1,415 and $1,425, with geopolitical tensions helping prices. Regarding equities, he said bond tapering will not be coming soon because the economic data have been so weak. He added that he was a buyer of Japanese equities and the U.S. equity markets have "piqued" his interests. Hewlett-Packard ( HPQ) was the featured company on the show's "Street Fight" segment. Grasso said the stock is a buy despite no expected revenue growth in 2013. He added that the company is investing in the future and can still go higher, even though it's up over 140% on the year. Nathan said not to short the stock after its 13% drop last week, adding that Meg Whitman, the CEO, doesn't have any more costs to cut -- meaning the company will not have any way to grow earnings and the stock could go below $20. Tyson Foods ( TSN) was the first stock on the show's "Pops & Drops" segment, dropping 7%. Brown said the stock is a buy. Home Depot ( HD) popped 2%. Nathan said the home improvement trade is slowing and he wants to avoid the name. Best Buy ( BBY) made a new two-year high but Adami said he'd be extremely cautious with the stock at these levels. CH Robinson Worldwide ( CHRW) popped 3% on Monday. Grasso said the stock needs to stay above $60 for a couple of days before he becomes a buyer. Grasso said Exxon Mobil ( XOM) has a decent entry point here, near its 52-week lows and the bottom of its range. He added that geopolitical risk could be a catalyst for higher prices. TripAdvisor ( TRIP) is completely overvalued, according to Brown, who said momentum traders should find support near $70. If that level fails, he said traders should get out of the name. Nathan said to buy Lorillard ( LO) and Reynolds American ( RAI) if you want to be long the e-cigarette market and get a solid dividend yield. Adami said he thinks Deere ( DE) should trade back up to $90, especially if it breaks above $85 sometime soon. For their final trades, Grasso was a buyer of Tesla and Nathan was taking profits in Microsoft ( MSFT). Brown was a buyer of 3D System ( DDD) and Adami said to buy Newmont Mining ( NEM). -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell Follow TheStreet.com on
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