NEW YORK (TheStreet) -- The markets bounced back to post gains on Wednesday, although selling pressure was strong in the final 30 minutes, with investors still on edge over Syria.On CNBC's "Fast Money" TV show, Guy Adami said he was looking for support at 1,626 on the S&P 500, which held. He added that he expects it to go another 20 points higher. Dan Nathan looked at the CBOE Volatility Index ( VIX) and said it didn't fall very much on Wednesday considering the market rally. He added that investors have a lot of potential market movers coming up with the nonfarm payrolls report next week, upcoming manufacturing data and the Federal Reserve meeting in September. Mike Khouw said the VIX was a little lower because of Labor Day on Monday, meaning the markets are closed. He added that this compresses the options premium and makes the VIX appear a little lower than it usually would. Michael Wittner of Societe Generale, was a guest on the show and said brent crude oil could go to $125 per barrel and possibly to $150 per barrel, depending on what happens in the Middle East. He added that although Syria is not a big player in the oil market, the supply of oil could be disrupted if the region gets out of control and chaotic. Tim Seymour said to buy the airline stocks and transport stocks because he believes the spike in energy prices is temporary and these pullbacks are buying opportunities. Adami said that chemical names have been hit hard lately and Eastman Chemical ( EMN) looks interesting on the long side at $75. Guess? ( GES) reported earnings and was flying high in after-hours trading. Dominic Chu said this could potentially be a sign of good things to come for high-end retailers. Moving across the pond, Seymour said German stocks are very interesting. The country is a big exporter and this is one of the places where you want to be in if Europe rebounds. Nathan agreed, adding that he would avoid the European financials.
Adami said Deutsche Bank ( DB) didn't look very good. If the stock breaks below $40, there could be significantly more downside ahead. Switching to fast food, Seymour said Burger King Worldwide ( BKW) might have a nice chart, but it doesn't have a nice valuation. He added that he would rather buy McDonald's ( MCD) because of the brand recognition and improving global comps. Adami argued that McDonald's comps have been lousy and he expects the numbers for August to be bad, too. He added that if the stock breaks $95 to the downside, it could get ugly. The Market Vectors Gold Miners ETF ( GDX) was the featured stock on the show's "Street Fight" segment. Adami defended the group, saying gold is a bet against fiat currencies and central bankers are still buying the precious metal. He added that gold could go another leg higher and so will the miners. Khouw argued there hasn't been any real signs of inflation to drive gold higher. He added that rising production costs are weighing on the miners and that even though gold prices are rising, the miners' profitability isn't. Just because CEO Steve Ballmer is leaving Microsoft ( MSFT) in the next 12 months doesn't mean the company will turn around instantly, Seymour said. He liked the name before the retirement announcement and continues to like it now. Goodyear Tire & Rubber ( GT) hit a 52-week high on Wednesday and Khouw said there has been some heavy call buying in the September 20 call options. Adami added that the stock had been left for dead but the current momentum favors the upside, possibly to the $22 to $23 range. Seymour said Mondelez International ( MDLZ) is the best way to play the international snack market. Although it looks expensive by valuation, he said the stock deserves the premium. Whole Foods Market ( WFM) trades at 35 times earnings and Nathan said he doesn't want to own the stock. Chu added that The Fresh Market's ( TFM) earnings report was okay, but the guidance for next quarter was poor, possibly suggesting that high-end grocers could underperform. Adami said traders could look to stay long the SPDR Homebuilders ETF ( XHB) around $28.
Nathan said Tesla Motors ( TSLA) could pull back 10% or more on any bad news. He added that he is short the name in a risk-defined manner. Seymour said that with all the events priced into the market, investors can look to buy into the dip after the likely attack on Syria. Salesforce.com ( CRM) reports earnings on Thursday and Adami said the name is very overvalued, but, the short interest is astronomically high. Meaning, the stock could rally significantly, even if the results are just okay. Seymour said Golar LNG Limited ( GLNG) has been doing very well, but he doesn't want to buy it into earnings because of the big recent move and current PE ratio of 33. For their final trades, Khouw said to buy the SPDR Gold Trust ETF ( GLD) via call spreads and Seymour was a buyer of Exxon Mobil ( XOM). Nathan was a seller of Tesla Motors and Adami was buying Salesforce.com ahead of earnings. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell Follow TheStreet.com on
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