NEW YORK (TheStreet) -- The broader markets closed higher as the threat of military action in Syria seemed to recede.On CNBC's "Fast Money" TV show, Guy Adami expressed concern over the market rally, especially as it approaches its previous high. He added that President Obama could spook equity markets tonight when he speaks about the Syrian situation, and the markets could trade sideways or lower for the remainder of the week. Anthony Scaramucci said he doesn't expect the Federal Reserve to taper its bond buying as much as everyone seems to think. He added that even a $10 billion taper would be quite small. He's concerned that many companies aren't growing revenues. Steve Grasso pointed out the severe outperformance some of the high beta names and cited that fund managers are trying to boost their performance, since many are trailing the broader market. Some of Tuesday's big news included the announcement of Visa ( V), Goldman Sachs ( GS) and Nike ( NKE) being added to the Dow Jones Industrial Average, while Bank of America ( BAC), Hewlett-Packard ( HPQ) and Alcoa ( AA) were removed. Adami said that Alcoa looks interesting to him, as does Visa. He added that he also likes MasterCard ( MA) and would be a seller of Hewlett-Packard. Brian Kelly said nothing changed fundamentally for these companies. He said he would look to fade some of the moves, including Nike and Visa. Netflix ( NFLX) ripped through the $300 level on Tuesday, closing at $313 and Adami has been behind it for a long time. However, he said now is the time to take profits. Peter Misek, managing director and senior tech analyst at Jefferies, was a guest on the show and said Apple's ( AAPL) iPhone 5C will be priced too high for emerging markets, suggesting the typical Chinese consumer will not be able to afford it. China Mobile ( CHL) could have some sort of subsidy plan, but it's still too expensive, he added. Adami said the price action in Apple was disappointing following the event and the stock could trade down to $465. Scaramucci said the trade-in program with Apple is a great idea because it will keep consumers in the ecosystem. The company will eventually have new products and the Chinese will buy more than people think, he added.
Kelly said investors shouldn't get too bearish on Apple and that the company likely knows where it can price its own products. He added that he would be a buyer near $450 or $460 and the company might have more to unveil on Wednesday. Potash ( POT) was the first stock on the show's "Pops & Drops" segment. Kelly said traders should take profits if they've been in the name. Urban Outfitters ( URBN) fell 10% on Tuesday and Grasso said the $36 level would be a good entry. Morgan Stanley ( MS) jumped 2%. Scaramucci said it's an excellent company to own. Green Mountain Coffee Roasters ( GMCR) dropped 3%. Adami said the stock could trade down to $81.50, where traders could look to get long again. Lululemon Athletica ( LULU) was the featured stock on the show's "Street Fight" segment. Adami said the company has resolved the see-through pants issue and the uncertainty regarding the resignation of CEO Christine Day. He added that the big short interest coupled with low expectations could propel the stock higher. Kelly disagreed, citing leadership issues with Day stepping down. He added that the company is finally starting to see some competition, mainly from Nike. Grasso said the stock could go both ways, based on the technicals. However, he added he would rather be a buyer of Nike. Chief Emerging Market and Asian Equity Strategist Adrian Mowat at J.P. Morgan said buyers could look to get into emerging markets if they're nimble, because he thinks the Chinese economic data will only be strong until November. He added that investors should not short India, and the banks, materials and energy stocks in the region are a strong buy. Irwin Simon, founder and CEO of Hain Celestial Group ( HAIN), said it made sense that hedge fund manager Carl Icahn wanted to take profits by selling half of his holdings in the company. He added that healthy lifestyles and diets are not a fad, but a very real shift in the way consumers think. For their final trades, Grasso said to buy Cree ( CREE) and Adami was a buyer of Nucor ( NUE). Kelly said to buy portfolio protection in the form of SPDR S&P 500 Trust ETF ( SPY) puts and Scaramucci was a buyer of SanDisk ( SNDK). -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell Follow TheStreet.com on
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