NEW YORK ( TheStreet) -- The broader market closed slightly lower after touching a new high earlier in the session.On CNBC's "Fast Money" TV show, Steve Grasso said investors should wait a few days to see how the market reacts to the Federal Reserve's no-taper decision. He added that he's long gold miners, utilities and emerging markets. Guy Adami said it's been a couple of big days for gold and investors can own it along with equities in the short term. However, he warned that the S&P 500 is getting a bit extended. Tim Seymour is not a believer in gold, but is a seller of bonds and buying pullbacks in the emerging markets. Mike Khouw said equities seemed to be fully valued at 17 times earnings. Vornado Realty Trust ( VNO), a large shareholder of J.C. Penney ( JCP), announced it is selling its entire 13.4 million share stake. Finerman said she is not a buyer of the stock, although there are some big buyers in the name. Adami added J.C. Penney could easily bounce to $15.50 or so before possibly heading lower. Rebecca Patterson, CIO of Bessemer Trust, was a guest on the show and said the Fed blew a great opportunity to announce tapering, since the market was ready and braced for the move. She added the housing and auto data held up well, despite the higher interest rate environment. She thinks that, in general, equities will now go higher. AK Steel Holding Corp. ( AKS) got hit in the after-hours for cutting its guidance. Adami said he prefers Nucor ( NUE) and U.S. Steel Corp. ( X), in that order. Rite Aid ( RAD) was the first stock on the show's "Pops & Drops" segment. Finerman said if the company could turn it around, there's a lot more upside left. J.C. Penney fell 2% and Grasso said the stock could go higher on a technical basis, but he does not like the fundamentals. Lennar ( LEN) fell 3%. Khouw said he would avoid the name, along with all homebuilders. ConAgra Foods ( CAG) dropped 4% and Seymour said buyers should wait before stepping in on the long side.
Regions Financial ( RF) was down 4% on Thursday. Adami said traders could look to buy the stock at $9.20. Goldman Sachs ( GS) was the featured company on the show's "Street Fight" segment. Adami defended the stock, saying it has crushed both the top and bottom lines over the past three quarters. He added that the company's tangible book value has risen consistently and that should keep the stock moving higher. Seymour disagreed, saying the company had low bars to jump regarding its earnings expectations. He added that the stock is not cheap, the core and fixed-income business remains in a downtrend and the dividend yield is only 1%. Finerman said Herbalife ( HLF) isn't going up on fundamentals but on momentum and short-squeeze potential. Adami said the stock is now approaching multi-level highs, but he wouldn't bet just yet against hedge fund manager Carl Icahn, who has a large long position in the stock. Brad Lamensdorf, founder of BHL Partners, was a guest on the show and runs the AdvisorShares Ranger Equity Bear ETF ( HDGE), which is down 23% this year. He said the market indicators resemble 2000 and 2007-2008 and the markets have experienced intense multiple expansion over the past several years. He added the fund is short 3D Systems ( DDD) due to its poor balance sheet, falling cash flow and terrible earnings quality. Mike Khouw said the fundamentals for Priceline.com ( PCLN) are actually pretty good and remain attractive, despite being stretched a bit on the technical side of things. For their final trades, Khouw wanted portfolio protection via SPDR S&P 500 Trust ETF ( SPY) puts, while Finerman preferred puts on the SPDR S&P MidCap 400 Trust ETF ( MDY). Adami said to buy Huntsman Corp ( HUN), Seymour is buying ProShares UltraShort 20+ Year Treasury ETF ( TBT) and Grasso said to buy Las Vegas Sands ( LVS). -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell Follow TheStreet.com on Twitter and become a fan on Facebook.