'Fast Money' Recap: Watching the Markets

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.

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