NEW YORK ( TheStreet) -- The broader markets faded into the close after rallying from morning losses.Equities have given up all of their gains following the Federal Reserve's decision not to cut back on bond purchases. On CNBC's "Fast Money" TV show, Steve Grasso said we've seen a lot of trimming and he expects selling to continue. He added that investors should stay long technology and financials and he trimmed his position in the iShares MSCI Emerging Markets ETF ( EEM). Brian Kelly said he would continue to stay long Treasury futures. If the S&P 500 breaks Tuesday's low of 1,695, then it'll likely head lower. Guy Adami said the rally doesn't seem over, but the S&P 500 is likely on its way to 1,670. He added 10-year Treasury yields should continue lower towards 2.25%. Pete Najarian said it's been a very stock-specific market and many investors are only focusing on the short term. He trimmed his positions in energy and added to United Continental Holdings ( UAL) and JetBlue Airways ( JBLU). David Gerstenhaber, president at Argonaut Capital Management, was a guest on the show and said the current environment is favorable for picking individual stocks. He likes Google ( GOOG) and Netflix ( NFLX). He added that in the short term, we have the debate on raising the debt ceiling coming up in Congress. There could also be a selling of stocks and buying of bonds as portfolios readjust for the fourth quarter. He concluded that a taper is not likely in October, but perhaps December. Adami said he would be a seller of Intuit ( INTU) and added that it could trade down to $62 or possibly lower. Najarian said options buyers of Las Vegas Sands ( LVS) were rolling out of the November $65 calls and into the November $67.50 calls, suggesting more upside is ahead. Facebook ( FB) was the featured stock on the show's "Street Fight" segment after making a new 52-week high. Najarian defended the stock, saying the company is doing a great job monetizing mobile, while mobile app downloads continue to grow. He added that ad growth should continue, especially with different types of advertising coming out shortly.
Kelly disagreed, arguing that money is going to come out of Facebook and flow into Twitter once it goes public. He added Facebook only has advertising and that it will eventually end up like Myspace. Adami said traders could continue to own the stock into its earnings report. Speaking of Twitter, it may list its initial public offering on the New York Stock Exchange. Dan Primack, senior editor at Forbes, was a guest on the show and said the move isn't that surprising. He added that Twitter doesn't want to be like Facebook, which had plenty of problems when it debuted for public trading on the Nasdaq. Regarding Nasdaq OMX Group ( NDAQ), Adami said he would not short the stock. He would either be long or flat, but stressed not to short it. WebMD Health ( WBMD) is up 106% in 2013. CEO David Schlanger was a guest on the show and said the move to mobile has not pinched revenue, especially as demand for the company's mobile app has increased so much. He said 80% of the company's revenue come from advertisements but desktop ads are buoying the mobile platform. He added WebMD is more than a health search site, making it harder for competitors to directly compete. Adami called the stock volatile, but said the name has been working. He added the short-interest is high, which could push the stock higher, but the valuation is also extremely rich. Grasso said any pullback we get in the markets from the debt-ceiling issue is a buying opportunity. When asked what American stock he would buy, Kelly said he liked Apple ( AAPL). Between Green Mountain Coffee Roasters ( GMCR) and Starbucks ( SBUX), Najarian was a buyer of the latter because of its international growth. Delta Air Lines ( DAL) was the first stock on the show's "Pops and Drops" segment. and Grasso said the airlines should continue higher as oil goes down. Lennar ( LEN) jumped 4%. Adami said this was a bounce from an oversold condition and that traders could possibly short the stock Wednesday. J.C. Penney ( JCP) fell 4% and Kelly said the stock, "sucks." Carnival ( CCL) cratered 7% and Najarian said he would still avoid the name. For their final trades, Kelly said to buy United States Oil ETF ( USO) and Grasso was a light buyer of Tesla Motors ( TSLA). Najarian said to buy JetBlue Airways and Adami was a buyer of AGCO Corp. ( AGCO). -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell Follow TheStreet.com on Twitter and become a fan on Facebook.