'Fast Money' Recap: A Market Breather

NEW YORK (TheStreet) -- The stock market closed lower on Wednesday and appears to be taking a much needed breather. 

On CNBC's "Fast Money" TV show, Guy Adami, managing director of stockmonster.com, said the S&P 500 should trade down to at least 1,710. He suggested taking profits in Western Digital (WDC) and Seagate Technologies (STX).

Brian Kelly, founder of Brian Kelly Capital, said he took a small short position in the S&P 500. He said to take profits in Priceline.com (PCLN) but not to short it because the stock is getting slightly parabolic. 

Stephanie Link, co-manager of the Action Alerts PLUS portfolio, said the current market is stock and sector-specific. She likes the aerospace and automotive industries as well as their suppliers. 

Karen Finerman, president of Metropolitan Capital Advisors, said she is taking some profits in Navios Maritime Holdings (NM) and Navios Maritime Partners (NMM) because they have more than doubled in 2013. She added that she still likes the story but wanted to reduce her risk. 

Craig Johnson, senior market strategist at Piper Jaffray, was a guest on the show and said the U.S. equity markets have had three major setbacks this year: Worries over a Syrian war, budget and debt ceiling issues, and a rapidly rising interest rate in the summer. He has a target of 1,850 for the S&P 500 by year's end. He likes industrials, consumer cyclicals and technology stocks. 

Akamai
(AKAM) beat on the top and bottom line but the stock is lower in after-hours trading. Adami said this move is typical for the stock and he expects it to be higher by next week, possibly above $52. 

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