'Fast Money' Recap: Time to Take Profits

NEW YORK (TheStreet) -- The Dow Jones Industrial Average fell for the third straight day, the first such losing streak in two months. 

On CNBC's "Fast Money" TV show, Guy Adami, managing director of stockmonster.com, said bullish investors should welcome a pullback where they can jump in and buy and thinks the S&P 500 should decline to 1,760. 

Brian Kelly, founder of Brian Kelly Capital, said the global economy is doing much better and that interest rates aren't rising uncontrollably as they did in June. He added that it would be good news for the Federal Reserve to taper on good economic data. 

Tim Seymour, managing partner of Triogem Asset Management, said European stock markets, such as Germany's DAX, could put in a short-term top if it opens lower and proceeds to close lower on Wednesday. 

Karen Finerman, president of Metropolitan Capital Advisors, said the current pullback is basically meaningless compared with this year's gains and she has not been tempted to buy yet.

Adami said he would take profits in Exxon Mobil (XOM) and would buy Boeing (BA) near $120. 

Seymour said he would buy Nike (NKE) near $75 and suggested taking profits in Tesero (TSO). 

Kelly said to buy Ryland Group (RYL) and Finerman suggested taking profits in Hertz Global Holdings (HTZ) above $25. 

Kelly advised investors to take profits in J.C. Penney (JCP), saying it is not a good stock to short. 

Seymour said investors can continue to own Apple (AAPL), especially when a deal gets done with China Mobile Limited (CHL). He added that institutional buyers could drive the stock higher in 2014. 

Adami said the next big Apple resistance level is near $585. He also likes Nuance Communications (NUAN) with a stop-loss at $13. 

Finerman said General Motors (GM) is still her top auto pick. 

Seymour said his top pick is Fiat because of its valuation, exposure to Europe and luxury line with Ferrari.

Kelly said Stillwater Mining (SWC) is his top auto play. 

Tim Conver, chairman and CEO of AeroVironment (AVAV), was a guest on the show and said the company has a near-record backlog. He added that it's currently exploring roughly six different growth opportunities in the commercial space. He suggested it could take five years to implement, but stressed the company's growth opportunity domestically and abroad. 

Adami said the company did not have a great quarter but it has a ton of growth potential. 

With a market cap of only $671 million, Finerman suggested it could be a buyout candidate. 

Seymour defended the valuation, saying it wasn't bad for a company that has a lot of growth. 

Finerman said shares of Abercrombie & Fitch (ANF) should find support due to activist investors, even with subpar earnings results. 

Adami said Rackspace Hosting (RAX) found support near its June lows and he likes it on the long side for a trade. 

Kelly said WTI crude oil hit a one-month high and he is remaining long.

Adami told investors to avoid the gold mining stocks because they haven't participated in the stock market rally while also being hindered by falling gold prices.

Paul Hickey, co-founder of Bespoke Investment Group, was a guest on the show who said the retail sector usually peaks around Thanksgiving because of too much optimism. He added that Netflix (NFLX), Chipotle Mexican Grill (CMG) and TripAdvisor (TRIP) have historically outperformed during this period and suggested aggressive traders could stay long. He likes Towers Watson & Co. and FTD Companies (FTD). 

Gian Fulgoni, executive chairman and co-founder of comScore, was a guest on the show who said discount stores and Amazon (AMZN) did well on Cyber Monday. He added that online sales were up 18% year-over-year for the day. 

Finerman said investors should take some profits in retailers as the upside move is overdone. Specifically, she is taking profits in Macy's (M). 

Adami said AMZN has to hold the $373 level this week; if it doesn't, its rally could finally be coming to an end. 

Seymour said FedEx (FDX) was a good way to play the holidays thanks to solid Cyber Monday sales. 

Adami said there's nothing wrong with taking some profits in Celgene (CELG), but he likes the stock because of its margins, balance sheet and strong price action. 

Kelly said 3D Systems (DDD) has a rich valuation but the business is great and suggests owning it with a very long-term time frame.

Seymour said he wouldn't chase Honeywell International (HON) but it's a great company with a fair valuation.

For their final trades, Finerman suggested selling upside calls in Fifth & Pacific (FNP) and Kelly is buying D.R. Horton (DHI). Adami said to buy 3M Company (MMM) and Seymour reiterated taking profits in Tesoro. 

-- Written by Bret Kenwell in Petoskey, Mich.

Follow TheStreet.com on Twitter and become a fan on Facebook.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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