'Fast Money' Recap: Watching China

NEW YORK (TheStreet) -- The S&P 500 continued lower on Monday as some investors locked in profits after a strong 2013. 

On CNBC's "Fast Money" TV show, Brian Kelly, founder of Brian Kelly Capital, suggested that Italy and France contracted based on PMI readings. He added that the ISM services index also declined in the U.S., which is something for investors to keep an eye on. 

Tim Seymour, managing partner of Triogem Asset Management, said the Chinese ISM non-manufacturing reading came in lower than expected, but is not that important of a data point. He added that the import/export numbers would be key to watch for China. 

Guy Adami, managing director of stockmonster.com, stressed that first-quarter earnings would be very important for the equity markets. He was a seller of Caterpillar (CAT). 

Despite the year starting off a bit rough, Josh Brown, CEO and co-founder of Ritholtz Wealth Management, suggested investors not make too big of a deal about the slight selloff.  

Rob Maruster, COO of JetBlue Airways (JBLU), was a guest on the show. Due to the weather issues in the Northeast and Midwest, JBLU has been forced to delay and cancel many of its flights. Maruster said the plan is to be fully operational by 3:00 p.m. EST Tuesday. 

Adami said that although the stock has not had good price action lately it seems to be at a level where investors can buy it. 

Seymour said he is a buyer of United Continental Holdings (UAL) and Delta Air Lines (DAL). 

Kelly suggested that investors do not trade airlines stocks based off weather, (JBLU was down over 4% on Monday). Specifically, he said JBLU needed to hold $8.25, otherwise it was headed to $7.50. 

Kelly said investors can buy Zynga (ZNGA), because it has a ton of cash and the stock has traded well lately. 

Shares of Twitter (TWTR) fell about 4% on Monday after being downgraded by Morgan Stanley. Brown said  analysts are being ridiculous with these ratings,considering the stock has yet to report its first earnings.

Adami said he still likes Celgene (CELG), even after shares were hit by a downgrade from Goldman Sachs. He said Celgene has a strong balance sheet, solid product pipeline and great cash flow. 

A couple of guests were on the show from the Consumer Electronics Show in Las Vegas:

Ralph De La Vega, president and CEO of AT&T Mobility, said that regarding its deal to bring customers from T-Mobile USA (TMUS), AT&T (T) wants consumers to try T's 4G network and customer service. T is also bringing sponsored data to users, he said. Sponsored data is when certain companies want to show videos to consumers, such as movie trailers or health tips from UnitedHealth Group (UNH), that the customer can view without being charged on the data used. 

Separately, Dennis Woodside, CEO of Motorola Mobility, defended the Moto X and Moto G, saying the two products have not been for sale long enough to discredit their success. He added that everyone should have mobile Internet, which is a driver behind the company's quality products and affordable rates. He concluded that customization is an important factor and phones built in the U.S. make those delivery times incredibly fast. 

Dennis Gartman, editor and publisher of The Gartman Letter, said he is long gold in yen terms and soon to be long in euro terms. He added that the time to be short has passed but it is not yet time to be bullish on the yellow metal. He said when it starts to break through the downward trend lines, is when it will be time to buy. 

Seymour said his top mining pick is Barrick Gold (ABX) because it has one of the strongest balance sheets in the industry. However, he admitted gold was likely to trade down to $1,100 and possibly test $950. 

Adami agreed, and said the momentum doesn't seem to be over. He suggested investors buy Silver Wheaton (SLW). 

Ronnie Moas, founder and director of Standpoint Research, discussed his firm's downgrade of Apple (AAPL) based on morals. He said the company underpays its Asian employees -- which are actually Foxconn's employees -- and should pay them a dividend rather than the shareholders. He added that Apple has $150 billion in cash and is not questioned on how it makes that money.

Seymour said AAPL has given up all of its gains since the announcement of the China Mobile Limited (CHL) deal. He was a buyer with a stop-loss at $525. 

Lawrence Hallier, CEO and founder of Typo Products, said the company would defend itself "vigorously" against BlackBerry's (BBRY) lawsuit regarding its similar keyboard design. He added that the company is only taking pre-orders for its iPhone keyboard product, which is almost sold out and will ship at the end of January. 

-- 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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