NEW YORK (TheStreet) -- The S&P 500 was able to bounce back after several volatile trading sessions that led the market lower over the past week.
On CNBC's "Fast Money" TV show, Turkey was in the spotlight after its central bank voted to raise overnight lending rates to 12% from 7.75%.
Brian Kelly, founder of Brian Kelly Capital, said this is good news but he was skeptical about whether it will actually work. He is a seller of the iShares MSCI Emerging Markets ETF (EEM), which popped in after-hours trading.
Tim Seymour, managing partner of Triogem Asset Management, said the move is very good. He said it should stop the outflows in emerging markets and he is a buyer of the EEM for the short term.
Guy Adami, managing director of stockmonster.com, said the decision doesn't deter him from thinking that the S&P 500will decline to 1,765 by the end of the week.
Guest Jon Hilsenrath, chief economics correspondent for the Wall Street Journal, said the Federal Reserve is likely aware of the situation in emerging markets but will not focus on it. The Fed's concern is on the U.S. economy and financial system. He suggested the Fed will announce another round of tapering during the release of January's Federal Open Market Committee minutes. However, Hilsenrath does not believe the size of the taper would increase.
Yahoo! (YHOO) sold off after reporting fourth-quarter earnings. Kelly said the selloff offers a solid entry for investors looking to buy for the Alibaba initial public offering.
Karen Finerman, president of Metropolitan Capital Advisors, said she prefers to be in Google (GOOG) over YHOO. However, with the company set to report earnings on Thursday, she opted to sell upside $1,160 weekly calls against her long position.
Rob Sanderson, senior analyst at MKM Partners, was a guest on the show. He said the selloff in Yahoo! is not surprising and pointed out the rising spending costs at the company. Although it beat on the bottom line, he said earnings are not the focus -- Alibaba is the focus. He added that it would be an "encore" to see the core business do better.
Apple (AAPL) closed near session lows, down 8% after reporting earnings on Monday night. Seymour said the stock held the low-$500 level nicely. He added that next quarter doesn't seem as if it will be all that great, but the company is strong and valuation is low. He said investors could own the stock.
Finerman pointed out Apple will likely be out buying a lot of its own stock after the buyback's two-day, post-earnings waiting period is over.
Adami said it's getting harder to own Netflix (NFLX) as it continues to rally. He suggested taking some profits. Kelly concurred and said traders shouldn't try to short it.
AT&T (T) was slightly lower after reporting earnings. Adami is a buyer at current levels although he thought the quarter was "lousy."
Seymour said the best times for AT&T were in the past. He is a buyer of Ford (F), which is near solid support at $15.50 and has a good valuation. He also likes Tata Motors (TTM). Adami agreed Ford has a low valuation but does not like the price action. He wants shares to climb above $16 before getting involved.
Finerman is a buyer of General Motors (GM).
Nili Gilbert, co-founder and portfolio manager of Matarin Capital, was a guest on the show. She said valuation is a good measurement in the very long term but can be useless in the short- and intermediate-term because stocks can stay overvalued or undervalued for so long. Her top picks are Masimo (MASI) and the FelCor Lodging Trust (FCH), which just reinstated its dividend.
Corning (GLW) was the first stock on the show's "Pops & Drops" segment. Adami said to buy it if it falls to $16.
Cliffs Natural Resources (CLF) was up 2% and Kelly said he's not a buyer.
Baidu (BIDU) jumped 3% and Seymour said the company's decision to abide by SEC requirements is very good news.
United Rentals (URI) was up 4% and Finerman is staying long the stock.
Lance Ulanoff, editor-at-large of Mashable, was a guest on the show. He said Google Glass is now beginning to partner with certain health care providers. He said the product is very lightweight, cool and not distracting for the wearer. He added that wearable technology is the future.
-- Written by Bret Kenwell in Petoskey, Mich.