NEW YORK (TheStreet) -- The S&P 500 finished Wednesday unchanged. On CNBC's "Fast Money" TV show, the trading panel was discussing different China plays.
Regarding the possibility of a large default on Chinese corporate debt, Brian Kelly, founder of Brian Kelly Capital, said he is short copper.
Steve Grasso, director of institutional sales at Stuart Frankel, is bullish on China and is a buyer.
Tim Seymour, managing partner of Triogem Asset Management, said investors can trade Brazil based on what happens in China since the economies are highly correlated.
General Motors (GM) moved higher after issuing a report that its sales in China were up 20% in February. Seymour said the stock has support near $35 but could struggle with $40 as resistance.
Karen Finerman, president of Metropolitan Capital Advisors, said she remains long GM and still likes the company despite all the recalls. Grasso pointed out that GM is down about 8% year-to-date, while Ford (F) is nearly flat. He likes GM at current levels.
Grasso is also a buyer of Bank of America (BAC) for the longer term. Finerman suggested it could reach $20 by the end of the year.
When asked at which level he would buy Dreamworks Animation (DWA), Grasso said he would wait for it to clear $30 before stepping in. However, he prefers to own Disney (DIS). Kelly said he's a buyer of Lions Gate Entertainment (LGF). Seymour prefers Disney.
Rachel Fox, a member of the Leaders Investment Club, was a guest on the show. She said she likes to trade Facebook (FB), Twitter (TWTR) and LinkedIn (LNKD) because those are the names "everybody talks about." She says these momentum names are usually driven by psychology and sentiment, which is a very important element in the short-term trading world.
Exxon Mobil (XOM) fell 3% after hosting its analyst day. Seymour said the stock is facing resistance near $95 and is fully valued.
Kelly said investors will not likely get hurt holding shares of Microsoft (MSFT), which has a good dividend yield.
John Johnson, chairman, president and CEO of Dendreon (DNDN), was a guest on the show. The company announced it is launching its prostate cancer drug, Provenge, in Europe this year. He said Europe has about 1.5 times more patients with prostate cancer than the U.S., and the drug has received solid pre-release demand. He also acknowledged the company's balance sheet woes, which he said will be addressed.
Kelly warned investors who are looking at biotechnology stocks to keep their positions small since this is often times a volatile asset class. Grasso said he's long Clovis Oncology (CLVS), but admitted that it, too, was a volatile name.
Navistar International (NAV) fell 4% and was the first stock on the show's "Pops & Drops" segment. Finerman wasn't interested in the stock, but pointed out that there are a number of activist investors in the stock.
Smith & Wesson Holding (SWHC) soared 16%. Grasso likes the stock.
FireEye (FEYE) jumped 8%. Kelly said he would take profits.
GameStop (GME) climbed 4%. Seymour said he's avoiding the stock because of its big run, but likes that it's returning more cash to shareholders.
Kelly said to buy Stillwater Mining Company (SWC) for its exposure to palladium, which he thinks is headed higher.
For their final trades, Kelly is a buyer of the iShares 20+ Year Treasury Bond ETF (TLT) and Finerman is buying Foot Locker (FL) ahead of Friday's earnings report. Seymour said to buy Bezant Resources (ZZZ) and Grasso is buying BAC.
-- Written by Bret Kenwell in Petoskey, Mich.Follow @BretKenwell