'Fast Money' Recap: Waiting on the Fed

NEW YORK (TheStreet) -- The S&P 500 closed higher on Monday after selling off last week. However, some investors are skeptical of the rally -- Monday marked the second-lowest volume day of 2014. 

On CNBC's "Fast Money" TV show, Dan Nathan, co-founder and editor of riskreversal.com, said investors were definitely worried on Friday going into the weekend, which made Monday's relief rally not all that surprising. 

Steve Grasso, director of institutional sales at Stuart Frankel, pointed out the Federal Reserve's FOMCwill release its statement on Wednesday. No one is selling aggressively ahead of the event, he argued. 

Guy Adami, managing director of stockmonster.com, said the recent economic data have been "mixed at best." He added that this week could be an important "tell" on whether the S&P 500 makes new highs above 1,880 or if it breaks down to 1,818. 

Brian Kelly, founder of Brian Kelly Capital, said he is a short-term buyer on pullbacks because Chinese, Russian and Crimean issues are "off the table" right now.

Grasso said he wouldn't be surprised to see the S&P 500 trade up to 1,900 before selling off. 

Adami said he likes U.S. Bancorp (USB), Blackstone (BX) and F5 Networks (FFIV) on the long side. 

General Motors (GM) announced that it will recall 1.2 million vehicles due to an airbag issue. This is on top of the previously announced 1.6 million vehicle recall for ignition switch issues. Despite this news, the stock traded higher on Monday. 

Kelly said investors could buy GM for a trade since it looks like it could rally from current levels. However, if investors aren't looking at GM because of company-specific issues and want a stock based on potential auto market strengthening, buy Ford (F). 

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