'Fast Money' Recap: Protecting Yourself Before the Next Fed Meeting

NEW YORK (TheStreet) -- The S&P 500 eked out a gain, closing higher by 0.09% on Thursday. 

On CNBC's "Fast Money" TV show, Brian Kelly, founder of Brian Kelly Capital, said the Federal Reserve seems unlikely to do anything that will disrupt the economy during its announcement next week. The stock market should continue to do fine, so long as interest rates and inflation stays low. 

Read More: 10 Stocks George Soros Is Buying

Tim Seymour, managing partner of Triogem Asset Management, said the Federal Reserve will likely be slightly more "hawkish" than investors may be expecting for next week. The strong U.S. dollar is not a positive for the stock market. 

Guy Adami, managing director of stockmonster.com, said the rally in the iShares 20+ Year Treasury Bond ETF (TLT) is likely to continue while Treasury yields are poised to go lower. 

Pete Najarian, co-founder of optionmonster.com and trademonster.com, said investors could consider a long position in the CBOE Volatility Index (VIX.X) as a form of protection going into next week's Fed meeting. However, he remains bullish on the stock market and called a pullback a good buying opportunity.

WTI crude oil hit a 16-month low on Thursday before rallying sharply and ending the day higher. Kelly said 12-month future contracts are roughly equivalent to today's oil prices, while 16-month future contracts are roughly 7% higher than today's prices. This suggest that oil will go higher in the longer term and the "glut" of supply is only temporary. 

Adami said investors can stay long Anadarko Petroleum (APC) and Exxon Mobil (XOM) . Seymour said crude oil is likely headed lower, as is Tesoro (TSO) . 

Jason Helfstein, media and Internet analyst at Oppenheimer & Company, said Alibaba has very impressive revenue growth of 41%, while margins stand at a solid 50%. This stock is going to be a "winner," he said. If there is really that much demand for the stock then it is undervalued, based on its current valuation. If the valuation goes higher, so will Yahoo!'s (YHOO) stake, and therefore, so will its stock. Currently, he has a $43 price target on Yahoo!, but said it could move up to the high-$40s. 

Read More: Kroger Becoming a Serious Challenger to Walmart

Seymour said he is taking off half of his long position in Weibo (WB) , which has run 25% higher in a matter of days. This is an "exciting time" for Chinese Internet stocks, he added.

If you liked this article you might like

3 Tech Setups That Look Tantalizing

4 Nice Setups for a Monday Morning

Moved to a Large Bond Short; Kroger Goes on Sale: Best of Kass

How Have Bond Funds Done This Year?

Doubt Is OK; The Lay of the Land: Doug Kass' Views