'Fast Money' Recap: Is This Market Pullback a Big Deal?

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NEW YORK (TheStreet) -- The S&P 500 slid 0.71% as investors' fears over Iraq began to rise, along with the price of oil, on Thursday. 

On CNBC's "Fast Money" TV show, Dan Nathan, co-founder and editor of riskreversal.com, said Thursday's price action showed the complacency among investors. He added that volatility could heat up as we head into the summer months, when trading volumes are typically light. 

Guy Adami, managing director of stockmonster.com, said the S&P 500 could trade down to 1,860, which is only a drop of 3.5%. He called this pullback "not a big deal," although other investors might react differently. ConocoPhillips is a stock investors can own, with a stop-loss at $80, he said. 

Karen Finerman, president of Metropolitan Capital Advisors, said she is not worried about the short-term price moves in WTI crude oil, which climbed 2.36% to $106.86 per barrel. She is not selling her long positions, yet, she added. 

Pete Najarian, co-founder of optionmonster.com and trademonster.com, pointed out that the CBOE Volatility Index is still near historic lows, despite jumping 8% on Thursday. He disagreed with Adami that the S&P 500 would decline to 1,860, but said investors could stay long stocks when buying protection. 

Intel boosted its second quarter revenue guidance. Najarian said he would use the stock price's jump to take profits. Nathan agreed, saying he wouldn't "chase" the stock at current levels. 

Anthony Grisanti, founder and president of GRZ Energy, said the violence in Iraq needs to move toward the southern part of the country to have any negative effects on oil production. He added that commodity investors do not like uncertainty, which can cause them to push prices too high as they overreact to headlines. He reasoned the highest level WTI crude oil appears to be going is at $112 per barrel. 

As a result of higher oil prices, airline stocks have been getting punished.

Bob McAdoo, managing director at Imperial Capital, said airline companies may take a slight hit during the summer season, as profits become hindered by higher energy costs. However, the fall season should be fine, he reasoned, because the airlines will be able to adjust their flights and flight counts in an attempt to counter higher prices, if oil does not drop by then. While the airlines may struggle over the next 8 to 12 weeks, they should still have a very good year, he concluded. 

Adami said the airline industry is doing the best it has ever done, operationally. He reasoned that investors could buy Delta Air Lines at current levels.

Najarian said the selloff in airline stocks have been a "huge overreaction." He still sees a great opportunity in owning stocks such Delta Air Lines, United Continental and American Airlines