'Fast Money' Recap: Time to Take Profits
NEW YORK (TheStreet) -- The Dow Jones Industrial Average fell for the third straight day, the first such losing streak in two months.
On CNBC's "Fast Money" TV show, Guy Adami, managing director of stockmonster.com, said bullish investors should welcome a pullback where they can jump in and buy and thinks the S&P 500 should decline to 1,760.
Brian Kelly, founder of Brian Kelly Capital, said the global economy is doing much better and that interest rates aren't rising uncontrollably as they did in June. He added that it would be good news for the Federal Reserve to taper on good economic data.
Tim Seymour, managing partner of Triogem Asset Management, said European stock markets, such as Germany's DAX, could put in a short-term top if it opens lower and proceeds to close lower on Wednesday.
Karen Finerman, president of Metropolitan Capital Advisors, said the current pullback is basically meaningless compared with this year's gains and she has not been tempted to buy yet.
Adami said he would take profits in Exxon Mobil
Seymour said he would buy Nike
Kelly said to buy Ryland Group
Kelly advised investors to take profits in J.C. Penney
Seymour said investors can continue to own Apple