Trading the taper tantrum in stocks
Stocks pulled back after the release of the most recent Federal Open Market Committee minutes, but it wasn't time to panic, OptionMonster's Jon Najarian said Wednesday.
"I think that we're not going to be able to get enough positive economic news. This is hardly a big deal," he said. "Again, 700, points on a 15,600-point index doesn't seem like the end of the world to me."
The Dow slumped 105.44 points to close at 14,897.55, finishing below 15,000 for the first time since July 3. The S&P 500 dropped 9.55 points to finish at 1,642.80. And the Nasdaq fell 13.80 points to end at 3,599.79,
Brian Kelly of Brian Kelly Capital said that the minutes could ultimately be good news.
"What I took away from it, I think the Fed is less likely to potentially taper in September," he said. "I know the market took it a different way, but when I read the minutes and when I read the commentary afterward, it seemed to me that they're, one, data-dependent. I don't think the data has been that great."
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Tim Seymour of EmergingMoney.com said that the Fed appeared sensitive to its effect on the market, also noting that the 5-year U.S. Treasury bond yields suggested that investors were "ready for rates to change — and that's big."
Karen Finerman of Metropolitan Capital Advisors said that she was more concerned about the speed at which the Fed begins to ease off its $85 billion-per-month of asset purchases.
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"That, to me, is more important than when it starts," she added.
Trader disclosure: On Aug. 21, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon is long AAPL; Jon is long GLD ; Jon is long FB; Jon is long UVXY; Jon is long NOAN; Karen is long AAPL; Karen is long BAC; Karen is long C; Karen is long JPM; Karen is long TGT; Karen is long GOOG; Karen is long SPY; Karen is long MDY; Karen is long FL; Karen is long M; Karen is long NADL; Tim is long BAC; Tim is long INTC; Tim is long SBUX; Tim is long MSFT; Brian is long CANADIAN DOLLAR.