Six must-see moments from 'Fast Money'
From talking turkey and Apple earnings to a walk down Super Bowl Boulevard, the "Fast Money" traders had you covered in six must-see moments from the past week.
Gartman repositions after market selloff
Monday marked the fifth straight down day for the Dow, which notched its worst five-day percent drop since April 2012. The pain wasn't limited to U.S. markets. Stocks around the world sold off, with weakness felt across the globe.
Dennis Gartman of The Gartman Letter recommended a three-pronged "risk-off" strategy to weather the downturn, which included paring back on equity longs, selling emerging market currencies and buying gold while selling copper.
"I think you're starting to turn the market basically from what had been an overt bull market to something demonstrably different," he said. "Now I think it's time to be somewhat frightened."
Josh Brown of Ritholtz Wealth Management agreed that sentiment seems to have changed in the market. "Without a doubt, there are some signs that we have an inability to rally on good news," he said. "The data suggests that we're not out of the woods yet."
Guy Adami of TradeMonster pointed out a key technical level that he's watching in the S&P 500 index. "I think to hold 1,765 (on the S&P 500) for the short term is critical," he said. The S&P 500 closed on Monday at 1,781.56, down nearly half a percent on the day.
Apple turns sour
Weak revenue guidance and disappointing iPhone sales drove Apple shares lower in Monday's after-hours session.
But the big drop wasn't a surprise to everyone. BGC Financial Analyst Colin Gillis downgraded Apple to hold from buy earlier in the session. He joined the crew to analyze the company's fiscal first-quarter earnings report and to discuss his downgrade.
"What we need from Apple is not just to continue to sell iPhones and iPads into its customer base; we need new products," he said. Gillis said that his downgrade was based primarily on valuation. "When it hit our price target today, we felt obligated to downgrade it."
Despite the big after-hours drop, quarterly earnings and revenue actually beat analyst expectations, and the traders pointed out a number of silver linings in the report. Adami noted stronger iPad sales and said the drop provides an opportunity to buy the stock.
"For a trade, I think it might set up pretty interesting tomorrow," he said. Karen Finerman of Metropolitan Capital said that gross margins "weren't that bad," but like Gillis, said that Apple needs a new product to act as the next catalyst. Apple went on to have its worst day in a year on Tuesday, falling nearly 8 percent.
(Read more: Not all Apple shareholders want a huge buyback)
On Tuesday, the talk was all about Turkey as the selloff in emerging market currencies such as the Turkish lira intensified. In a midnight session, The country's central bank took extraordinary measures, raising key interest rates in an effort to strengthen the currency.
World markets reacted immediately by trading higher, with the iShares emerging markets ETF, the EEM, gaining more than 1 percent after hours. U.S. futures also spiked, with Dow Jones futures higher by 140 points.
Tim Seymour, who focuses on emerging markets, said that the move in Turkey was "very good news for an economy that's been growing very fast." Brian Kelly of Brian Kelly Capital said he would fade the after-hours pop in the emerging markets ETF.
"I think you short EEM right here," he said. Other central banks are going to have to raise rates, choke off growth; you don't want to be in stocks at that point."
Shares of Yahoo followed the same path as Apple, falling Tuesday after reporting a weak first quarter outlook and a decline in display ad revenue.
Rob Sanderson of MKM Anderson said that the weak guidance wasn't surprising. "They're on a spending increase, they've talked about heading into this next stage of recovery, and they're going to spend a little bit of money," he said.
The key to Yahoo's story is its stake in Alibaba, a Chinese online marketplace, rather than its earnings, he said.
Kelly said he would be a buyer of Yahoo on the dip. "I think you buy it here because there are a lot of people who have missed this move, they want to get in with Alibaba. … Now is the chance to get in."