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'Fast Money' Recap: Second-Quarter Playbook

Seymour said he liked stocks with exposure to companies that are involved in improving productivity like Syngenta (SYT), Bunge (BG - Get Report) and Archer-Daniels Midland (ADM - Get Report).

There was a difference of opinion on whether the financials would make a run in the second quarter. Kelly said financials will head lower if oil prices rise.

But Seymour said the financials are starting to make money and come back from a "death scare." Finerman agreed, saying the current valuation of financials prices in a lot of bad things. She said the banks' earnings power will grow once the economy improves and they start increasing their loan books.

Silver was a popular trade in the first quarter, up 22%. Peter Schiff, head of Euro Pacific Capital, said silver works because it's a play on its value as a precious metal and industrial metal. He also said it will continue to rise as long central banks around the globe continue to print money.

Seymour, though, said he would rather own gold, downplaying silver as a big momentum trade.

The losers in the first quarter included Cisco (CSCO - Get Report), Best Buy (BBY), Target (TGT - Get Report) and Akamai (AKAM).

Are any worth picking up in the second quarter? Kelly said he would pick up Akamai, which was down 19% in the first quarter, because its business is at least Internet- and online-related. Finerman said she liked Target, which was down 17%, while Seymour said Cisco was worthwhile based on valuation and its dividend.

A day before Friday's jobs report, Alan Krueger, a former assistant Treasury secretary and now an economic professor at Princeton, said the job market is healing slowly, with not enough job growth to make up for the job deficit. Karabell agreed, saying the country is in for a long period of structural unemployment.

Looking at the charts, Christopher Verrone, of Strategas Research Partners, said the bull trend is intact for the second quarter, with the risk to the upside. He favored owned cyclical stocks in transport and railroad names and set a target of 1,450 for the S&P.

He also liked Petrobras (PBR - Get Report), which, he said, has gone through a bearish-to-bullish reversal and provides a positive comment on the emerging market complex.
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