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'Fast Money' Recap: Build on Housing?

NEW YORK ( TheStreet) -- The broader market rallied Thursday morning before giving back some of those gains to end the day slightly higher.

The housing market was the opening topic on CNBC's "Fast Money" TV show, and Brian Kelly said he wouldn't worry about rates going higher in the short term. However, he added that traders should watch for the Chicago PMI number on Friday. If the data is strong and rates sell off, then traders should sell housing.

Guy Adami said he continues to like the SPDR S&P Homebuilders ETF (XHB) on the long side, above $28.

Dan Nathan said the homebuilders topped out in the beginning of the year and won't regain the same momentum. He added that when Home Depot (HD) reported strong earnings a few weeks ago, the stock still sold off.

John Najarian said he doesn't like the Homebuilder ETF because of the broad range of companies in the fund, but he does like the individual homebuilders.

Mike Khouw said that being long the housing market is like being short mortgage rates, which are near historic lows -- a trade he does not favor. (CRM) reported earnings on Thursday. Adami said don't chase the stock on Friday as it will be near stiff resistance.

Ed Yardeni, president of Yardeni Research, was a guest on the show and said there's nothing new to uncover in this bull market. He added that some consumer discretionary names, particularly retail, were getting a little expensive and he believes the market will trade sideways for the next couple of months.

Kelly said those who believe the spike in oil is only temporary and the Federal Reserve will postpone the tapering date could look to buy the WisdomTree India Earnings ETF (EPI) with a stop at $12.95.

Vodafone (VOD) was the first stock on the show's "Trending Trades" segment after confirming it is in talks to sell its stake in Verizon Wireless to Verizon Communications (VZ) in a deal potentially worth over $100 billion.

Najarian said it makes sense for Verizon to do this because the company will never likely be able to borrow money this cheap again.
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