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'Fast Money' Recap: What's Next for the Market?

NEW YORK ( TheStreet) -- After the August jobs report was released on Friday morning, markets fell lower, then ripped higher before ultimately closing flat.

The market tried to digest a lot of information on Friday, including the potential taper or non-taper from the Federal Reserve and the rising geopolitical tension over Syria.

On CNBC's "Fast Money" TV show, Guy Adami said the S&P 500 has done a good job holding support near 1,625. He added that we could have some more room to the upside and he likes Macy's (M) and the SPDR Homebuilders ETF (XHB) above $28.

Jim Lebenthal said Syria is a short-term market disruption and is giving investors an opportunity to buy into the market before it goes higher in the fourth quarter.

Steve Grasso said he is a buyer of the market and thinks housing stocks are a buy. He's long D.R. Horton (DHI) and likes Home Depot (HD).

Brian Kelly said Friday was incredibly volatile, especially when looking at multiple asset classes. He added that it appears to be safe to buy bonds.

Dan Greenhaus, chief global strategist at BTIG, was a guest on the show and said that the Fed actually should taper. However, he added the central bank should only trim its bond purchases by $8.5 billion to $10 billion per month, just to show it will actually do it. As to rising bond yields, he said the stock market has continued to rise with them, and he wants to be overweight technology, industrials and health care stocks.

Shares of Ford (F) fell on Friday, on reports that CEO Alan Mulally may retire earlier than expected. There has been speculation that he would go to Microsoft (MSFT) to replace current-CEO Steve Ballmer.

Lebenthal said he would not buy Microsoft, but still likes Ford. Adami added that some other auto plays, such as BorgWarner (BWA) and AutoNation (AN), have been doing well.

J.C. Penney (JCP) was the first stock on the show's "Pops & Drops" segment. Lebenthal said he wanted to see the next earnings report before taking a position.

Facebook (FB) jumped 6% and Adami said the upside momentum should continue. He added that he would look to sell just before the earnings release.
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