NEW YORK ( TheStreet) -- The broader market closed at session highs as tensions over Syria continue to ease.
On CNBC's "Fast Money" TV show, Dan Nathan said a lot of high-risk names have been outperforming, indicating that the markets are in "risk-on" mode. He added that the S&P 500 needs to make new highs to continue the rally.
Steve Grasso said the high-risk, high-beta names are doing well right now because hedge fund managers are chasing performance. He added that he is a seller on strength of coal and steel names.
Karen Finerman said she doesn't want to sell her longs quite yet, but does feel like the bull run is getting a bit extended.Renee Haugerud said this rally is being driven by margin expansion, but also believes the S&P 500 is getting "toppy" in the 1,680 to 1,720 range. Overall, the market was disappointed with Apple's (AAPL) recent announcements; the stock fell 5.5% on Wednesday. However, hedge fund manager Carl Icahn did say that he was buying the stock on Wednesday in the $465 to $470 range. Finerman said she is not using the weakness to add to her position. Grasso said the markets wants Apple to grow and make new products, not just buy back shares. He added that there's nothing exciting there anymore. Nathan noted the stock hit a very key technical level around $465, where the 50-day and 200-day moving averages are currently providing support. He added that there could be slightly more downside. Potash (POT) was the first stock on the show's "Pops & Drops" segment and Grasso said he believes the potash cartel will return and he is long the stock. Pandora (P) jumped 5% to a 52-week high. Nathan said the stock has some upside momentum. GNC Holdings (GNC) was up 2%. Finerman said she likes the name, which has solid growth and good execution. Coffee popped 3% and Haugerud said the commodity is likely forming a bottom and thinks it could go higher. Netflix (NFLX) dropped 1%. Mike Khouw cited a downgrade from BTIG as the reason.
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