NEW YORK ( TheStreet) -- The broader market closed lower on Friday as focus shifted to the congressional fighting over the debt ceiling.
One of Friday's big headlines was BlackBerry (BBRY) slashing jobs and revenue guidance. As expected, the stock plunged to a 52-week low.
On CNBC's "Fast Money" TV show, Guy Adami called the stock a "no touch," meaning not to sell short or go long.
Steve Grasso, who is long the stock, disagreed. He said the company has no debt and has M&A potential. The stock is not a buy based on fundamentals or earnings.Tim Seymour said he would not jump in on the long side because the software and network business values have not yet been determined. Looking at the broader market, Seymour said to buy the dips in the U.S. dollar and sell the rally in bonds. Louise Yamada, a chart technician, was a guest on the show and said the S&P 500 is still in an uptrend and would only become a concern if it broke through the June lows of 1,575. Shifting to bonds, she said interest rate cycles generally last from 22 to 37 years, and we are currently in year 32, with a multi-year base forming from 2011. She concluded the pullback to the 2.4% level in 10-year Treasuries would be important. Grasso said he would try and buy HMOs like UnitedHealth Group (UNH) on momentum, rather than trying to catch the bottom. Adami added that Tenet Healthcare (THC) has had a big run and pullback, but looks ready to take back off to the upside. Seymour said he is waiting for the $440 level in Apple (AAPL) before stepping in as a buyer. Lennar (LEN) and KB Home (KBH) report earnings next Tuesday. Adami said he does not like them on the long side now that they have run higher over the past several weeks. He added that he would rather short them on a rally. Seymour said he would be long the U.S. dollar headed into Germany's elections, where Angela Merkel will seek her third term.
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