NEW YORK (TheStreet) -- The broader market rallied into the close Friday's session, led by technology.
On CNBC's "Fast Money" TV show, Amazon (AMZN) was the first stock on the show's "Hold 'Em or Fold 'Em" segment. Guy Adami, managing director of stockmonster.com, was a seller along with Brian Kelly, founder of Brian Kelly Capital.
Tim Seymour, managing partner at Triogem Asset Management, concurred for valuation reasons. He likes Amazon's business model, but not the metrics.
Steve Grasso of Stuart Frankel had the lone "hold 'em" call. He noted Amazon revenue jumped 24% year over year but suggested investors do not initiate new positions at these levels.
FedEx (FDX) made new all-time highs after a strong earnings report. Grasso, Adami and Seymour all agreed they'd "hold 'em."
Kelly was the only seller, saying the weaker global economy would start to weigh on the company's earnings.
The entire group agreed Disney (DIS) was not a sell because its content is valuable and its park attendance continues to drive higher revenue.
The group also agreed on Chipotle Mexican Grill (CMG), but this time to collectively sell it. Along with being overvalued, Kelly suggested the stock had gone parabolic while growth is slowing.
Coach (COH) dropped 7% this week and was the first stock on the show's "Pops & Drops" segment. Seymour said to get out because the CEO transition will not be smooth.Whirlpool (WHR) jumped 9% and Kelly continues to like the stock at these levels. Caterpillar (CAT) fell 3%. Adami said the stock will eventually break out of its current range to the downside, likely to the low $70s. Deckers Outdoor (DECK) surged 17% this week. Grasso said the stock can still go higher but he is not a buyer until there is a pullback.
On the long side, Kelly said he likes natural gas -- Apache (APA) and Chesapeake Energy (CHK).
Seymour said investors could probably speculate with J.C. Penney (JCP) on the long side.
Adami said traders could own F5 Networks (FFIV) as long as it holds $80.
Seymour said Valero Energy (VLO) should benefit from lower crude oil prices, but that the stock has rallied too high to initiate a new position.
Facebook (FB) will report earnings Wednesday and Grasso said he would not be a buyer into the report. Apple (AAPL) will report earnings on Monday. Adami suggested investors take profits ahead of the results because the company will need a big beat for the stock to keep going higher. The Federal Reserve will release an FOMC statement on Wednesday. Kelly said interest shouldn't spike afterwards and he would be a buyer of the iShares 20+ Year Treasury Bond ETF (TLT). Seymour disagreed and said the 10-year Treasury yield is near the bottom of its range. He would be a buyer of the ProShares UltraShort 20+ Year Treasury ETF (TBT). Seymour said MercadoLibre (MELI) isn't done growing and its valuation isn't ridiculously high. He would stay long until something fundamentally changes for the worst. Kelly now prefers to own the Market Vectors Gold Miners ETF (GDX) over physical gold because the input costs continue to fall.
Adami said he would take profits in Gilead Sciences (GILD) ahead of earnings due to the huge run higher.
For their final trades, Kelly is buying the PowerShares DB USD Bull ETF (UUP) and Seymour says buy Arcos Dorados (ARCO). Adami is buying Roper Industries (ROP) and Grasso said to buy Ford (F). -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell Follow TheStreet.com on Twitter and become a fan on Facebook.
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