NEW YORK (TheStreet) -- The broader market traded lower for the fifth straight session in a data-loaded week that ends with the nonfarm payrolls report (NFP) on Friday.
Guy Adami, managing director of stockmonster.com, still thinks the S&P 500 will decline to 1,760. He said today's GDP number looked good but when the report was studied, nearly half of it was from inventory builds, something that could come back to haunt the economy.
Jon Najarian, co-founder of optionmonster.com and trademonster.com, said a lot of investors are betting on a decline in bonds, meaning the Street is anticipating a strong NFP result.
Stuart Frankel & Company's Steve Grasso said a good, but not great, NFP result would be perfect, showing that the economy is recovering but not a pace that warrants tapering by the Federal Reserve.Dan Nathan, co-founder and editor of riskreversal.com, said the NFP whisper number is getting as high as 250,000, which could send the S&P 500 down 20 points if it were true. He admitted that the dip would likely be bought, however. Turning to individual stocks, Nathan said he would be a buyer of Apple (AAPL) on a pullback to the $550 level, because it still has upcoming catalysts and a likely deal with China Mobile Limited (CHL). Adami concurred. Najarian had a slightly longer-term view and suggested that in three months the stock will be closer to $625 than $550. Adami was a buyer of Celgene (CELG) because of its strong business, margins and balance sheet.
Grasso said he didn't like Walter Energy (WLT) or the coal sector, but Adami suggested investors could own it as a potential M&A candidate. Najarian said he liked Netflix (NFLX), but not at its current levels. He suggested investors wait for a pullback to the $320 level.