NEW YORK (
TheStreet) -- The
S&P 500 closed ever so slightly higher after a much lower-than-expected nonfarm payrolls report for December.
Brian Kelly, founder of Brian Kelly Capital, said investors are definitely confused. He added that the Federal Reserve will still go through with its tapering plans and he remains short the S&P 500.
Tim Seymour, managing partner of Triogem Asset Management, said gold is likely to sell off around Jan. 28 or Jan. 29 when the Fed confirms it will go through with its tapering plans. He would look to take profits in the iShares MSCI Emerging Markets ETF (EEM) at $40.25.
Steve Grasso, director of institutional sales at Stuart Frankel, said the earnings from financial stocks next week are unlikely to cause a selloff in the market. However, he said a selloff could happen in February or March.Intercept Pharmaceuticals (ICPT) is up 517% over the past two days. Dr. Yaron Weber, who leads Citigroup's biotech research team, said ICPT's obeticholic acid was so successful in its treatment of the chronic liver disease nonalcoholic steatohepapatitis that its trials were stopped early. He added that even his own sales estimates are considered conservative if the drug comes to market. Currently, he predicts sales of roughly $4 billion, making ICPT a potential merger candidate. As for other biotech names, he likes Celgene (CELG), which will give guidance on Monday at the JPMorgan Healthcare Conference. Analysts expect $7.30 in earnings per share for the year, while Weber is looking for $7.60. He said Clovis Oncology (CLVS) is his top "under the radar" pick. Guy Adami, managing director of stockmonster.com, said his pick continues to be CELG. Target (TGT) announced its credit card data breach could now affect 110 million people because of the compromised names, addresses, phone numbers or email addresses. Adami said he's still a buyer of the stock with a stop-loss at $62.