NEW YORK (TheStreet) -- The S&P 500 added to Thursday's gains, ending Friday 1.33% higher.
On CNBC's TV show, Guy Adami, managing director of stockmonster.com, said he wasn't convinced by the stock market's rally. He said by next Friday the S&P 500 will likely be below 1,750 and have tested 1,725.
Steve Grasso, director of institutional sales at Stuart Frankel, said the weak economic data likely have some investors thinking the Federal Reserve will ease up on its tapering plans. He said that's not going to happen and he trimmed some of his long positions.
Tim Seymour, managing partner of Triogem Asset Management, was more optimistic on the economy. However, he admitted the market is approaching resistance and suggested investors should consider waiting to buy.Brian Kelly, founder of Brian Kelly Capital, said the economy is getting weaker and rising energy costs will hurt the consumer. He remains short U.S. equities. Apple (AAPL) announced that it repurchased $14 billion worth of stock in the past two weeks. Brian Blair, senior research analyst at Wedge Partners, was a guest on the show discussing the stock. He advised investors not to sell shares of Apple after Friday's pop. He reasoned that multiple products will be launched in 2014, which should push share prices higher. He added that $500 seems like a solid level of support.
Seymour said it doesn't make sense to compare Apple and Google (GOOG) based on valuation because they are two completely different companies with different businesses. Grasso agreed, callig Google a value and growth company. With that being said, he admitted Apple could rip much higher on a positively accepted new product introduction. Adami and Seymour said they would stay long Apple after Friday's move. Kelly is a seller.
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