NEW YORK (TheStreet) -- Despite opening lower in the morning, the S&P 500 closed up 0.03%.
On CNBC's "Fast Money" TV show, Guy Adami, managing director of stockmonster.com, said he's surprised by the continued move higher in the S&P 500. He added that bond yields will likely go lower since bond prices have remained strong.
Tim Seymour, managing partner of Triogem Asset Management, suggested investors not sell copper because it is near the critical $3 level. He added that the Market Vectors Russia ETF (RSX) is oversold.
Karen Finerman, president of Metropolitan Capital Advisors, said that emerging markets still appear to be growing.Dan Nathan, co-founder and editor of riskreversal.com, was a seller of emerging markets. He pointed out the weak Chinese economic data that was released earlier this week.
The global "flight to safety" may be to U.S. equities for now, but Adami said the real flight to safety trade will ultimately be in U.S. bonds, which will drive bond yields down. Garmin (GRMN), Alcoa (AA) and Salesforce.com (CRM) are among the most heavily shorted stocks in the S&P 500. Seymour said that although demand for aluminum is up, shares of Alcoa have gone too far, too fast. He was a seller at current levels. Nathan said Salesforce.com should continue to move higher so long as it continues to see growth in the cloud business. Adami is a buyer of Garmin, saying it can move above $60 per share. Nomura Securities' Anthony Diclemente said investors underestimated how well Facebook (FB) would do on mobile. The company has three core growth avenues: user growth, ad pricing growth and further monetization. He has a buy rating on the stock with a $78 price target.
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