NEW YORK (TheStreet) -- The Russell 2000 rallied 1.41% while the S&P 500 closed at a new all-time high of 1,911.91.
On CNBC's "Fast Money" TV show, Tim Seymour, managing partner of Triogem Asset Management, said investors should continue rotating into low-valuation industrial and cyclical stocks. He added that investors can consider selling short the iShares Russell 2000 ETF (IWM) soon.
Dan Nathan, co-founder and editor of riskreversal.com, agreed with Seymour, saying the IWM is getting towards levels to sell. He advised investors not to try picking a top in the S&P 500 and said not to buy into the current rally.
Karen Finerman, president of Metropolitan Capital Advisors, said she is a buyer of Bank of America (BAC).Guy Adami, managing director of stockmonster.com, said the S&P 500 seems likely to continue grinding higher. He added that airline stocks continue to perform well and the IWM is a sell if it fails to break through $115, where is seems poised to go for now. Nathan pointed out the strength in stocks like Priceline.com (PCLN), Google (GOOGL) and Apple (AAPL), which he called high-quality companies with reasonable growth at a low valuation. Peter Misek, managing director at Jefferies, has a buy rating on shares of Apple with a $700 price target. While he said the company's home automation plans sound exciting, the iPhone 6 upgrade cycle will mean the most to the bottom line.
He added the expected larger screens should help the company regain market share from rivals such as Samsung (SSNLF). He added the number of expired iPhone contracts are nearly double what they were when the iPhone 5s launched, a bullish sign suggesting that customers will want to upgrade. Seymour said he bought Apple on Tuesday after waiting for it to drift lower toward $575. He reasoned that the stock is breaking out and should do well in the second half of 2014. Adami's "instincts" tell him to sell the strength in shares of Apple ahead of its WWDC event and stock split next week. However, he admitted that momentum appears to be to the upside still.
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