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'Fast Money' Recap: Home (Builders) for the Holiday

NEW YORK (TheStreet) -- The S&P 500 closed at record highs going into the Memorial Day weekend. 

Guy Adami, managing director of stockmonster.com, said Home Depot (HD) continues to trade well following its not-so-hot earnings report. The stock appears to be entering a higher trading range, and shares could trade up to the mid- to high-$80s. 

Tim Seymour, managing partner of Triogem Asset Management, said housing supply companies such as Mohawk Industries (MHK), Ashland (ASH), and Owens Corning (OC) all continue to do well. Individual housing sales have not been as good as multi-family housing and apartments, he added.  

Jon Najarian, co-founder of optionmonster.com and trademonster.com, said there has been bullish options activity in D.R. Horton (DHI) and PulteGroup (PHM) over the past two weeks, while Louisiana-Pacific (LPX) had bullish options activity on Friday. LPX looks likely to trade back up to $17. 

Steve Grasso, director of institutional sales at Stuart Frankel, said Toll Brothers (TOL) has been recovering nicely due to wealthier buyers. KB Home (KBH) is cheap on a tangible book value basis, when its deferred assets are considered, he argued.

Pete Flint, co-founder and CEO of Trulia (TRLA), was a guest on the show. He was happy with the company's 50 million unique visitors in April. He added that housing prices have steadily increased while housing supply has not. Once employment improves, home sales should increase, he reasoned. 

Seymour said shares TRLA have mostly gotten hit due to the broad selloff in momentum stocks. He reasoned that the stock is worth a "look" on the long side, since it is now trading well and has solid revenue growth. 

Najarian said he is a buyer of Trulia instead of Zillow (Z). Adami agreed. 

Najarian pointed out the bullish options activity in shares of Facebook (FB), where 34,000 July $67.50/$70 bull call spreads were purchased. He is now long this Facebook position as well. 

Grasso said Twitter (TWTR) is finding support near the $30 level for now, even though traders seems to want to drive it down to its IPO price of $26. 

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