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TheStreet Open House

'Fast Money' Recap: A Late Buying Spree Ends the Trading Week

NEW YORK (TheStreet) -- The S&P 500 seemed likely to close lower on Friday until a late buying spree pushed the index into positive territory, closing higher by 0.19%. 

On CNBC's "Fast Money" TV show, the trading panel took a look at energy stocks. 

Guy Adami, managing director of stockmonster.com, Adami said investors should buy energy stocks that have not been sold off over the past few days such as ConocoPhillips (COP) and Phillips 66 (PSX). Exxon Mobil (XOM) is a little over-extended, he added. 

Jon Najarian, co-founder of optionmonster.com and trademonster.com, is not a buyer of refining stocks, saying they could head lower by another 10%. 

Brian Kelly, founder of Brian Kelly Capital, said he would avoid refining stocks but said COP looks okay at current levels. He also likes Golar LNG Limited (GLNG)

Steve Grasso, director of institutional sales at Stuart Frankel, was also not a fan of refining stocks but likes Halliburton (HAL) and Cheniere Energy (LNG).

Karen Short, director and food retail research analyst at Deutsche Bank, was a guest on the show. She said  Amazon's (AMZN) new "Fresh" food delivery business is not being taken as a threat by traditional grocery stores. This is a mistake, she said -- a 1% volume loss can results in a 10% EBIT (earnings before interests and taxes) loss. This is a "no brainer" for Amazon, she reasoned.

Najarian said this service is simply one more way to get customers onto Amazon's platform. 

Adami said Kroger (KR) "feels like it wants to go higher." 

Grasso said investors will likely get another chance to buy shares of Amazon near $306.

Kelly said that he would take profits in Apple (AAPL) if the share price got close to $100. He said investors' expectations for the company would be very high if the stock rose to that level. Adami said Apple seems likely to hit $100.

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