'Fast Money' Recap: Next Stop, S&P 2,100?
NEW YORK (TheStreet) -- The S&P 500 hit 2,000 for the first time in its history but closed short of that mark, up 0.43% to 1,997.92.
On CNBC's "Fast Money" TV show, the trading panel took a closer look at the market.
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Steve Grasso, director of institutional sales at Stuart Frankel, advised investors to never "short a dull market." A 10% correction isn't coming anytime soon and the S&P 500 is on track to hit 2,100 by year's end.Tim Seymour, managing partner of Triogem Asset Management, said he likes financials for three reasons: The sector has lagged the broader market, individual companies are returning to normalized earnings and the economy appears to be accelerating. If the economy does pick up, interest rates are likely to climb, which will be good for the banks. Seymour owns Bank of America (BAC) and Citigroup (C) . Pete Najarian, co-founder of optionmonster.com and trademonster.com, said there doesn't seem to be much fear in the market and many individual financial stocks seem to have room to the upside. He pointed out the bullish options activity in the Financial Select Sector SPDR ETF (XLF) , specifically in the December $24 call options. Guy Adami, managing director of stockmonster.com, said he continues to like the health care sector. The broader market seems likely to run higher, he added. The panel was asked what their top buy and sell candidates are: Seymour is a buyer of Baidu (BIDU) and a seller of the Utilities Select Sector SPDR ETF (XLU) . Najarian likes transport stocks, such as airlines, as well as Goldman Sachs (GS) on the long side. He is a seller of Netflix (NFLX) and is looking for a pullback toward the 200-day simple moving average. Grasso is a buyer of KB Home (KBH) and a seller of Exxon Mobil (XOM) . Read More: Roche Investors Should Breathe Easier After InterMune Acquisition Adami is a buyer of Celgene (CELG) and is taking profits in Home Depot (HD) , adding that it could pull back to $84.
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