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'Fast Money' Recap: When Is the Next Market Correction?

NEW YORK (TheStreet) -- The S&P 500 fell 0.17% while the iShares 20+ Year Treasury Bond ETF (TLT) made new 52-week highs.

On CNBC's "Fast Money" TV show, Brian Kelly, founder of Brian Kelly Capital, suggested the final stages of a bull market tend to come six to 12 months after a hike in interest rates. He likes gold near current levels. 

Guy Adami, managing director of stockmonster.com, said the TLT has more room left on the upside, arguing 10-year Treasury yields can decline to 2%. 

Read More: 10 Stocks George Soros Is Buying

Steve Grasso, director of institutional sales at Stuart Frankel, said the S&P 500 remains on track to reach 2,100 by year's end. He added that a 10% pullback is looming but no one, including himself, knows when it will happen. It's long overdue, however, he argued. 

Dan Nathan, co-founder and editor of riskreversal.com, said there has been a lot of volatility in bonds, much more than investors are used to seeing. He suggested that investors who have been long both stocks and bonds start to take some profits and wait for a larger pullback to buy again. 

Derek Manky, security strategist at Fortinet (FTNT) , said it can take a long time for a full investigation into a cyber attack to be complete. His suggestion to companies that are attacked is to find the breaches as soon as possible. The longer it takes, the more money it will cost. There are, on average, 650,000 cyber attack attempts per minute globally, but many of those attacks are thwarted. Hackers are usually looking to sell the stolen information. 

Grasso said cyber attacks "can't be stopped" and will remain an issue. For that reason, he likes General Dynamics (GD)

Adami said Palo Alto Networks (PANW) seems likely to climb to $100 while Symantec (SYMC) also looks attractive on the long side. 

Read More: Liberty Spins Off TripAdvisor Controlling Stake Into New Entity

Nathan said Fortinet looks like a good buy if the company can re-accelerate its earnings growth. Wait for a pullback before getting long, he said. 

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