NEW YORK (TheStreet) -- The Nasdaq finally closed above 5,000 on Monday, for the first time in 15 years. Now what should investors do? 

On CNBC's "Fast Money" TV show, Pete Najarian, co-founder of optionmonster.com and trademonster.com, said some of the index's large holdings, including Apple (AAPL) - Get Report , Microsoft (MSFT) - Get Report and Intel (INTC) - Get Report , are still worth staying long because they have low valuations and strong balance sheets. 

If the federal government ever decides to allow large corporations to repatriate their cash from overseas at a reduce or eliminated tax rate, it could likely add to the rally, Najarian said. He also noted biotech stocks trade at much more reasonable valuations now compared to 15 years ago. These companies have impressive drugs -- not just a promise of drugs -- and encouraging pipelines full of treatments and products. 

These biotech stocks have reasonable valuations, too, said Guy Adami, managing director of stockmonster.com. And despite the big rally in shares of Apple, it's tough to bet against a stock with such strong upside momentum. 

Dan Nathan, co-founder and editor of riskreversal.com, however, does not like shares of Apple at the current price, nor does he like Microsoft or Intel, which have waning momentum. However, he does like Cisco Systems (CSCO) - Get Report , which trades at just 13 times earnings, has a strong balance sheet and buys back a lot of stock. 

Najarian and Karen Finerman, president of Metropolitan Capital Advisors, also like Cisco. Finerman added Google (GOOGL) - Get Report is attractive with a low valuation. 

Cisco is a top pick of Chris Verrone, head of technical analysis at Strategas Partners. The stock's rally to $30 has been impressive but appears headed to $35. He also likes eBay (EBAY) - Get Report , which appears to be going to $70 after trading sideways for the past two years. Broadcom (BRCM)  is headed to $70, he added. 

He added that 70% of stocks are currently in an uptrend and valuations are fair, not aggressive,

When the stock's low valuation is combined with eBay's decision to spin off PayPal, the stock could have some room to the upside, Najarian said.

When asked if investors can still buy the PowerShares QQQ Trust ETF (QQQ) - Get Report , Adami said yes, explaining that the iShares Russell 2000 ETF (IWM) - Get Report is leading the broader market higher. Investors can stay long both funds. 

However, Tesla Motors (TSLA) - Get Reportshares are down 11.3% on the year and 30% in the past six months. Shares fell 3% on Monday to $197.32. Investors in Tesla need to be focused on the long term, Najarian said. The news flow over a three- or six-month period shouldn't play much of a role in a long-term investment thesis. 

Nathan said Tesla's management needs to focus on some of the bigger potentials such as the Gigafactory. The stock won't be able to maintain this type of valuation simply for being a luxury car manufacturer.

Technically speaking, shares of Tesla looked like they were breaking out over $220, Adami said. Ultimately, the breakout failed and the stock appears to be trapped between $185 and $220. He says investors can play the stock from the long side. 

For their final trades, Najarian is buying General Motors (GM) - Get Report and Nathan is a buyer of Cisco Systems. Finerman said to buy Bank of America (BAC) - Get Report and Adami is buying Coca-Cola (KO) - Get Report. 

-- Written by Bret Kenwell

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