NEW YORK (TheStreet) -- Industrial stocks continue to perform well as earnings come in better-than-expected, Stephanie Link, chief investment officer of TheStreet and co-manager of the Action Alerts PLUS portfolio, said on Thursday's episode of CNBC's "Fast Money" TV show. 

Honeywell (HON) - Get Report , Caterpillar (CAT) - Get Report and 3M (MMM) - Get Report all reported strong results, easing fears of a global slowdown. Link noted that weakness in Europe is being offset by lower input costs and stronger growth in the U.S. 

Are blue-chip stocks past their prime? Pete Najarian admitted that several Dow Jones Industrial Average stocks are no longer worth owning -- such as Coca-Cola (KO) - Get Report and International Business Machine (IBM) - Get Report -- but many other stocks in the index are good. Companies like Disney (DIS) - Get Report , Intel (INTC) - Get Report and Nike (NKE) - Get Report have all performed well this year and continue to find growth.

Microsoft (MSFT) - Get Report is another stock that investors considered a "value trap" just a few years ago. Now, the stock continues to perform well amid strong growth results, Murphy said.

"Stock selection is key" when it comes to choosing blue-chip stocks, Link said, adding that companies like United Technologies (UTX) - Get Report and General Electric (GE) - Get Report each have positive catalysts going into 2015.

Auto parts suppliers have had much better-than-expected earnings results, according to Jon Najarian, co-founder of optionmonster.com and trademonster.com, who pointed out Dana Holding's (DAN) - Get Report top and bottom line earnings beat and increased guidance. The broader market is unlikely to retest its recent lows. 

There are other buying opportunities too, Pete Najarian, co-founder of optionmonster.com and trademonster.com, said, such as Under Armour (UA) - Get Report . The stock sold off despite a solid earnings beat. 

Despite the rapid decline in the stock market, there hasn't been much resistance during the recent rally, said Mike Murphy, founder of Rosecliff Capital. The S&P 500 seems likely to climb back to 2,000.

U.S. equities are still in a bull market, according to Edward Yardini, president of Yardini Research. The market tends to have these "panic attacks," but strong relief rallies ensue when investors realize the world isn't ending. "Fundamentally, we're in good shape," he said, as corporate earnings have grown 11.7% so far in the third quarter compared to last year. The market has likely bottomed after the recent pullback.

Energy is one sector that hasn't enjoyed as much of a rally, Murphy said. However, if energy prices begin to stabilize, then energy stocks will be due for a strong rally. 

Link added that a company like United Parcel Service (UPS) - Get Report is likely to benefit from lower input costs and higher shipping volumes, even if its revenue-per-package is down year-over-year. She likes the stock. 

Bank stocks have reported great earnings results, said Christine Short, senior vice president at Estimize. Big government litigation fees are dying down and mortgage lending has increased quarter-over-quarter. In regards to the broader market, industrial stocks have reported strong earnings, European weakness is being offset by strength in the U.S. and China, and consumer sentiment remains strong. 

Investors should stay long KKR (KKR) - Get Report , Murphy said, as the company announced a top and bottom line earnings beat and pays a large dividend. 

The traders provided some quick picks: 

Murphy said to consider taking some profits in the iShares Nasdaq Biotechnology ETF (IBB) - Get Report and other biotech plays since they have rallied so much in recent trading. These are good stocks to buy on the dip, he added. 

Coal stocks have been crushed over the past 52-weeks and Jon Najarian is considering buying a "small basket" of them to diversify his risk. Specifically, he mentioned Cliffs Natural Resources (CLF) - Get Report and Walter Energy (WLT)

Shares of Sketchers USA (SKX) - Get Report are down on Thursday, despite beating on top and bottom line estimates. Link attributed the decline to investors having too high of expectations and she is a buyer of this dip.

For their final trades, Jon Najarian is buying Prudential Financial (PRU) - Get Report and Link is a buyer of Fortinet (FTNT) - Get Report . Murphy said to buy Ingersoll-Rand (IR) - Get Report and Pete Najarian is buying Under Armour. 

-- Written by Bret Kenwell 

Follow @BretKenwell