NEW YORK (TheStreet) -- "I think the market is ready for the Federal Reserve to end its quantitative easing program," Jon Najarian, co-founder of optionmonster.com and trademonster.com, said Wednesday on CNBC's "Fast Money" TV show. 

But if the market sells off, investors should put on some form of protection against their long positions, he added. 

The S&P 500 wants to get back to 2,000 and possibly make new all-time highs, according to Mike Murphy, founder of Rosecliff Capital. However, he is only "selectively buying" stocks because many are near 52-week highs. Investors should use caution, he said. 

"The markets have been anticipating and discounting this event since the start of the year," said Josh Brown, CEO and co-founder of Ritholtz Wealth Management. Interest rates are likely to remain low, he added. 

Stephen Weiss, founder and managing partner of Short Hills Capital Partners LLC, said the Fed's decision to end QE shouldn't matter because "it's been so well advertised for so long." He said he is remaining long his top three picks, which include Citigroup (C) - Get Citigroup Inc. Report , American Airlines (AAL) - Get American Airlines Group, Inc. Report and Gilead Sciences (GILD) - Get Gilead Sciences, Inc. (GILD) Report .

The conversation shifted to Facebook (FB) - Get Facebook, Inc. Class A Report , which is lower after reporting an EPS and revenue beat but warning investors should expect expenses to rise by 50% to 70%. 

"I think the quarter was very good," Murphy said, adding, "There's nothing in the quarter that makes me say 'sell the stock.'"

It really shouldn't surprise anyone that the company is spending so much because CEO Mark Zuckerberg has always spent a lot of money, Weiss reasoned. He likes the company but said the stock's valuation is still too high for him. 

The price-per-ad "went through the roof," Najarian explained. He likes the stock on the long side and has an $84 price target on the stock. 

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"The quarter was good," according to Bob Peck, Internet analyst at SunTrust Robinson Humphrey, who has a buy rating on the stock. Facebook's expenses are being used to buildout other initiatives. As long as the added revenue from these initiatives can outweigh the costs, the stock will be fine. He also likes Twitter (TWTR) - Get Twitter, Inc. Report on the long side and has a buy rating on the stock with a $58 price target. 

Brown is long Twitter and expects the stock to become more valuable over time, because it has a unique platform. Weiss said Twitter is likely to find support soon but he is not a buyer. 

U.S. Steel (X) - Get United States Steel Corporation Report is higher by 6% after beating on top- and bottom-line estimates. The new CEO has done a great job at cutting costs, Weiss said, but slowing global growth could hurt the stock. 

Murphy said investors should consider taking someprofits in U.S. Steel, considering the stock's huge rally from $30 just a few weeks ago. Brown added that there is no reason to buy the stock near current levels. 

Panera Bread Company (PNRA) is down 5% after reporting earnings and was the first stock on the show's "Trader Blitz" segment. Murphy said the company did have some positives in the report and the stock has support at $160. Investors should use that level as their stop-loss. 

Hershey's (HSY) - Get Hershey Company (HSY) Report fell 3%. Brown said a stronger U.S. dollar, weaker sales and higher input costs are enough reasons for investors to avoid the stock. 

Gilead Sciences dropped 3%. Weiss said the "story continues to get better and better." He is staying long. 

For their final trades, Murphy is buying Boardwalk Pipeline Partners (BWP) and Weiss is a buyer of Macy's (M) - Get Macy's Inc Report . Najarian said to PulteGroup (PHM) - Get PulteGroup, Inc. Report and Brown is avoiding small cap REITs.

-- Written by Bret Kenwell 

Follow @BretKenwell