NEW YORK (TheStreet) -- The S&P 500 seemed likely to close lower on Friday until a late buying spree pushed the index into positive territory, closing higher by 0.19%.
On CNBC's "Fast Money" TV show, the trading panel took a look at energy stocks.
Guy Adami, managing director of stockmonster.com, Adami said investors should buy energy stocks that have not been sold off over the past few days such as ConocoPhillips (COP) - Get Report and Phillips 66 (PSX) - Get Report. Exxon Mobil (XOM) - Get Report is a little over-extended, he added.
Jon Najarian, co-founder of optionmonster.com and trademonster.com, is not a buyer of refining stocks, saying they could head lower by another 10%.
Karen Short, director and food retail research analyst at Deutsche Bank, was a guest on the show. She said Amazon's (AMZN) - Get Report new "Fresh" food delivery business is not being taken as a threat by traditional grocery stores. This is a mistake, she said -- a 1% volume loss can results in a 10% EBIT (earnings before interests and taxes) loss. This is a "no brainer" for Amazon, she reasoned.
Najarian said this service is simply one more way to get customers onto Amazon's platform.
Grasso said investors will likely get another chance to buy shares of Amazon near $306.
Kelly said that he would take profits in Apple (AAPL) - Get Report if the share price got close to $100. He said investors' expectations for the company would be very high if the stock rose to that level. Adami said Apple seems likely to hit $100.
Grasso, who is long a 50% position in Apple, says he will buy the other 50% of his planned position on a pullback to $85 or on a breakout over $100.
Dollar General (DG) - Get Report fell 7% and was the first stock on the show's "Pops & Drops" segment. Najarian said hedge fund manager Carl Icahn seems unlikely to get what he wants -- is a merger with Family Dollar (FDO) -- especially with the Dollar General's CEO stepping down next May.
Keurig Green Mountain (GMCR) popped 4%. Adami said the stock "looks like it wants" to climb to $140.
-- Written by Bret Kenwell in Petoskey, Mich.
Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter.