NEW YORK (TheStreet) -- U.S. equities jumped Friday following the Bank of Japan's surprise decision to increase its stimulus program. The move to new all-time highs in U.S. stocks caps off a dramatic rally to end October, after stocks previously declined 10% from the highs.
"I've been using this rally to take some profits," Pete Najarian, co-founder of optionmonster.com and trademonster.com, said on CNBC's "Fast Money Halftime Report." However, the financial sector still looks attractive.
"It always feels like too much, too fast," said Josh Brown, CEO and co-founder of Ritholtz Wealth Management, but "the internals actually look pretty healthy." He added international stocks and U.S. large- and small-cap stocks are doing well, too.
Jon Najarian, co-founder of optionmonster.com and trademonster.com, said European Central Bank President Mario Draghi may announce some form of quantitative easing, which would be welcomed by global investors and benefit small-cap stocks.
Investors should buy companies that have good earnings, said Mike Murphy, founder of Rosecliff Capital. Bank of America (BAC) - Get Bank of America Corp Report and Citigroup (C) - Get Citigroup Inc. Report are attractive, particularly after Citi issued negative news yet its stock rose Friday.
"Oh no, not again," Mike Mayo, bank analyst at CLSA, said about that negative news, the $600 million writedown. If the company can stay out of the headlines and become "more boring," then shares can climb to $107 in four years. The company should start buying back stock near the end of next March.
If Citigroup spins off some of its assets it can unlock value, Pete Najarian said. It's a good long-term play, but for the short term investors should stick with BAC, Goldman Sachs (GS) - Get Goldman Sachs Group, Inc. (GS) Report and Morgan Stanley (MS) - Get Morgan Stanley (MS) Report . If shares of Citigroup can get above $55, it could break out into the $60s, Murphy added.
GoPro's (GPRO) - Get GoPro, Inc. Class A Report beat on EPS and revenue estimates and provided solid guidance. "It was a great quarter," said Alex Guana, an analyst at JMP Securities. The company topped high expectations, expanded gross margins and accelerated revenue growth. The stock should keep working to the upside and "the company isn't anywhere close to achieving its full potential yet, in regards to content," he said.
Shares of Starbucks (SBUX) - Get Starbucks Corporation Report were off 2% a day after reporting somewhat disappointing earnings. Pete Najarian said the decline is a great buying opportunity because the stock is poised to move higher.
The trading panel was asked for their "Trick Or Treat" trades this Halloween. Jon Najarian is a buyer of Ensco (ESV) because of its low valuation and recent price decline.
General Motors (GM) - Get General Motors Company (GM) Report will be good for a trade on the long side when it gets above and stays above $32, Brown said. But it does not look like an attractive investment at this time.
Sticking with autos, Murphy called Ford's (F) - Get Ford Motor Company Report recent decline a "treat" to shareholders. He is a buyer, along with Goodyear Tire & Rubber (GT) - Get Goodyear Tire & Rubber Company Report . Global auto sales should continue higher, he added.
-- Written by Bret Kenwell