NEW YORK (TheStreet) -- The broader market rallied into the close Friday's session, led by technology.
On CNBC's "Fast Money" TV show, Amazon (AMZN) - Get Amazon.com, Inc. Report was the first stock on the show's "Hold 'Em or Fold 'Em" segment. Guy Adami, managing director of stockmonster.com, was a seller along with Brian Kelly, founder of Brian Kelly Capital.
Tim Seymour, managing partner at Triogem Asset Management, concurred for valuation reasons. He likes Amazon's business model, but not the metrics.
Steve Grasso of Stuart Frankel had the lone "hold 'em" call. He noted Amazon revenue jumped 24% year over year but suggested investors do not initiate new positions at these levels.
Kelly was the only seller, saying the weaker global economy would start to weigh on the company's earnings.
The group also agreed on Chipotle Mexican Grill (CMG) - Get Chipotle Mexican Grill, Inc. Report, but this time to collectively sell it. Along with being overvalued, Kelly suggested the stock had gone parabolic while growth is slowing.
Coach (COH) dropped 7% this week and was the first stock on the show's "Pops & Drops" segment. Seymour said to get out because the CEO transition will not be smooth.
Apple (AAPL) - Get Apple Inc. (AAPL) Report will report earnings on Monday. Adami suggested investors take profits ahead of the results because the company will need a big beat for the stock to keep going higher.
The Federal Reserve will release an FOMC statement on Wednesday. Kelly said interest shouldn't spike afterwards and he would be a buyer of the iShares 20+ Year Treasury Bond ETF (TLT) - Get iShares 20+ Year Treasury Bond ETF Report.
Seymour disagreed and said the 10-year Treasury yield is near the bottom of its range. He would be a buyer of the ProShares UltraShort 20+ Year Treasury ETF (TBT) - Get ProShares UltraShort 20+ Year Treasury Report.
Seymour said MercadoLibre (MELI) - Get MercadoLibre, Inc. (MELI) Report isn't done growing and its valuation isn't ridiculously high. He would stay long until something fundamentally changes for the worst.
For their final trades, Kelly is buying the PowerShares DB USD Bull ETF (UUP) - Get Invesco DB US Dollar Index Bullish Fund Report and Seymour says buy Arcos Dorados (ARCO) - Get Arcos Dorados Holdings, Inc. Class A Report. Adami is buying Roper Industries (ROP) - Get Roper Technologies, Inc. Report and Grasso said to buy Ford (F) - Get Ford Motor Company Report.
-- Written by Bret Kenwell in Petoskey, Mich.
Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.