NEW YORK (TheStreet) -- The S&P 500 ended the week in record territory once again, tacking on a 0.46% gain to Thursday's record close.
On CNBC's "Fast Money" show, the trading panel discussed whether value stocks can still be found in this market.
Pete Najarian, co-founder of optionmonster.com and trademonster.com, said investors can look at the WisdomTree India Earnings ETF (EPI) - Get WisdomTree India Earnings Fund Report and Whole Foods Market (WFM) ,. He thinks Whole Foods appears to be getting some upside momentum.
Brian Kelly, founder of Brian Kelly Capital, said the U.S. stock market is getting to levels that are tough to buy near. However, he does like emerging markets, specifically the iShares MSCI Brazil Capped ETF (EWZ) - Get iShares MSCI Brazil ETF Report.
Tim Seymour, managing partner of Triogem Asset Management, said the European Central Bank's new monetary policy will allow for increased liquidity for banks. This should give a boost to emerging markets and he likes the iShares MSCI Emerging Markets ETF (EEM) - Get iShares MSCI Emerging Markets ETF Report.
Steve Grasso, director of institutional sales at Stuart Frankel, said he believes the market is due for a slight pullback, and he is a buyer of KB Home (KBH) - Get KB Home Report. He added that investors who are expecting a continued move to the upside in the broader market can look at Arch Coal (ACI) - Get Albertsons Companies, Inc. Class A Report.
Hedge fund manager Carl Icahn has taken a 9.4% stake in shares of Family Dollar Stores (FDO) . Kelly said investors can always follow Icahn into positions, but suggested they watch out for weakness in Wal-Mart (WMT) - Get Walmart Inc. Report over the next several quarters.
Najarian said there may be some value in the dollar store businesses due to the recent selloff in the stocks.
Seymour reasoned there could be some consolidation in the dollar store industry.
Shares of Apple (AAPL) - Get Apple Inc. Report will open for trading on Monday near $92.22 following its 7:1 stock-split after the Friday close. Mark Newton, chief market technician at Greywolf Execution Partners, said the stock is unlikely to go much higher without having a pullback.
Apple stock is in "nosebleed levels" now, with the stock up over 25% in the past 35 trading sessions. He said the stock is more likely to trade to $85 post-split levels (about $600 pre-split levels) before it trades to $100 post-split levels (about $700 pre-split levels). However, despite being cautious over the short term, he finds the long-term story and fundamentals attractive. Newton said he is a buyer near $85.
Kelly disagreed, saying shares of Apple seem most likely to trade up to $100 before selling off to $85. Najarian disagreed about stock being in nosebleed levels, arguing options buyers are purchasing a lot of calls and are looking for continue upside for several months.
Keurig Green Mountain (GMCR) closed higher by 8% on no apparent news. Najarian pointed out the mysterious call buying activity in the June 13th weekly $120 call options.
Arista Networks (ANET) - Get Arista Networks, Inc. Report soared 28% in its public trading debut. Grasso reasoned that investors in the stock are likely safe for now but questioned the rather lofty valuation.
Gap GPS climbed 2% after announcing that same-store sales increased 4% for the month of May. Kelly suggested Gap's positive results might have taken market share from Lululemon Athletica (LULU) - Get Lululemon Athletica Inc Report.
Najarian pointed out the bullish options activity in shares of Ford (F) - Get Ford Motor Company Report. Specifically, a trader sold a long position of 45,000 September $17 call options and purchased 45,000 September $18 call options in a move looking for additional upside.
Rumors are beginning to circulate that Ford's soon-to-be ex-CEO, Alan Mulally, might be headed to Sears Holdings (SHLD) in an attempt to turn around the struggling retailer.
Kelly was not sure about that idea, saying that even good operators in retail have been struggling lately -- meaning that turning around an already poor performing company would be that much harder.
Seymour agreed with Kelly, questioning if it would make sense to bring in a CEO with a background largely in manufacturing in an attempt to solve a "major retail conundrum."
For their final trades, Seymour is a buyer Total S.A. (TOT) - Get Total SA Report and Najarian is buying EPI. Kelly is a buyer of Control4 (CTRL) - Get Control4 Corporation Report and Grasso is buying KBH.
-- Written by Bret Kenwell in Petoskey, Mich.
Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter.