NEW YORK (TheStreet) -- The S&P 500 added to Thursday's gains, ending Friday 1.33% higher.
On CNBC's TV show, Guy Adami, managing director of stockmonster.com, said he wasn't convinced by the stock market's rally. He said by next Friday the S&P 500 will likely be below 1,750 and have tested 1,725.
Steve Grasso, director of institutional sales at Stuart Frankel, said the weak economic data likely have some investors thinking the Federal Reserve will ease up on its tapering plans. He said that's not going to happen and he trimmed some of his long positions.
Tim Seymour, managing partner of Triogem Asset Management, was more optimistic on the economy. However, he admitted the market is approaching resistance and suggested investors should consider waiting to buy.
Brian Kelly, founder of Brian Kelly Capital, said the economy is getting weaker and rising energy costs will hurt the consumer. He remains short U.S. equities.
Apple (AAPL) - Get Report announced that it repurchased $14 billion worth of stock in the past two weeks. Brian Blair, senior research analyst at Wedge Partners, was a guest on the show discussing the stock.
He advised investors not to sell shares of Apple after Friday's pop. He reasoned that multiple products will be launched in 2014, which should push share prices higher. He added that $500 seems like a solid level of support.
Grasso agreed, callig Google a value and growth company. With that being said, he admitted Apple could rip much higher on a positively accepted new product introduction. Adami and Seymour said they would stay long Apple after Friday's move. Kelly is a seller.
Netflix (NFLX) - Get Report posted new highs on Friday and Seymour said the valuation doesn't matter for this stock. He is interested in Time Warner (TWX) because of its lowly valued HBO business. Adami agreed TWX is interesting on the long side.
Shares of Gap (GPS) - Get Report rallied 6%. Adami said the company had good comp sales, poor revenue and healthy guidance. He suggested taking profits at current levels and getting long again if the stock can break out over $42.
Kelly said he would be a seller of GPS because of its poor intraday price action and a weakening consumer.
Kelly said he's not buying natural gas and wouldn't get back into the asset unless there was another wave of very cold temperatures. He is a buyer of fruits and vegetables, however, because of the shortage likely to occur due to the weather conditions in California.
For their final trades, Seymour is buying Whirlpool (WHR) - Get Report and Kelly is buying Tesoro (TSO) . Grasso is buying Yahoo! (YHOO) and Adami said to buy Hain Celestial Group (HAIN) - Get 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.