NEW YORK (TheStreet) -- The drama with Greece is probably finished as far as U.S. investors are concerned, said Brian Kelly, founder of Brian Kelly Capital, on CNBC's "Fast Money" Friday, the day Greece announced a four-month financial extension with the eurozone.
Investors now know what will happen for the next few months, removing uncertainty from the situation, Kelly added. Instead, Moody's downgrade of Russia's sovereign debt to junk is a much bigger deal that could cause a flight of capital out of Russia.
Dan Nathan, co-founder and editor of riskreversal.com, agreed, adding the failed ceasefire between Russia and Ukraine will likely lead to more sanctions against Russia. This will likely have negative implications on the European economy, he reasoned.
Gold prices fell after the Greece deal was reached, but not by as much as many investors thought. Gold prices didn't make new lows this week, Kelly pointed out. He likes the metal on the long side, saying investors can use this week's low as their stop if the metal takes out January's high.
Guy Adami, managing director of stockmonster.com, said buying the Market Vectors Gold Miners ETF (GDX) - Get Report will give investors more leverage. The iShares Russell 2000 ETF (IWM) - Get Report made a new all-time high on Friday, he noted, which could pave the way for another "leg" higher in the broader market.
Even though the Russell 2000 hit a new high along with the S&P 500 and Dow Jones Industrial Average, the "market feels a little bit toppy," according to David Seaburg, managing director and head of sales trading at Cowen & Company. He is also a buyer of the SPDR Euro Stoxx 50 ETF (FEZ) - Get Report .
Seaburg says cyber security stocks like FireEye (FEYE) - Get Report are viable acquisition targets, but the valuations are too stretched. He also attributed much of the recent rally in FireEye to short covering. Adami agreed but said investors can stay long Palo Alto Networks (PANW) - Get Report .
Sticking with the cyber security theme, Nathan pointed out Cisco Systems (CSCO) - Get Report reported $425 million in sales last quarter for its security division. He likes the stock on the long side.
Bob Lutz, chairman at VIA Motors, former president of Chrysler and former chairman at General Motors (GM) - Get Report , said he wouldn't buy into the notion that Apple (AAPL) - Get Report will be making its own cars until the company actually announces it. He questioned why Apple would want to get involved in such a low-margin business. Assuming the company were to produce electric cars, that business has proved to be unprofitable so far, he added.
For their final trades, Kelly is selling the Market Vectors Russia ETF (RSX) - Get Report and Nathan is a seller of the SPDR Euro Stoxx 50 ETF. Seaburg is buying Facebook (FB) - Get Report and Adami is a buyer of Cempra Holdings (CEMP) .
-- Written by Bret Kenwell