NEW YORK (TheStreet) -- It was a hectic month for investors and August isn't shaping up to be any different. Over the past five years, the S&P 500 has declined by an average of 2.5% during August. On Friday, the index slid just 0.2%, while bonds rallied on the day. 

On CNBC's "Fast Money" TV show, Guy Adami, managing director of, said the S&P 500 seems likely to make a run at its prior high near 2,135. He also believes the rally in bonds can continue. 

There's been some volatility in U.S. stocks, but not much, added Brian Kelly, founder of Brian Kelly Capital. For now, U.S. equities have been like "Teflon" when it comes to asset classes, he added. But if the U.S. dollar continues to rally, it will likely have a negative impact. 

Tim Seymour, managing partner of Triogem Asset Management, agreed about stocks continuing to rise. He likes health care and hospital stocks. 

David Seaburg, managing director and head of sales trading at Cowen and Company, said roughly 22% of the health care sector is comprised of biotech stocks. Many of the high-quality biotech names -- Celgene (CELG) - Get Celgene Corporation Report, Amgen (AMGN) - Get Amgen Inc. Report and Gilead Sciences (GILD) - Get Gilead Sciences, Inc. (GILD) Report -- will likely continue to move higher. Growth rates and product pipelines remains strong, he explained.

The opposite is oil stocks. The commodity suffered from its worst month since 2008 and fell 3.5% on Friday. 

Ari Wald, head of technical analysis at Oppenheimer & Company, does not recommend getting long in that sector. He said the Energy Select Sector SPDR ETF (XLE) - Get Energy Select Sector SPDR Fund Report is reminiscent of the financial sector in 2008 and even the tech sector of 2000. While he doesn't expect the energy sector to have quite the same dramatic selloff, he does expect it to head lower. He said $60 would be a reasonable level to which the XLE could decline, roughly 13.5% below current prices. 

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Tech stocks in 2000 had insanely high valuations, Seymour said. The valuations in energy are actually starting to look attractive. If OPEC decided to cut production, oil prices would rally. 

Back in 2008 there was a lot of fear because banks were going bankrupt, Seaburg said. That fear led to a deeply oversold condition, which doesn't seem likely for energy stocks. 

Kelly said it's too early to buy energy stocks and instead said investors should stay short oil and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) - Get SPDR S&P Oil & Gas Exploration & Production ETF Report for the short term. 

However, in the long term -- say, six to 18 months -- investors can buy high-quality oil stocks such as Exxon Mobil (XOM) - Get Exxon Mobil Corporation Report and Chevron (CVX) - Get Chevron Corporation Report while staying away from exploration and production stocks with weak balance sheets.

Adami is a buyer of refining stocks, saying investors can stay long Tesoro Corp. (TSO) and Valero Energy (VLO) - Get Valero Energy Corporation Report as long the stocks stay above $95 and $65, respectively. The energy sector seems likely to move lower, he added. 

For their final trades, Seymour is buying Exxon Mobil and Seaburg said to sell Zillow (Z) - Get Zillow Group, Inc. Class C Report. Kelly is buying the Market Vectors Gold Miners ETF (GDX) - Get VanEck Vectors Gold Miners ETF Report and Adami is a buyer of Pfizer (PFE) - Get Pfizer Inc. Report. on Twitter and become a fan on Facebook.