NEW YORK (TheStreet) -- The S&P 500 closed at record highs going into the Memorial Day weekend. 

Guy Adami, managing director of, said Home Depot (HD) - Get Report continues to trade well following its not-so-hot earnings report. The stock appears to be entering a higher trading range, and shares could trade up to the mid- to high-$80s. 

Tim Seymour, managing partner of Triogem Asset Management, said housing supply companies such as Mohawk Industries (MHK) - Get Report, Ashland (ASH) - Get Report, and Owens Corning (OC) - Get Report all continue to do well. Individual housing sales have not been as good as multi-family housing and apartments, he added.  

Jon Najarian, co-founder of and, said there has been bullish options activity in D.R. Horton (DHI) - Get Report and PulteGroup (PHM) - Get Report over the past two weeks, while Louisiana-Pacific (LPX) - Get Report had bullish options activity on Friday. LPX looks likely to trade back up to $17. 

Steve Grasso, director of institutional sales at Stuart Frankel, said Toll Brothers (TOL) - Get Report has been recovering nicely due to wealthier buyers. KB Home (KBH) - Get Report is cheap on a tangible book value basis, when its deferred assets are considered, he argued.

Pete Flint, co-founder and CEO of Trulia (TRLA) , was a guest on the show. He was happy with the company's 50 million unique visitors in April. He added that housing prices have steadily increased while housing supply has not. Once employment improves, home sales should increase, he reasoned. 

Seymour said shares TRLA have mostly gotten hit due to the broad selloff in momentum stocks. He reasoned that the stock is worth a "look" on the long side, since it is now trading well and has solid revenue growth. 

Najarian said he is a buyer of Trulia instead of Zillow (Z) - Get Report. Adami agreed. 

Najarian pointed out the bullish options activity in shares of Facebook (FB) - Get Report, where 34,000 July $67.50/$70 bull call spreads were purchased. He is now long this Facebook position as well. 

Grasso said Twitter (TWTR) - Get Report is finding support near the $30 level for now, even though traders seems to want to drive it down to its IPO price of $26. 

Hewlett-Packard (HPQ) - Get Report rallied 6% on Friday, despite reporting tepid earnings on Thursday. Adami said he is still a seller of HPQ, adding that investors are simply "buying hope" at this point. He preferred long positions in Microsoft (MSFT) - Get Report and Oracle (ORCL) - Get Report

Seymour argued that betting against large-cap value stocks at current levels seems like a mistake. With that being said, he is staying on the "sidelines" in regards to Hewlett-Packard -- meaning he is not a buyer or a seller. 

Grasso said investors in Google (GOOGL) - Get Report and Amazon (AMZN) - Get Report get a "little bit of everything" in terms of the projects the companies are working on -- such as self driving cars, streaming video and tablets -- that differ from their main businesses. 

Najarian said consumers are not buying Amazon's Fire TV, which is too expensive. He said the company's attempt at a free trial will not work either unless the ultimate price comes down. 

Foot Locker (FL) - Get Report jumped 2% and was the first stock on the show's "Pops & Drops" segment. Seymour said he would "start to nibble" at a long position. 

Aeropostale (ARO) plunged 25%. Najarian said, "I'd stay away."

WorldWrestlingEntertainment (WWE) - Get Report climbed 3%. Adami said investors can get long the stock with a price target near $12.50.

Brocade (BRCD) fell 2%. Grasso said to wait for the stock to find support above the 200-day simple moving average for a few trading sessions before getting long.

Seymour said investors can stay long stocks like General Electric (GE) - Get Report, McDonald's (MCD) - Get Report, Pepsico (PEP) - Get Report and Mondelez International (MDLZ) - Get Report, all of which have strategic Russian exposure. 

Grasso said the Market Vectors Russia ETF (RSX) - Get Report is likely to hit resistance near $27. He suggested that investors wait before initiating a long position in the ETF.

For their final trades, Seymour is taking profits in ICICI Bank (IBN) - Get Report and Najarian is buying Rite-Aid (RAD) - Get Report. Grasso is a buyer of KBH and Adami is buying ORCL. 

-- Written by Bret Kenwell in Petoskey, Mich.

Follow @BretKenwell

Follow on Twitter and become a fan on Facebook.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter.