NEW YORK (TheStreet) -- The S&P 500 slid 0.13% on Thursday following Wednesday's huge bullish reversal. On CNBC's "Fast Money" show, Guy Adami, managing director of, reiterated how impressive Wednesday's rally was, but acknowledged that Thursday was dull in terms of how equities traded. 

Not dull was the 2.5% drop in crude oil prices. Adami said the selloff isn't healthy for stocks as the commodity goes on to make new lows on the year. With bearish trading in energy, commodities, transport stocks and now the Russell 2000, the S&P is the "last man standing," Adami said. If it approaches 2,054 again, support seems unlikely to hold. 

Dan Nathan, co-founder and editor of, agrees that a further decline in oil prices is bearish for stocks. Investors should think about the earnings implications for the S&P 500 if oil prices fail to recover going forward. 

The global economy could be on the precipice of a global recession, Nathan added.

Mike Kelly, an analyst at Global Hunter Securities, acknowledged the fundamentals for oil don't look all that great. But in 2016, high-quality companies will be more efficient and will likely see some sort of growth. It's been a tough ride in the short term as most energy stocks underperform the S&P 500. However, in the long term, there's several stocks that look attractive. 

Kelly's top picks include: Parsley Energy (PE) - Get Report, Cabot Oil & Gas (COG) - Get Report, Rice Energy (RICE) , Memorial Resource Development (MRD) and Pioneer Natural Resources (PXD) - Get Report

Adami said investors should stick with refinery stocks like Valero Energy (VLO) - Get Report and Tesoro Corp. (TSO)

Eventually large integrated oil companies like Chevron (CVX) - Get Report should start to find support because of their hefty dividend yields, Nathan said. 

The conversation turned to Netflix (NFLX) - Get Report. Gil Simon, CIO of Apex Capital, said the company will likely make a push into China soon and is moving into Japan this fall. These markets will be big drivers of subscriber growth -- analysts are now looking for 150 million subscribers in the future, as opposed to just the 30 million to 50 million they were looking for a few years ago. The opportunity at Netflix is huge and the company could have a $100 billion market cap in the future. 

When looking for the next big thing, Simon says Yelp (YELP) - Get Reportcould be it. Shares are down 64% over the past 12 months but the company has a lot of untapped revenue opportunities and growing the number of businesses and number of active users. The CEO is focused on the long term, Simon said, and could generate $2 billion in revenue over the next three to four years. With a valuation of four to five times sales, the market cap could swell to $8 billion to $10 billion, up significantly from its current market cap of $2 billion. 

Even if Yelp only grows to half that size, it still garners a market cap of $4 billion to $5 billion, a big rally from today's levels, Adami pointed out. As for Netflix, he still likes the stock on the long side and is looking for the bullish momentum to continue. 

Nathan is leery of Yelp, saying it's peculiar no other company has stepped up to buy it now that its market cap is down to $2 billion after the stock's big pullback. 

In earnings, Nordstrom (JWN) - Get Report reported beating on earnings and revenue Thursday. However, given the company's 11% inventory build, Adami feels more comfortable taking profits in the stock and buying a beaten-down stock like Macy's (M) - Get Report

Nathan added that investors need to be very selective when it comes to retail. Some companies are doing well while others continue to struggle.

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