NEW YORK (TheStreet) -- What a week it has been. After enormous selling pressure on Monday and Tuesday, investors came back and stocks actually finished higher on the week, with the S&P 500 up 0.9%. 

The 1,830 level acted as support for the S&P in October 2014 and worked again on this latest pullback, Guy Adami, managing director of, said on CNBC's "Fast Money" TV show. It would be great if the index could get back above 2,050. Either way, this week is very positive for bullish investors. 

Steve Grasso, director of institutional sales at Stuart Frankel, said investors should avoid buying the S&P 500 between 1,985 and 2,032. While that's a wide range, he thinks too many investors could get drawn into stocks right before the market moves lower again. Until it clears that level, investors should hold off on buying equities. 

Brian Kelly, founder of Brian Kelly Capital, pointed out that some of the wealth management firms -- Morgan Stanley's (MS) - Get Morgan Stanley (MS) Report in particular -- have had some of their busiest days of the year this week on buy orders. This shows a lot of investors have been waiting on the sidelines to get into equities. 

The iShares MSCI Emerging Market ETF (EEM) - Get iShares MSCI Emerging Markets ETF Report may be very close to a bottom, Kelly added. Sentiment is really bad as investors throw in the towel. Asked to choose whether to be long the S&P 500 or emerging markets for the next six months, he chose emerging markets. 

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Oil enjoyed its best week since 2009 and has rallied almost 20% from its lows made mid-week. Adami said investors shouldn't get too excited about the energy rally. Kelly added that a lot of short-sellers are buying the commodity to cover their positions. 

The energy stocks that can really outperform are the ones that have done the worst this year as short-sellers quickly cover, said David Seaburg, managing director and head of sales trading at Cowen and Company. One name in particular is Freeport-McMoRan (FCX) - Get Freeport-McMoRan, Inc. (FCX) Report, which is up 27% over the past three days. 

Carl Icahn announced an 88 million-share position in the stock on Thursday after the close. However, even before then, the stock had rallied substantially. Either way, none of the traders recommended a position in the stock because its debt load is incredibly high and demand for copper and oil is not strong. 

Matthew Miller, an equity analyst at S&P Capital IQ, upgraded the stock to hold from sell and moved his price up to $12. He's banking on a longer-term recovery in commodity prices to take pressure off Freeport. But it also helps that Icahn now has a position in the company, he said. Icahn will be able to help Freeport clean up its balance sheet and accelerate a possible restructuring. 

The conversation turned to the Federal Reserve and its eventual rate hike. Grasso doesn't think the Fed should hike rates. If the Fed does, "it's a huge mistake," he said. But if that's the case, investors should buy E-Trade Financial (ETFC) - Get E*TRADE Financial Corporation Report, he said. If the Fed doesn't raise ratest, yield-hungry investors should go with Southern Company (SO) - Get Southern Company Report

If the Fed does hike, Adami said to buy CME Group (CME) - Get CME Group Inc. Class A Report, Kelly said to sell the SPDR S&P Regional Banking ETF (KRE) - Get SPDR S&P Regional Banking ETF Report on the announcement (as the ETF will likely rally higher up until the Fed's meeting), and Seaburg said to buy Toll Brothers (TOL) - Get Toll Brothers, Inc. Report. The homebuilder should benefit as consumers rush into new housing to lock in a good price. 

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