NEW YORK (TheStreet) -- In a quiet session, the broader markets closed slightly lower following all-time highs made late last week.

Melissa Lee, the host of


"Fast Money" TV show, said that based on the time of year, this is one of the best opportunities to buy into retail. There's only one problem: The

SPDR S&P 500 Retail ETF

(XRT) - Get Report

is at a 52-week high.

Karen Finerman said that she's hoping retail can move another leg higher going into the back-to-school season. Specifically, she likes


(TGT) - Get Report


Foot Locker

(FL) - Get Report

, and


(M) - Get Report

, while disliking

J.C. Penney

(JCP) - Get Report

, which reports earnings on Friday.

Guy Adami said he likes

Michael Kors



The Gap

(GPS) - Get Report

. He added it's important to realize that consumers will keep spending even though the employment data might make some think otherwise.

Moving off of retail, Adami says he likes the

JetBlue Airways

(JBLU) - Get Report

flight experience but the stock has been a laggard. Instead, he pointed to

Spirit Airlines

(SAVE) - Get Report

, which has a stretched valuation as well as upside momentum.

On the show's "Today's Top Trades" segment, Josh Brown believes a deal between

CBS Corporation

(CBS) - Get Report


Time Warner Cable


will get done soon and those who are selling either stock right now are making a mistake.

Finerman said it's not all that surprising the

iShares Russell 2000 ETF

(IWM) - Get Report

is making another all-time high on Monday since the broader markets are keeping pace. She continues to like the space.

Adami said


(FB) - Get Report

next earnings result will probably be its most important one ever, after the company closed Monday above its IPO price of $38.

Jeff Bezos, the CEO of


(AMZN) - Get Report

, is buying the

Washington Post's


newspaper operations. It is a personal move and not one on behalf of Amazon.

Anthony Scaramucci said buying a business where Warren Buffett is a major minority owner is very hard to do, making him think this business maneuver may not be profitable in the near term.

Brown agreed, saying the newspaper business has seen revenue declines for seven years in a row, along with subscriptions falling 30% since 2008. He added that the business would need a buyer who would stand by through unprofitable periods until the industry could turn around.

Looking ahead to Tuesday's earnings, Scaramucci said he really likes

Liberty Media


and would be a buyer on a post-earnings selloff and a modest buyer on a post-earnings pop.


(Z) - Get Report

also reports earnings on Tuesday. Brown said it's hard to be a buyer with a stock that's moved this high, this fast and has a PE ratio of 4,500.

Adami said investors should look to avoid


(FOSL) - Get Report

which also reports on Tuesday, calling it way too volatile for only having a forward PE ratio of 14.5.

Guest Dennis Gartman, editor of

The Gartman Letter

, said the

Federal Reserve

should watch crop prices as a gauge on inflation. He added that with great weather and cheap fertilizer, the production should continue to increase. Because of this, food prices will remain under pressure and take some heat off of the Fed's worry over inflation. He added he remained long equities, but has trimmed some of his holdings.

Everyone was a buyer on their final trades: Adami said to buy

Iron Mountain

(IRM) - Get Report

, Scaramucci was a buyer of Facebook, Brown was buying


(GOOG) - Get Report

and Finerman was seeking to stay long, but wanted protection via puts on the

SPDR S&P 500 Trust ETF

(SPY) - Get Report


-- Written by Bret Kenwell in Petoskey, Mich.

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Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.