NEW YORK (TheStreet) -- The broader markets added to Thursday's gains on Friday as investors hope for resolution in Washington over the weekend.
Josh Brown, a financial adviser at Ritholtz Wealth Management, said uncertainty over whether there is a resolution to the standoff over the debt ceiling seems to be the last headwind keeping equities from moving higher. October is usually a pivot month, he said, meaning that stocks usually fall and then rally higher.
Tim Seymour, managing partner at Triogem Asset Management, said he is a seller of the iShares MSCI Brazil Capped ETF (EWZ) - Get Report and advised traders to be careful buying equities near the highs because of potential disappointment from the government.
Guy Adami, managing director of stockmonster.com, warned traders to watch for the 1,620 level in the S&P 500, but said that it may go up another 25 points first. He liked Exxon Mobil (XOM) - Get Reporton the long side.
Dan Nathan, co-founder and editor of RiskReversal.com, said the resolution announcement will likely be a '"sell-the-news" type of event. He lifted his short positions and is long Apple (AAPL) - Get Report ahead of the iPad event later this month.
Bill Fleckenstein, president of Fleckenstein Capital, was a guest on the show and is reopening his short fund after it was closed the previous four years. He said that it's not time to short yet but he plans to open the fund in early 2014. He argued that "printing to prosperity" never works, referring to the Federal Reserve's robust stimulus plan. He added that bonds are pricing in inflation and this will ultimately be bad for equity investors.
-- Written by Bret Kenwell in Petoskey, Mich.
Follow @BretKenwell 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.