Looking ahead to Thursday's jobless claims report, Grasso said the number will be in the vicinityof 400,000, which he said is a huge mental hurdle for the markets.

In an economic showing signs of stagflation, consumers will be looking for stores that offer the best prices. In a survey of more than 100 products at Wal-Mart ( WMT) and Dollar General ( DG) stores, Mark Montagna, a retail analyst with Avondale Partners, said Dollar General was able to maintain price parity with Wal-Mart.

He said he has a market outperform rating on Dollar General, which he is forecasting EPS growth of 14% to 20% over the next three years. He said Dollar General has soundly beaten Wal-Mart in comparable store sales.

In the final trades, Kelly said he was picking up some more SPDR Gold Trust ( GLD). Seymour liked Tata Motors ( TTM). Adami liked NetApp ( NTAP). Finerman liked Kinder Morgan Energy Partners ( KMP). And Grasso advised scaling back on AK Steel ( AKS).

--Written by David Tong in San Francisco.

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