Adami said that with the S&P 500 remaining elevated around these levels, he finds it hard to believe that the markets will sell off from here.

J.C. Penney ( JCP) was the first stock on the show's "Top Trades" segment, which centered around hedge fund manager Bill Ackman's recent picks.

The retailer fell 10% Wednesday on news that its credit might be cut on product shipments. Because of the recent secondary, Finerman said that she was surprised to see this report, but if it's true Penney's will be in a lot of trouble.

One of Ackman's more publicly discussed positions is his short in Herbalife ( HLF). Adami said that Ackman's thesis could be right, but his call on the stock is not. He recommends retail traders avoid the name, especially with hedge fund manager George Soros joining forces with Carl Icahn on the long side.

Air Products and Chemicals ( APD) made new all-time highs on Wednesday after it was revealed Ackman has a new long position in the name. Khouw said he wouldn't chase the stock here and doesn't see much upside value.

Facebook ( FB) was the featured stock on the show's "Street Fight" segment. Seymour took the bull side, but said the stock is slightly overbought. However, he believes it's a buy based on mobile monetization and strong advertising revenues.

Adami took the bear side and said that it made a new 52-week high, but reversed off of those levels on Wednesday. He added that the move has been too strong and that the next quarter will now be vital.

Whole Foods Market ( WFM) reported earnings on Wednesday and beat bottom-line expectations, but posted lower-than-expected revenue figures. Adami said traders should give it a couple of days but it's a name to own.

Symantec ( SYMC) was the first stock on the show's "Pops & Drops" segment, up 9% Wednesday. Adami said it looks like the stock might be breaking out and he would possibly be a buyer on Thursday.

Garmin ( GRMN) was up 7% on strong earnings and Kelly said he would be a buyer if the stock held the $38 to $40 range for several trading sessions.

Dell ( DELL) was down 1% on news that the special committee would not accept part of Michael Dell's offer. Khouw said he would avoid the name since there is very little upside potential left.

Mosaic ( MOS) and other fertilizers continued declining on Wednesday. Seymour said he is not concerned with the second day of selling and remained long the fertilizers.

Buffalo Wild Wings ( BWLD) reported earnings and had a fairly bullish result. Finerman, however, said the valuation was too rich for her.

Yelp ( YELP) reported earnings. Results came in better than expected but Adami said traders should wait to buy the stock on a pullback and recommended not chasing it.

For their final trades, Kelly was the lone seller, picking on the Vanguard FTSE Europe ETF ( VGK). Finerman said to buy Foot Locker ( FL), Adami was buying Michael Kors ( KORS) and Seymour was a buyer of Mosaic.

-- 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.

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