NEW YORK (TheStreet) -- The Dow Jones Industrial Average closed at a record high as the nonfarm payrolls report for the month of October surged past economists' expectations.
On CNBC's "Fast Money" TV show, Guy Adami, managing director of stockmonster.com, said it's clear the stock market wants to go higher. He added that next week will be pivotal from a technical standpoint for the next 100 points on the S&P 500.
Steve Grasso of Stuart Frankel & Company said eventually the Federal Reserve will taper, but right now investors don't care and keep buying stocks.
Josh Brown, a financial adviser at Ritholtz Wealth Management, said although the nonfarm payrolls result was better than expected, it still wasn't very good. However, the strength in the financial sector was important to see for a sustained broad market rally.
Brian Kelly, founder of Brian Kelly Capital, said bonds sold off hard. He added that along with the positive jobs report, GDP and ISM numbers came in strong this week as well.
Adami said he would be buying bonds and believes the 10-year Treasury yield will come down as well. He was also surprised to see the European Central Bank cut its interest rates.
Gap (GPS) reported better-than-expected third-quarter sales and raised its full-year guidance. Brown said the company is doing all the right things, but that he would not chase it after its 9% move higher.
Priceline.com (PCLN) beat on the top and bottom lines and Adami said the stock seems likely to continue higher because it's not expensive valuation-wise.
Tesla Motors (TSLA) fell 15% this week and Grasso said $125 should be the next level of support. Should it fail, the 200-day moving average at $104 should be the next support level.
George Economou, chairman and CEO of DryShips (DRYS) and Ocean Rig UDW (ORIG), was a guest on the show who said that peak shipping rates have yet to be hit and will go higher over the next one to two years. He added that China is more likely to get stronger, rather than slow down.
DRYS is off 26% from its October highs but Kelly said the stock is near support. He added that Baltic Trading Limited (BALT) is more of "pure play" on the sector.
Twitter (TWTR) fell 7% on its second day of trading. Brown said he bought a small position for the long term and would buy more in the $30's. Grasso concurred and said the stock is unlikely to flounder like Facebook (FB).
Adami said the stock seems as if it could trade down to the low-$30 level.
Regarding Alibaba's upcoming IPO, Grasso said the easiest way for most investors to play it is through Yahoo! (YHOO), which owns a large stake in Alibaba, and could go to $40.
Whole Foods Market (WFM) was the first company on the show's "Pops & Drops" segment. Kelly said the stock seems likely to trade sideways for a while and advised investors to avoid it for a month or so.
Abercrombie & Fitch (ANF) dropped 7% this week and Grasso said he would not be a buyer.
Michael Kors (KORS) jumped 6% on the week. Adami said he wouldn't short the name, but suggested taking profits.
Zillow (Z) fell 4% this week and Brown said to avoid the stock after it broke the $80 support level.
For their final trades, Guy Adami was a buyer of KAR Auction Services (KAR) and Grasso said to buy YHOO. Kelly was buying the WisdomTree Japan Hedged Equity ETF (DXJ) and Brown said to buy Ecolab (ECL).
-- Written by Bret Kenwell in Petoskey, Mich.