NEW YORK (TheStreet) -- Markets closed lower after the S&P 500 and Dow Jones Industrial Average reached new highs earlier in the session.
On CNBC's "Fast Money" TV show, Guy Adami, managing director of stockmonster.com, said the S&P 500 seems likely to trade down to 1,760 this week.
Karen Finerman, president of Metropolitan Capital Advisors, said she is not trying to time the market and therefore is staying long equities.
Josh Brown, a financial adviser at Ritholtz Wealth Management, said the global participation in stocks is helping U.S. equities push higher. He added that a market top usually comes near 17 to 18 times earnings. Presently, U.S. equities are trading at 15.5 times earnings.
Dennis Gartman, publisher of The Gartman Letter, was a guest on the show and said he likes coal stocks and the Market Vectors Coal ETF (KOL - Get Report) seems to have bottomed. He also likes steel, copper and dividend-paying stocks, while supporting a short bond thesis.
Brian Tunick, senior retail analyst at JPMorgan (JPM - Get Report), was a guest on the show. He said half of Urban's business is struggling from teen retail sales, while the other half is doing well from Anthropologie and Free People. His top picks include Michael Kors (KORS), Ulta Salon, Cosmetics & Fragrances (ULTA - Get Report), Lululemon Athletica (LULU - Get Report), and Burlington Stores (BURL - Get Report).
Finerman disagreed that BURL was a favorable stock to own considering its high valuation and levered balance sheet.
Grasso said he is a buyer of Potash (POT), which has support at $30 and will benefit if the potash cartel reunites.
Shares of GoGo (GOGO - Get Report) fell 11% on Monday. President and CEO Michael Small, a guest on the show, said the stock has been higher over the long term, with one reason being the Federal Aviation Administration's decision to lift its mobile devices ban. Shares, until Monday, had been helped by strong earnings and guidance, too. He concluded GoGo is still in the early stages of making wireless Internet available in aircrafts.
Brown said the company has a lot of future growth opportunity and just reported great earnings.
Adami said he would rather own JBLU over GOGO because it was a safer trade. He added that traders own GOGO for its short-squeeze potential, not its valuation.
Grasso said GameStop (GME - Get Report) might run into trouble since the old-console games cannot be played on the new Sony (SNE - Get Report) PlayStation 4 and Microsoft (MSFT - Get Report) Xbox One.
Adami said he would wait for Chicago Bridge and Iron (CBI) to pull back to $72 before buying.
For their final trades, Finerman is buying Live Nation Entertainment (LYV - Get Report) and Adami is a buyer of Western Digital (WDC - Get Report). Both Brown and Grasso said to buy BAC on a close above $15.
-- Written by Bret Kenwell in Petoskey, Mich.