NEW YORK (TheStreet) -- The broader market rallied significantly on news that there could be a short-term resolution in Washington Thursday night.
Tim Seymour, managing partner at Triogem Asset Management, said don't get too excited, a deal has yet to be completed. He added that it will be an issue again in six weeks, even if a deal does get done.
Steve Grasso, of Stuart Frankel and Co., stressed there will be no default, even though there's a risk of it is being pushed out a couple of months because of the short-term deal. He said the selling pressure has been a buying opportunity and still likes Bank of America (BAC) and Tesla Motors (TSLA).
Dan Nathan, co-founder and editor of RiskReversal.com said that although only a few companies have reported earnings so far, they haven't been very impressive and that the economy remains subpar.
Jon Najarian, co-founder of optionMONSTER.com, said Thursday's rally essentially brings the broader market back to flat for the week, although it was good see Washington addressing the issues.
Mike Khouw, managing director and primary strategist at DASH Financial, said industrial and cyclical stocks are still cheap and he would sell stocks with high valuations. He added that now is a good time to hedge or take profits.
Jens Nordvig, head of currency strategy at Nomura Securities, was a guest on the show and said if we can reduce the default risk from the market, it will do much better. Referring to the U.S. dollar, he said it's hard for it to rally because of the uncertainty from the Federal Reserve. He likes emerging market currencies and wants to be short the Japanese yen.
Micron (MU) reported earnings. Grasso said there's still plenty of people holding the stock, looking for more gains and that DRAM prices are pushing it higher.
Seymour said he likes Citigroup (C) for its emerging market exposure and J.P. Morgan (JPM) because too much negativity seems priced into the stock, which is keeping it lower.
Najarian loves Apple (AAPL) and thinks it's one of the best long positions to have heading into the holidays.