'Fast Money' Recap: Higher and Higher

NEW YORK (TheStreet) -- The S&P 500 closed above 1,800 for first time in its history as the markets pushed to new highs once again. 

Guy Adami, managing director of stockmonster.com, said he was shocked the S&P 500 didn't trade down to 1,760 this week and added that it's scary the market hasn't pulled back at all. 

Stuart Frankel & Company's Steve Grasso said there will eventually be some sort of sustained pullback in the broader market.

Tim Seymour, managing partner of Triogem Asset Management, said tapering seems to be getting priced into the market to some degree. 

The group gave their top picks going forward. Brian Kelly, founder of Brian Kelly Capital, said he is a buyer of Valero Energy (VLO) because it's running at full capacity and has a low valuation. 

Seymour said he would be a buyer of China Mobile Limited (CHL) due to its low valuation and solid dividend. 

Grasso said he would buy Yahoo! (YHOO) because of its 24% stake in Alibaba. 

Adami said he likes MasterCard (MA) even though it's at all-time highs because it's in a secular trend of consumers moving to credit from cash. 

Bill Taubman, COO of Taubman Centers, was a guest on the show. He said high-end and mid-end retailers continue to do well, while low-end retail is doing bad -- witness Sears Holdings (SHLD), Wal-Mart (WMT), and Target (TGT). He added that J.C. Penney (JCP) is doing a lot better and management seems refocused. 

Seymour said his top pick is TGT, despite its recent struggles. He only advised buying a small position and added the stock needed to hold $63. 

Adami said investors could take a long position in GameStop (GME) with a stop-loss at $48.50. 

Grasso said he would sell short International Business Machine (IBM). Kelly agreed, saying that often IBM can be a broader market indicator.

For their final trades, Grasso said to buy Las Vegas Sands (LVS) and Seymour is buying CHL. Adami said he would buy Micron (MU) and Kelly is buying HollyFrontier (HFC). 

-- 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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