NEW YORK (TheStreet) -- The S&P 500 jumped at the open and closed at a record high once again.
On CNBC's "Fast Money" TV show, Tim Seymour, managing partner of Triogem Asset Management, said this is not a sell-the-news event and shares of Apple closed above an important level. He added that the Chinese New Year will drive stronger profits in AAPL's second fiscal quarter.
Josh Brown, a financial adviser at Ritholtz Wealth Management, said AAPL's earnings power significantly increases with the CHL deal. He added that shares have a lot upside now with strong technicals and fundamentals.
Stuart Frankel & Company's Steve Grasso said he would have preferred for the stock to clear the previous high of $575 before getting long. He added that this season's holiday buying appears very strong.
Dennis Gartman, publisher of The Gartman Letter, was a guest on the show. He still likes equities and believes in a continued global recovery. He added that if there is one thing for investors to worry about, it's the liquidity issues in China, although he thinks the situation will likely work out fine. He likes aluminum, zinc and tin.
Brown said Amazon (AMZN) is a good company but the stock has run too far for investors to buy.
Grasso disagreed, saying the stock continues to go higher despite the doubters questioning its valuation. He likes the stock.
Adami said Darden Restaurants (DRI) has to close above $58 before investors can step in to buy. Grasso added he would wait before buying the stock and suggested there are more headwinds to come.
Bill Taubman, COO of Taubman Centers, was a guest on the show. He expects holiday sales to increase 2% to 3% from last year's levels. He added that retailers could see a boost in sales after Christmas, when consumers look to spend gift money and gift cards. He added the teen retailers will eventually recover.
Seymour's two retail picks included Gap (GPS) and Macy's (M). The former has solid operating leverage for a continued economic recovery with a reasonable valuation, while M has the best valuation relative to its market cap within the S&P 500.
Robert Peck, managing director and Internet analyst at SunTrust Robinson Humphrey, was a guest on the show. He said his firm's downgrade on Twitter (TWTR) to neutral from buy was because of the company's valuation and rapid price appreciation. He added Facebook (FB) should report a strong quarter. New revenue streams in video ads and the monetization of Instragram should drive future growth, he said.
Grasso said he bought TWTR today because of its strong momentum and nobody wants to short the stock.
Brown said there doesn't appear to be a reason to ditch TWTR yet.
Adami said FB has traded well since its secondary but suggested shares could still pull back to the low-$50s.
Grasso suggested investors who have profited from the big move in small-cap and mid-cap stocks take some profits off the table. He emphasized that does not mean to sell the entire position.
Adami said Pioneer Natural Resources (PXD) is volatile and suggested longs use $180 as their stop.
Brown said he doesn't care for shares of GoGo (GOGO). However, for those looking to get long, he suggested they wait for the stock to stabilize first.
-- Written by Bret Kenwell in Petoskey, Mich.