'Fast Money' Recap: Looking for Bargains

NEW YORK (TheStreet) -- The broader market finished flat on Friday on low volume to end the holiday-shortened trading week. 

On CNBC's "Fast Money" TV show, Stuart Frankel & Company's Steve Grasso said many market participants are looking for a pullback in February or March. 

Carter Braxton Worth, chief market technician and managing director at Oppenheimer & Company, said the last time the stock market increased five years in a row was the period that ended in 2007, and then that was followed by a poor year. He said this current stock rally is getting too extended. 

Josh Brown, a financial adviser at Ritholtz Wealth Management, disagreed. He said the market was essentially flat in 2011 and the real bull market is only about two years old. He said bull runs typically end when the S&P 500's PE ratio is near 17 or 18. Currently, we're near 16. 

Jim Lebenthal, CFO and CIO of Lebenthal & Company, said a pullback is likely in the first quarter of 2014. He advised investors to just take some profits, but not to get out of stocks entirely or sell them short. 

Twitter (TWTR) fell 13% and Worth said it looks like its headed to the mid-$50s. Grasso agreed.

Michael Babich, CEO and president of Insys Therapeutics (INSY), was a guest on the show. He said its new product allows cancer patients to spray pain relief under their tongues for quicker absorption. The stock is up 400% from its initial public offering and the proceeds are being used to boost projects and research and development staff, he said. 

Lebenthal likes Target (TGT) as an investment. 

Grasso said Ford (F) should begin to outperform and he's a buyer. 

Brown said he is bullish on the e-cigarette trend but doesn't think any of the companies are suitable investments.

Sprint (S) was the first stock on the show's "Pops & Drops" segment. Grasso is staying long both S and T-Mobile U.S. (TMUS). 

Delta Air Lines (DAL) fell 3% and Worth said he would take profits. 

Barracuda Networks (CUDA) soared 20% and Lebenthal also said investors should take profits. 

Baidu (BIDU) jumped 4%. Brown said the stock is likely to run until the Alibaba IPO. 

The crew revealed their top contrarian calls for 2014:

Worth said to lighten exposure to Japan through the iShares MSCI Japan ETF (EWJ) and Brown said to buy the Vanguard Materials ETF (VAW) based on rising commodity prices. Lebenthal is a seller of WTI crude oil and is looking for it to hit $70 per barrel based on increased global supply from the U.S. Grasso is buying Abercrombie & Fitch (ANF) with a stop-loss at $30. 

For their final trades, Worth is buying Starbucks (SBUX) and Brown said to buy Bank of America (BAC). Lebenthal is buying Exxon Mobil (XOM) and Grasso suggested buying Qualcomm (QCOM). 

-- 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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