'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. 

If you liked this article you might like

Puerto Rico Is Completely Without Power Because of Hurricane Maria

Comcast Dodges Big Social, Moves Watchable In-House

Twitter Appoints Former Google CFO to Board of Directors

Theresa May Tells Tech Companies to Go "Further" in Removing Extremist Content

Twitter Allows Advertisers to Launch Campaigns Using Derogatory Words