'Fast Money' Recap: A Stunning Move

NEW YORK (TheStreet) -- The S&P 500 started the week off strong, making new all-time highs but ending up well off those highs by the close. 

On CNBC's "Fast Money" TV show, Brian Kelly, founder of Brian Kelly Capital, said he was "stunned" by today's move higher in the market. Despite remaining concerns about emerging markets, U.S. equities will likely continue higher until those issues resurface in a more meaningful manner. 

Tim Seymour, managing partner of Triogem Asset Management, said the Federal Reserve will continue to protect the U.S. economy. 

Guy Adami, managing director of stockmonster.com, reminded investors about how weak the biotech sector was the last the time the broader market pulled back. He added that in the overall market, earnings per share growth has been strong while revenue growth has been weak, which is not a good sign. 

Regarding biotech stocks, Karen Finerman, president of Metropolitan Capital Advisors, said she prefers to use exchange-traded funds such as the iShares Nasdaq Biotechnology ETF (IBB) and the SPDR Biotech ETF (XBI) to reduce the individual exposure to these volatile stocks. 

She added that now is a good time to consider taking some profits or sell upside call options. 

Adami said he likes Blackstone (BX) and Fortress Investment Group (FIG) to take advantage of the increased M&A activity. 

Netflix (NFLX) hit all-time highs on Monday after announcing a partnership with Comcast (CMCSA) to boost bandwidth for its streaming content services. Laura Martin, an entertainment and Internet analyst at Needham & Company, raised her price target on Netflix to $525 as a result. 

She said Netflix was previously paying Cogent Communications Group (CCOI) for a similar service with Comcast, but simply cut Cogent out. As a result, she believes Netflix will continue paying roughly the same price it was already paying but will get better results by dealing directly with Comcast. She added that Netflix will likely look to raise prices and has a big international opportunity. 

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