'Fast Money' Recap: Another High, Another Jobs Report

NEW YORK (TheStreet) -- The S&P 500 hit yet another record high on Thursday, ahead of February's nonfarm payrolls report on Friday morning. 

On CNBC's "Fast Money" TV show, Tim Seymour, managing partner of Triogem Asset Management, said investors should start to consider the duration of the current bull market (roughly five years), and the seasonality of the current year, where he thinks April will be "rocky."

He added that volatility is cheap at current levels, which could be used for a hedge, although markets still have more room to the upside. He suggested investors give a "free pass" on Friday's employment report because the weather has been so bad. 

Jon Najarian, co-founder of optionmonster.com and trademonster.com, agreed that Friday's nonfarm payrolls report would be more of a non-event, while future economic reports this month will start to matter more. 

Karen Finerman, president of Metropolitan Capital Advisors, wondered if unrest in Ukraine would resurface, hurting U.S. equities in the not-so-distance future. 

Dan Nathan, co-founder and editor of riskreversal.com, said U.S. equities seem like a safe haven right now. He added that Russian stocks have yet to really rebound from earlier this week, while the DAX has only made up half of its losses. 

He added that there is still some fear in the market since the S&P 500 made new highs while the CBOE Volatility Index (VIX.X) has not hit previous lows. Gold also moved higher, another sign of the "fear trade." 

Seymour said crude oil can continue to move higher. He also likes the precious metal miners. 

Finerman said she is not a buyer of The Fresh Market (TFM). 

Carter Braxton Worth, chief market technician at Oppenheimer & Company, said Occidental Petroleum (OXY), Morgan Stanley (MS), and Kohl's (KSS) are poised to break out to the upside. He added that the broader market has very limited upside. 

Seymour likes Occidental Petroleum because of its potential to spin off assets. 

Nathan said investors should be leery of Pandora (P) since bad news can knock high-flying stocks like this down in a hurry. 

Finerman likes Cumulus Media (CMLS), which still has a commanding grip of the radio market. 

CNBC's Sara Eisen said the World Cup will be a big sales catalyst for Nike (NKE) as more than 3.2 billion viewers tuned in to the last soccer championship. Based on CEO Mark Parker's comments, she said the U.S. is the company's biggest market, but it has been slow so far though beginning to improve. She also said China is turning the corner as well in terms of sales. 

Shares of Gap (GPS) fell after the company announced its same-store sales dropped 7% in February. Finerman said investors can stay long since the sales miss is due to the bad winter weather, which will be over soon. 

Mike Mayo, research analyst at CLSA, was a guest on the show. While U.S. equities are making all-time highs, the financial sector is still 40% off its all-time highs, he said. Although the companies face a new banking world filled with regulations and government hurdles, the outlook is certainly improving. His top pick is Morgan Stanley, while Bank of New York Mellon (BK) is overvalued, he concluded. 

Seymour said that when interest rates increase, the money center banks will be big beneficiaries. He likes Bank of America (BAC) and JPMorgan Chase (JPM). 

Najarian pointed out the bullish trade on World Wrestling Entertainment  (WWE) where someone bought 15,000 July $40 call options. He is long. 

Rory Read, CEO and president of Advanced Micro Devices (AMD), said the company is shifting its focus to higher growth segments, such as Microsoft's (MSFT) Xbox One and Sony's (SNE) PlayStation 4, rather than the declining PC market. He added that three years ago, 96% of revenue came from PCs; now its PC exposure is much lower. 

Nathan said AMD trades well into earnings and he is long. 

Najarian said he doesn't like H&R Block (HRB). Instead, he prefers Intuit (INTU).

Max Ganik, NYSSA board member and a member of the Leaders Investment Club, said he is bullish on U.S. equities and is taking advantage by buying a May $190 call on the S&P 500 ETF (SPY). To collect premium, he is selling the weekly $190 SPY calls against his long position. 

Specifically, he likes Amazon (AMZN) and is long the $375-$385 bull call spread. He is also long the Direxion Russell 1000 Financials Bullish 3X ETF (FAS) via common stock, and Facebook (FB), via a long $75-$85-$95 April butterfly call spread. He is eying a possible long position in Baidu (BIDU). 

Navios Maritime Holdings (NM) jumped 6% and was the first stock on the show's "Pops & Drops" segment. Finerman said to stay long. 

Sina (SINA) climbed 9%. Seymour said to stay long. 

Lorillard (LO) fell 2%. Nathan said investors playing the stock as a takeover target should do so via call options, to limited downside risk. 

Joy Global (JOY) jumped 2%. Najarian said he liked today's move, which happened on larger-than-expected volume. 

For their final trades, Finerman is a buyer The Children's Place (PLCE) and Najarian likes WWE. Nathan is a buyer of AMD and Seymour said to buy Korean equities, but did not specify which exchange-traded fund to use.

-- Written by Bret Kenwell in Petoskey, Mich.

Follow @BretKenwell

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Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter.

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