NEW YORK (TheStreet) -- Despite Monday's weak open, the S&P 500 was able to close essentially flat, off only 0.05%.
On CNBC's "Fast Money" TV show, Steve Grasso, director of institutional sales at Stuart Frankel, said the market continues to shrug off negative news despite investors' hesitance buying at current levels.
Tim Seymour, managing partner of Triogem Asset Management, said he's surprised by the stock market's price action on Monday, especially after the "absolutely awful" Chinese data. He was a seller of the Materials Select Sector SPDR ETF (XLB) and the iShares Russell 2000 ETF (IWM).
Brian Kelly, founder of Brian Kelly Capital, said a "blowoff top" could be coming in the broader market. He's a buyer of beaten-down stocks and names that are non-geopolitical sensitive. Specifically, he likes FireEye (FEYE) on the long side.
Dan Nathan, co-founder and editor of riskreversal.com, said it feels like the market could both correct lower or erupt to new highs. He added the broader market is likely to follow whichever direction the PowerShares QQQ Trust ETF (QQQ) goes.
Bill Fleckenstein, legendary short-seller and president of Fleckenstein Capital, said he's looking to open his short fund sometime in the second quarter of this year, so he's ready to short-sell when the time is right. To time his short-selling, he is looking for a major disruption between the bond market and the Federal Reserve.
Nathan added that when technology stocks start to miss their own estimates, it may be time to "pile in" on the short side.
Seymour added that interest rates are too low, while high-value stocks continue to move higher. He was cautious on the market and reiterated his sell call on the XLB.
FuelCell Energy (FCEL) continues to move higher in an unbelievable fashion. Seymour said investors should avoid the stock, while Kelly suggested investors take profits, if they are long.
Kelly was a buyer of Twitter (TWTR) and Tesla Motors (TSLA). In regards to Tesla, he said the stock is down about 20% from its recent highs and may get a boost to the upside if the bullish momentum returns.
Grasso was bullish on Facebook (FB) because of its Instagram asset. Nathan added the WhatsApp acquisition would be the forward growth catalyst in the years to come.
Boeing (BA) fell 1.5% but closed above Monday's lows. Nathan said the stock has been underperforming in 2014 and could do worse if guidance take a hit in the upcoming earnings results.
Seymour agreed and is avoiding shares of BA.
Jason Mackenzie, Americas president of HTC Corp., was excited about the unveiling of HTC's new smartphone on March 25, after the recent announcement the HTC One was named "Smartphone of the Year" for 2013. Although HTC's market share has fallen from 11% in 2011 to 4.5% in 2013, he believes that great smartphones will eventually reverse that trend.
Seymour suggested that outside of the U.S. HTC will have much more success. However, he preferred to buy Samsung, based on valuation.
Dennis Gartman, editor and publisher of The Gartman Letter, was a guest on the show. He said that China is shifting to a consumer-driven economy, which could hurt U.S. Treasury buying as the country would be allocating more of its funds to expanding its own infrastructure. He was a seller of copper and crude oil, and long gold and equities.
Seymour suggested investors sell the Canadian dollar.
Kelly agreed with Gartman, saying crude oil looks likely to head lower.
Seymour said he would buy a small position in Freeport-McMoRan (FCX) since it is no longer a pure-play on copper and the recent selloff is overdone.
United Rentals (URI) was the first stock on the show's "Pops & Drops" segment. Kelly said he would take profits.
Vipshop Holdings (VIPS) fell 5%. Seymour said he would buy weakness in its peers.
Chiquita Brands International (CQB) jumped 11%. Grasso said the stock has to hold $12 for a few days before it becomes a buy.
Kelly said 3-D printing stocks have a bullish long-term outlook but have become too overvalued. Nathan suggested investors avoid the 3-D printing space since the companies are unlikely to ever grow into their current valuations.
For companies that require a 3-D printing service, Grasso said Stratasys (SSYS) is the go-to name. For investors, he suggested they go long Hewlett-Packard (HPQ) for a play on the industry since it is eying an entry into the space.
Seymour is not a buyer of Urban Outfitters (URBN) at current levels.
Grasso said the best way to play wearable technology is via Qualcomm (QCOM).
Nathan is a buyer of TJX Companies (TJX).
Seymour likes shares of Youku (YOKU).
Kelly said investors could buy Vale S.A. (VALE) but should sell on a decent pop higher.
Grasso was not a buyer of Apache (APA), or any energy stocks for that matter.
For their final trades, Seymour is a seller of the XLB and Kelly is a buyer of FEYE. Grasso said to buy Bank of America (BAC) into the stress test results and Nathan is a seller of the Financial Select Sector SPDR ETF (XLF) via put options.
-- Written by Bret Kenwell in Petoskey, Mich.Follow @BretKenwell