NEW YORK (TheStreet) -- The S&P 500 initially jumped higher on better-than-expected nonfarm payrolls results but ended Friday lower by 0.13% due to worries over Ukraine. 

On CNBC's "Fast Money" TV show, Brian Kelly, founder of Brian Kelly Capital, pointed out the strength in the bond market, with the iShares 20+ Year Treasury Bond ETF (TLT - Get Report) finishing higher on Friday. He argued that the current economic growth does not justify the valuation of the stock market. 

Tim Seymour, managing partner of Triogem Asset Management, disagreed with Kelly, saying he was bearish on bonds. He added that 10-year Treasury yields are likely headed higher although he was unsure if they could surpass 2.80%. 

Guy Adami, managing director of, said he expects the TLT to go to $115. However, he admitted to thinking that the S&P 500 would be lower given the current performance of the bond market. 

Steve Grasso, director of institutional sales at Stuart Frankel, suggested that news out of Ukraine is the driving force behind the direction of the stock market. He said the S&P 500 seems likely to go lower. 

Grasso said oil drilling companies look likely to head lower. His top pick in the energy space is Cheniere Energy (LNG - Get Report). Adami said energy stocks seems overvalued. 

Kelly said investors could use the earnings report from Berkshire Hathaway (BRK.B - Get Report) as a read into the economy. The company slightly missed its recent earnings estimates. Kelly acknowledged that he is short the broader stock market. 

Grasso, who is long Twitter (TWTR - Get Report), said to watch how the stock trades following the large share lockup expiration. If the stock holds up over the week, investors will likely take a chance on it, he suggested. 

Seymour, who is long Coca-Cola (KO - Get Report), said the company has a compelling valuation at current levels but investors should not be buying the stock for growth potential. 

Adami added he would rather buy Coca-Cola on a breakout over $44 than at current levels. 

Grasso said Facebook (FB - Get Report) should continue to buy out its competitors to prevent being irrelevant in the future. 

Kraft Foods (KRFT) was the first stock on the show's "Pops & Drops" segment. Kelly said investors who are long can stay long at current levels. 

Intuitive Surgical (ISRG - Get Report) climbed 1%. Adami said investors can buy the stock with a stop-loss at $350. 

Estee Lauder (EL - Get Report) jumped 5%. Seymour said the luxury market remains strong and he would stay long the stock. 

ConocoPhillips (COP - Get Report) popped 2%. Grasso was not a buyer. 

Adami said investors can stay long Pfizer (PFE - Get Report) through its earnings report, in part due to its low valuation.

For their final trades, Kelly was a buyer of bonds via the TLT and Seymour was a seller of bonds via the ProShares UltraShort 20+ Year Treasury ETF (TBT - Get Report). Grasso was a seller of energy stocks and Adami was a buyer of Western Union (WU - Get Report).

-- Written by Bret Kenwell in Petoskey, Mich.

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