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