NEW YORK (TheStreet) -- The S&P 500 muddled along within a tight trading range on Friday, but ended the session higher by 0.17% and closed at another record high.
On CNBC's "Fast Money" TV show, Brian Kelly, founder of Brian Kelly Capital, said Owens Corning's (OC) earnings report seemed "most concerning." He added that the housing starts and building permits data have been weak and the iShares U.S. Home Construction ETF (ITB) appears to be "rolling over." He suggested consumers could get pinched if oil prices remain elevated.
Tim Seymour, managing partner of Triogem Asset Management, said the U.S. consumer seems to be fine, with disposable income increasing. He added that consumer staples companies like Coca-Cola (KO), Walgreen (WAG), and beer companies have been doing well.
Pete Najarian, co-founder of optionmonster.com and trademonster.com, said the previous market leaders are not hitting new 52-week highs because other sectors, such as financials, are now leading the overall market higher.
Seymour said he continues to like KO, Kimberly-Clark (KMB) and other large-cap valuation stocks in the consumer staples sector.
Kelly said investors could sell-short the ITB if they want to have a hedge on the housing market.
Nathan said he likes Apple (AAPL), but not until it pulls back to $85.
Seymour said he bought a half-position in Oracle (ORCL) following the slight selloff caused by the company's earnings result. He pointed out that the company missed earnings per share estimates by 3 cents, 2 cents of which came from Venezuelan currency swings. He likes the company's valuation and dividend yield.
Kelly said Oracle is facing a lot of competition from Salesforce.com (CRM) and Microsoft (MSFT), and he's a buyer of Microsoft. Nathan argued that investors should avoid Oracle since it has no organic growth.