NEW YORK (TheStreet) -- The S&P 500 and Dow Jones Industrial Average closed at all-time highs, the Dow up two points shy of 17,000.
Brian Kelly, founder of Brian Kelly Capital, said investors can let their winning trades run, meaning they can stay long their positions that have been doing well as the market continues to grind higher. Specifically, he likes Southwest Airlines (LUV).
Tim Seymour, managing partner of Triogem Asset Management, is looking to the energy space and is a buyer of drilling companies.
Guy Adami, managing director of stockmonster.com, said refinery stocks can continue higher for now but are always susceptible to negative headlines. He also likes Delta Air Lines (DAL) and JetBlue Airways (JBLU).
Dan Nathan, co-founder and editor of riskreversal.com, is a buyer of General Electric (GE), which has a good dividend yield and an attractive valuation. He said it seems likely to retest $28.
Adami said investors are discounting shares of GE too much despite it moving into higher margin businesses.
Carter Braxton Worth, chief market technician at Sterne Agee, looked at stocks that have underperformed the broader market and have "catchup potential." Specifically, he likes Cameron International (CAM) and Weyerhaeuser (WY).
Kelly pointed out that falling lumber prices would be a positive for Weyerhaeuser. Seymour added that WY looks interesting on the long side. Adami said he would wait for WY to breakout over $33.50 before getting long.
Nathan said investors should hold off on buying shares of Pandora (P) right now because they are approaching strong resistance near $30.
Kelly said Goldman Sachs' upgrade of Netflix (NFLX) has come a little too late, and pretty much reiterates the bullish points of which investors are already aware. It doesn't present anything new, he reasoned.
Adami said traders can buy shares of Netflix at current levels and use $450 as a stop-loss. Investors who have been long can take profits, too, he added. Seymour said the valuation is too overpriced for him to buy the stock.
Nathan said traders will get a better chance to buy Netflix than at current levels.
Amit Daryanani, an analyst at RBC Capital Markets, has a buy rating on shares of 3D Systems (DDD) with a $78 price target. He said the company could be a takeover target while an industrial company would be the most "logical buyer." He pointed out that only $8 million of last year's $700 million in revenue came from 3D Systems' consumer business, with the rest coming from industrial clients. However, he said the CEO likely wants to remain an independent company.
Adami said a takeover of DDD would likely cost about $10 billion. He is not a buyer at current levels but investors cannot short-sell the stock due to its high short-interest of 32%.
Kelly said 3D Systems, a company which actively buys other companies, could possibly acquire other smaller companies in its industry. His favorite pick is ExOne (XONE).
Each trader had one stock to buy and one stock to sell:
Nathan is a buyer of Cisco Systems (CSCO) because its of dividend yield and since it has been a laggard compared to the broader market. He is a seller of the Utilities Select Sector SPDR ETF (XLU), which should underperform if the economy continues to improve.
Adami is a buyer of U.S. Steel (X), which has strong support near $24 and a low valuation. He is a seller of International Business Machine (IBM), which has only gone up along with the broader market and will likely report a disappointing earnings result.
Seymour's picks included a long position in Citigroup (C), due to its low price-to-book value of 0.85, while selling Microsoft (MSFT). He said the valuation is "very hard to justify" given the run-up in share prices.
Kelly disagreed, saying he is a buyer of Microsoft. Adami is a buyer as well, adding that the company's previous earnings report was very strong. Nathan does not like Microsoft at current levels.
Charlie Anderson, senior research analyst at Dougherty & Company, has a buy rating with a $28 price target on shares of GoPro (GPRO), which have quickly surged to $48 after pricing at $24 last Thursday in its IPO. At current levels it's hard to justify the valuation, he said, reasoning that investors buying at these levels are pricing in a lot of optimism.
Seymour said he did not like shares of GoPro at current levels because the competition could easily make similar products. Kelly called the stock a "no touch."
Jason Del Rey, senior editor at Re/Code, said Twitter (TWTR) should roll out its new "buy buttons" slowly and selectively among its users with specific products. He added the buy buttons should be related to live events, which is when Twitter is most relevant. The buy buttons could be connected with its sponsored tweets for advertisers.
Adami said he is a buyer of Facebook (FB) over Twitter. Nathan, who is long Twitter via call options, said the stock seems likely to move higher. Kelly is a buyer of Twitter over Facebook based on its management additions.
Priceline.com (PCLN) climbed 4% and was the first stock on the show's "Pops & Drops" list. Nathan said the stock seems likely to make new highs, or at the very least test the $1,300 level.
Mastercard (MA) jumped 3%. Kelly said investors who are long should stay long.
JD.com (JD) popped 4%. Seymour said the stock looks interesting on the long side.
Wynn Resorts (WYNN) was the featured company on the show's "Street Fight" segment. Seymour was the bull, arguing the stock has already pulled back enough for investors to get interested on the long side. He added that the Wynn Palace will double 2016 Ebitda (earnings before interest, tax, depreciation and amortization).
Nathan disagreed, arguing the valuation is still expensive. He reasoned that WYNN trades at 24 times 2014 earnings, which are only expected to grow 15%. Furthermore, 2015 earnings are only expected to increase 11%, he said. He added that the stock's price action has looked relatively bearish because it is stuck in a downtrend.
Adami said he would rather be a buyer of Las Vegas Sands (LVS) since WYNN still looks too expensive.
Kelly likes WYNN on the long side because it appears to have decent support near $200.
Nathan pointed out the bullish call buying activity in the PowerShares QQQ Trust ETF (QQQ) after someone bought 27,000 $96 call options that expire July 25. He noted that these options will expire after Apple (AAPL) reports earnings. Apple makes up 13% of the QQQ, and if it moves violently following its earnings release it could certainly affect the QQQ.
Kelly said investors should buy the weakness in Apple if it sells off after earnings. Adami said Apple is on its way to $100.
Kelly said bad news is already priced into financial stocks and investors who are long are unlikely to "get hurt" going into the earnings seasons.
Nathan said Delta Air Lines continues to trade well to the upside and suggested that investors use the 50-day simple moving average for their stop-loss.
For their final trades, Kelly is a buyer of the Consumer Discretionary Select Sector SPDR ETF (XLY) and Nathan is selling the XLU. Seymour is a buyer of Teck Resources (TCK) and Adami is buying Palo Alto Networks (PANW).
-- Written by Bret Kenwell in Petoskey, Mich.