NEW YORK (TheStreet) -- The S&P 500 roared 1.15% higher Friday, erasing this week’s losses.
On CNBC's “Fast Money” TV show, Tim Seymour, managing partner of Triogem Asset Management, reasoned that equity markets appear to have "put in a bottom" following what has been a "fantastic earnings season."
Brian Kelly, founder of Brian Kelly Capital, said that he covered some of his short positions headed into to the weekend, reasoning that there is geopolitical risk to both long and short positions right now. He also sold some of his Treasury bond position.
Pete Najarian, co-founder of optionmonster.com and trademonster.com, suggested that a lot of investors just wanted to reduce exposure headed into this weekend, which carries a lot of uncertainty. He pointed out the CBOE Volatility Index (VIX.X) remains elevated.
Guy Adami, managing director of stockmonster.com, added that the market technicals have held up very well, with 1,915 acting as support for the S&P 500. He added that McDonald's (MCD - Get Report) looks good on the long side.
John Kingston, director of news at Platts, said that it is unlikely for a large amount of oil production to come offline anytime soon, despite the ongoing issues in the Middle East. He added that the monthly Chinese oil demand numbers are volatile, and that investors should look at the trend, not just a particular month when gauging the country’s demand.
Najarian's trade on oil is via long positions in Devon Energy (DVN - Get Report) and BP plc (BP - Get Report). Kelly said investors could buy Valero Energy (VLO - Get Report). Seymour is a buyer of Total S.A. (TOT - Get Report) for its dividend, as well as Chevron (CVX - Get Report). Adami is a buyer of Exxon Mobil (XOM - Get Report), saying shares could run to $110.
Seymour said investors can buy McDonald's for its low valuation and solid dividend. Najarian admitted that McDonald’s has an attractive dividend, but argued that it has no growth. Kelly added that McDonald's is struggling to grow its same-store sales because of the increased competition.
Shares of Tekmira Pharmaceuticals (TKMR) soared 45% on Friday. Najarian said investors who want to play the extremely volatile stock should do so via options in order to limit their risk. Kelly agreed, adding, "Who knows where this is going."
Sotheby's (BID - Get Report) fell 8% after missing on top- and bottom-line estimates. Adami said investors should buy the stock, reasoning that it could make a run to $42 relatively soon. Seymour disagreed, arguing that the chart of Sotheby’s looks poor.
Kelly said investors who want to buy Sotheby’s could use $35 as long-term support.
SolarCity (SCTY) dropped 7%. Kelly said he is a seller of the stock.
For their final trades, Seymour is buying the iShares MSCI Emerging Markets ETF (EEM - Get Report) and Najarian is a buyer of American Airlines (AAL). Adami is buying Lions Gate Entertainment (LGF) and Kelly is buying the iShares MSCI Hong Kong ETF (EWH - Get Report).
-- Written by Bret Kenwell in Petoskey, Mich.