NEW YORK (TheStreet) -- The S&P 500 was able to rally on Wednesday, closing up 0.78%.
However, the trading panel on CNBC's "Fast Money" TV show discussed Apple (AAPL) instead, which fell 1% on the day after the company announced it will discontinue its iOS 8 update for the time being.
Guy Adami, managing director of stockmonster.com, thinks the stock is likely to drift lower in the coming weeks. Aside from the buyback, the fundamentals for Apple look eerily similar to September 2012 when the stock previously topped out.
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Karen Finerman, president of Metropolitan Capital Advisors, said Apple trades in "its own bubble" and is not easily influenced by the rest of the market. She added that the iOS 8 issue should be resolved shortly and it does not change her bullish view on the stock.
Dan Nathan, co-founder and editor of riskreversal.com, said this issue should not force investors to sell the stock. He said investors long the stock should consider taking some profits or use a stop-loss near the 50-day moving average.
Josh Brown, CEO and co-founder of Ritholtz Wealth Management, remains bullish on Apple. He argued that the stock trend is intact and remains above both the 50-day and 200-day moving averages while having a low valuation.
Adami said Celgene (CELG) , Amgen (AMGN) and Gilead Sciences (GILD) can continue to move higher. Brown agreed, saying he likes the biotech sector's effect on the markets.
Nathan said he's curious to see how Nike (NKE) does in its upcoming earnings report. Lower fuel costs should help, but a strengthening U.S. dollar may be a headwind because more than half of the company's sales come from outside the U.S.
Adami said investors can stay long shares of Jabil Circuit (JBL) . The company reported good operating margins and the stock has a low valuation. It looks like it's on its way to $26.
Paul Hickey, co-founder of Bespoke Investment Group, said the stock market tends to trade well in the following quarter after a 5% or more increase in the U.S. dollar. The sectors that generally do well in that period are materials, industrials and energy. He likes ConocoPhillips (COP) , Northrop Grumman (NOC) and Dow Chemical (DOW) .
Nathan said he remains long AT&T (T) because all of its revenue come from within the U.S., so a strong U.S. dollar will not hurt the company. It also has an attractive dividend. If the United States Oil ETF (USO) can hold $34, he also likes this on the long side.
Adami said ConocoPhillips looks to be "building a base" near $78. The stock offers good risk/reward on the long side.