NEW YORK (TheStreet) -- The S&P 500 rallied on Friday, climbing 0.86%, but still suffered its worst five-day stretch in eight weeks.
On CNBC's "Fast Money" TV show, Pete Najarian, co-founder of optionmonster.com and trademonster.com, said investors should pay attention to the CBOE Volatility Index (VIX.X) now that it is back over $15, but don't be overly concerned about it. He said he remains bullish on equities and is considering selling some volatility.
Must Read: 10 Stocks Carl Icahn Loves in 2014
Brian Kelly, founder of Brian Kelly Capital, pointed out that energy stocks traded well and WTI crude oil is likely near a bottom. He is a buyer of the Energy Select Sector SPDR ETF (XLE) and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) .
Tim Seymour, managing partner of Triogem Asset Management, said he remains bullish on equities but suggested that volatility is poised to increase. It might be painful now, but higher volatility is actually good for the market, he said.
Eric Jackson, founder of Ironfire Capital and a Street.com contributor, discussed Yahoo!'s (YHOO) new activist investor, Starboard Value. He said the big opportunity for Yahoo! is not necessarily a merger with AOL (AOL) but with the tax efficiencies when handling its Alibaba (BABA) and Yahoo! Japan stakes. It could be worth $15 to $17 per share for Yahoo! investors. The company could even be a takeover target.
Najarian said he is still long Yahoo! and plans to add to his position next week. Kelly argued that Yahoo!'s core business is being undervalued by too much, and for that reason alone investors can consider a long position. He wondered if Softbank (SFTBY) should consider buying Yahoo!.
Seymour said that the "sum of the parts" valuation -- even without tax efficiency -- for Yahoo! is $46 per share, making the stock undervalued. Adami said he's not sure that Yahoo! will be able to clear $50 but thinks a move above $45 seems reasonable. Najarian reminded investors that Alibaba options would begin trading on Monday.