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. 

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 - Get Report) and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP - Get Report) . 

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. 

Guy Adami, managing director of stockmonster.com, said the iShares Russell 2000 ETF (IWM) still seems poised to decline to $108. He likes Wynn Resorts (WYNN - Get Report) and Las Vegas Sands (LVS - Get Report) . 

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 - Get Report) 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.

Kelly said the junk bond market -- and specifically exchange-traded funds such as the SPDR Barclays Capital High Yield Bond ETF (JNK - Get Report) and iShares High Yield Corporate Bond ETF (HYG - Get Report)   -- seem likely to rally before declining even further. 

Adami pointed out the rally in the iShares 20+ Year Treasury Bond ETF (TLT - Get Report) and said rates on the 10-year Treasury bond seem likely to decline toward 2%.

Agios Pharmaceuticals (AGIO - Get Report) climbed 19% and was the first stock on the show's "Pops & Drops" segment. Adami said he continues to like biotech stocks, mainly Celgene (CELG - Get Report) and Gilead Sciences (GILD - Get Report) . 

Altria (MO - Get Report) jumped 2%. Seymour said the stock has a low valuation and an attractive yield. He is staying long. 

Pfizer (PFE - Get Report) dropped 1%. Najarian said the stock's forward valuation is cheap and he is a buyer. 

Micron (MU - Get Report) popped 7%. Kelly said investors can buy the stock because it seems poised to move above $35. 

BlackBerry (BBRY) climbed 5% after reporting a smaller-than-expected loss. Kelly said he added to his long call option position since the company's new phone appears to have enough pre-orders to at least break even. He suggested BlackBerry focus on enterprise solutions, something at which it is very good. 

Nike (NKE - Get Report) jumped 12% on a much stronger-than-expected earnings report. Adami said that while the report was great the stock has moved too high, too fast. He said to buy it on pullbacks. Seymour said he sold one-third of his long position. 

Because of Nike's strong report, Najarian said he likes Foot Locker (FL - Get Report) , which has a low valuation and strong balance sheet. 

For their final trades, Seymour is a buyer of Exxon Mobil (XOM - Get Report) and Kelly said he is covering his short position in the iShares High Yield Corporate Bond ETF in anticipation of a bounce higher. Najarian is a buyer of Yahoo! and Adami said to buy Bristol-Myers Squibb (BMY - Get Report) . 

-- Written by Bret Kenwell in Petoskey, Mich.

Follow @BretKenwell

Follow TheStreet.com on Twitter and become a fan on Facebook.

 

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter.