NEW YORK (TheStreet) -- The Bank of Japan surprised global stock markets on Friday after announcing an increase to its stimulus program. "This is an outrageous, terrible idea," said Brian Kelly, founder of Brian Kelly Capital. The U.S. stock market doesn't realize it but it will likely lead to deflation, he reasoned.
Japan seems to have lost control of its bond market and currency, according to Guy Adami, managing director of stockmonster.com. He was surprised the U.S. stock market rallied so much, adding, "I don't know what happens next with the market."
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The market may correct a little bit, said Steve Grasso, director of institutional sales at Stuart Frankel, but overall the S&P 500 is likely to climb to the range of 2,080 to 2,100.
Now that the S&P 500 has rallied so much, the volatility index has dropped significantly, Pete Najarian, co-founder of optionmonster.com and trademonster.com, pointed out. Investors should stay long stocks but use the drop in volatility to "buy portfolio protection."
The conversation quickly shifted to specific U.S. equities and whether it was to "buy" these stocks or say "goodbye" after a good run.
"Apple (AAPL) is a buy and it's going to $110," Najarian said. After the holidays it wouldn't be surprising if the stock climbed to $120. He also liked Celgene (CELG) going into 2015 because of its strong pipeline.
Adam added that Celgene has "strong cash flows, great drugs and a tremendous balance sheet." At 21 times forward earnings, the stock isn't that expensive either.
Since the market might be topping out and with shares of FedEx (FDX) up 16.4% for the year to date, it's time to say "goodbye," Grasso said. If the market does pullback, then investors can buy this stock at a cheaper price.