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 He was surprised the U.S. stock market rallied so much, adding, "I don't know what happens next with the market."

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 and, 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 - Get Report) 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 - Get Report) 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 - Get Report) 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.

Another stock investors should part ways with is Home Depot (HD - Get Report) . Kelly reasoned that consumers are saving right now, not spending. "There's an awful lot priced into this stock," he added. It's time to take profits.

Sony (SNE - Get Report) climbed 6% and was the first stock on the show's "Pops & Drops" segment.
"It's not my favorite," Adami admitted, but investors can stay long the stock. 

Expedia (EXPE - Get Report) popped 5%. Grasso said investors should use the move higher to take profits.

Starbucks (SBUX - Get Report) dropped 2% after reporting fourth-quarter earnings results. Comp-store sales were strong and the company's growth is attractive, Najarian reasoned. He is a buyer of the stock. 

Control4 (CTRL) soared 13% following its strong earnings. Kelly said he is long the stock and it still seems like an attractive M&A target.

Control4 may have climbed 13%, but Glu Mobile (GLUU - Get Report) did the opposite, falling 13% for the week after reporting earnings. CEO Niccolo de Masi told the panel that over 53% of third-quarter revenue came from the Kim Kardashian: Hollywood game. The company recently extended Kim Kardashian's contract until 2019 and will continue to issue updates. "We have many other games that generate revenue streams," de Masi added, but the Kardashian game has good retention rates and users continue to pay. 

"You only buy it because of its short interest," Adami said of Glu Mobile. If there is a large short-covering rally, the stock will move higher. 

Najarian said investors should only use options as a way to play Glu Mobile in order to limit their risk. The stock is an "absolute no-touch," Kelly added. 

For their final trades, Najarian is buying Goldman Sachs (GS - Get Report) and Adami said to buy Citigroup (C - Get Report) . Grasso is a buyer of Best Buy (BBY - Get Report) and Kelly is buying the WisdomTree Japan Hedged Equity ETF (DXJ - Get Report) .

-- Written by Bret Kenwell

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