NEW YORK (TheStreet) -- The euro broke to new lows, the U.S. dollar touched new highs and oil prices fell 4% on a busy Thursday trading session. Is a rate hike from the Federal Reserve back on the table? Brian Kelly, founder of Brian Kelly Capital, suggested as much now that recent economic data have been stronger than expected. 

A rate hike would likely add fuel to the rallying U.S. dollar, which would put further pressure on the euro, Kelly explained on CNBC's "Fast Money." The euro, which has a high correlation to oil prices, could then put downward pressure on the commodity, creating a deflationary environment. 

Tim Seymour, managing partner of Triogem Asset Management, didn't share the same concerns. A strong dollar and an oversupply of crude have been weighing on oil prices, but the market isn't pricing in a possible increase to demand. Oil has likely bottomed, he added. 

Due to the recent decline in West Texas Intermediate oil prices, refinery stocks including Tesoro Corp. (TSO) and Valero Energy (VLO - Get Report)  are benefiting, said Steve Grasso, director of institutional sales at Stuart Frankel. Investors can stay long the industry, he said. 

The rally in Tesoro seems likely to continue, added Guy Adami, managing director of stockmonster.com. However, volatility in oil is still elevated and seems likely to go higher, meaning the commodity could be headed lower. 

As for bonds, Adami said the iShares 20+ Year Treasury Bond ETF (TLT - Get Report) didn't trade too well on Thursday. A close below $125 may warrant reconsidering whether it's still time to be long. 

With that in mind, the trading panel discussed which stocks should be sold. Seymour said investors should take profits in Target (TGT - Get Report) . The stock is "fairly priced at this point," since rallying from $60 to $75 in the past two months, he explained. Target is doing well but there's no need to own it anymore.

Tesla Motors (TSLA - Get Report) has not been performing well but has rallied in recent weeks. Investors should take this opportunity to sell the stock, according to Grasso. Shares have been making a series of "lower highs," which is a bearish technical pattern.

Kelly is a seller of Texas Instruments (TXI) . Not only is the stock expensive at 23 times next year's earnings compared to its industry peers' valuation of 17 times next year's earnings, but it has a lot of exposure to the U.S. dollar. The stock is also rising too fast. 

Amazon (AMZN - Get Report) is another stock that has rallied too far too fast, according to Adami. Shares will likely "stall" near $400, he reasoned. 

The Federal Communications Commission approved net neutrality restrictions on Internet providers, which could ultimately threaten the planned merger between Comcast (CMCSA - Get Report) and Time Warner Cable (TWC) , according to Richard Greenfield, media and tech analyst at BTIG. The deal will either be blocked by regulators or the terms the company will have to take will be unappealing, he said. 

The net neutrality vote is also a big win for Netflix (NFLX - Get Report) , he said. The company's House of Cards third season will be available to subscribers on Friday and will kick off a big year of original content for Netflix, Greenfield says. The company will likely see strong international and domestic subscriber growth over the next few years. 

Adami is not a buyer of Netflix, saying the stock looks "toppy" near current levels. Wait for a pullback to the low $400s, he said.

For their final trades, Adami is buying Facebook (FB - Get Report) and Grasso is a buyer of Google (GOOGL - Get Report) . Seymour said to buy Coca-Cola (KO - Get Report) and Kelly is buying the ProShares UltraShort Euro ETF  (EUO - Get Report) . 

-- Written by Bret Kenwell

Follow @BretKenwell

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