NEW YORK (TheStreet) -- Just because the word "patient" came out of the Federal Reserve's statement, doesn't mean a rate hike is coming in June, Pete Najarian, co-founder of optionmonster.com and trademonster.com, said on Thursday's CNBC "Fast Money Halftime" show.
As a result, investors should stick with trends that continue to work. Specifically, Najarian likes health care stocks, namely Biogen Idec (BIIB - Get Report), Gilead Sciences (GILD - Get Report), Celgene (CELG - Get Report) and UnitedHealth Group (UNH - Get Report).
Investors should be patient, said Joseph Terranova, chief market strategist for Virtus Investment Partners. Investors should wait to see how the market develops and stick with what's working, much like Najarian said.
He likes health care stocks and believes the U.S. dollar will continue to rally.
Interest rates seem likely to stay "lower for longer," said Jon Najarian, co-founder of optionmonster.com and trademonster.com. He likes Kinder Morgan (KMI - Get Report), which is a pipeline company with a 4.3% dividend yield.
When rates do move higher, it will mostly be short-term rates, Jon Najarian added. Long-term rates, like 10-year yields, won't likely climb that much when the Fed does ultimately raise interest rates.
Wednesday's surge in the euro was short-lived, as the dollar regained strength on Thursday, said Josh Brown, CEO and co-founder of Ritholtz Wealth Management. Utilities are rebounding, growth stocks and small cap companies are leading the way higher, and health care and technology stocks are the leading sectors.
Brown added that the bond market continues to signal that a rate hike in June isn't happening. Investors are starting to agree that September will likely be the earliest time for a rate hike.
The Fed will likely only raise interest rates once or twice in 2015, said Edward Yardeni, president of Yardeni Research. Fed chairwoman Janet Yellen isn't satisfied enough with the labor market to justify more rate hikes than that. With central banks worldwide providing monetary stimulus, it makes it harder for the Fed to tighten its fiscal policy, given the strength of the dollar and weakness in other currencies.
Because the rate hikes will be less frequent, there appears to be less upside for the dollar, Yardeni said. He added that stocks aren't necessarily cheap at current valuations, while the euro looks like it's headed to parity with the dollar.
The conversation turned to eBay (EBAY - Get Report), which was downgraded from hold to sell by Gene Munster, a senior analyst at Piper Jaffray. While the stock has an attractive valuation, he said the real question becomes, "will you use eBay products more in two years or less in two years?" Ultimately, it seems users will use them less, he said, which led him to the downgrade.
eBay's Marketplace business is likely to have slower growth than the rest of the e-commerce industry, while PayPal will likely lose market share as competition increases from Facebook (FB - Get Report), Apple (AAPL - Get Report), Google (GOOGL - Get Report) and even Snapchat.
Brown reasoned that the growing market in the mobile payments space could actually lead to increased market share for PayPal. The stock looks likely to rise above $60, he said. Pete Najarian agreed.
Dana Telsey, CEO of Telsey Advisory Group, was a guest on the show, saying Guess (GES - Get Report) remains a "work in progress" despite beating earnings estimates and its 15% stock rally. She remains negative on Aeropostale (ARO), Coach (COH) and The Bon-Ton Stores (BONT). Telsey likes Tiffany & Co. (TIF - Get Report), Lululemon Athletica (LULU) and L Brands (LB).
Pete Najarian likes athletic apparel companies like Under Armour (UA - Get Report), Nike (NKE - Get Report) and Foot Locker (FL - Get Report), while Terranova is waiting for a turnaround for Michael Kors (KORS).
For their final trades, Jon Najarian is buying Monster Beverage (MNST - Get Report) and Brown is a buyer of Carter's (CRI - Get Report). Pete Najarian said to buy protection while the CBOE Volatility Index (VIX.X) is cheap, while Terranova is selling the Utilities Select Sector SPDR ETF (XLU - Get Report) and buying the Health Care Select Sector SPDR ETF (XLV - Get Report).