NEW YORK (TheStreet) -- Still no deal on Greece, and investors are growing impatient. The lack of a deal helped push the S&P 500 down nearly 1% Wednesday.
However, Guy Adami, managing director of stockmonster.com, is optimistic. "I still think the S&P 500 has room to the upside" although he said the iShares Transportation Average ETF (IYT) looks likely to decline to $138.
The transports, particularly railroad and airline stocks, have continued to struggle, said Brian Kelly, founder of Brian Kelly Capital. The recent railroad carload data were lower from last week and year over year, indicating consumer demand isn't as strong as many had hoped. "We have a stagnant economy at best," Kelly said.
Dan Nathan, co-founder and editor of riskreversal.com, referred to famed-investor Carl Icahn's comments earlier in the day that he is being cautious on the market. Nathan didn't think these comments pulled stocks down but found it notable Icahn is positioning himself defensively.
Icahn also referred to the high-yield market as a very dangerous investment. Kelly agreed, calling it "a disaster waiting to happen."
With stocks near all-time highs, revenue growth needs to continue, said David Seaburg, managing director and head of sales trading at Cowen and Company. He has concerns about the high yield market but thinks investors should be invested in stocks.
Gene Munster, managing director and senior research analyst at Piper Jaffray, explained his bullish research report on Apple (AAPL). He said the current iPhone 6 currently sells for 72% of its retail value 265 days after launch. The previous iPhone 5S only sold for 60% of its retail value 265 days its launch.
According to Munster, the stronger resale value indicates that demand for the new iPhone remains very strong, which is an important indicator for future iPhone demand. Similar results were found in China as well. He expects the next iPhone - presumable the iPhone 6S - to have higher margins, which will help increase profitability.
Munster has an overweight rating and $162 price target on Apple.