Don't forget about earnings, which are set to begin later this month, Tim Seymour, managing partner of Triogem Asset Management, said on CNBC's "Fast Money" TV show. It helps that earnings estimates are low so companies might surprise investors with better-than-expected results.
David Seaburg, managing director and head of sales trading at Cowen and Company, said investors are taking advantage of small rallies by trimming their positions and realizing profits.
When investors are looking for reasons to book profits, that shows they are nervous and view stocks as fully valued, according to Brian Kelly, founder of Brian Kelly Capital. The non-farm payrolls report was weak which doesn't bode well for the economy.
The International Monetary Fund also released a statement on Thursday saying Greece would need around $60 billion over the next few years, Kelly pointed out. It seems like Greeks should vote "no" on whether to stay in the eurozone, he said.
So is this the calm before the storm? Guy Adami, managing director of stockmonster.com, doesn't think so, saying the "storm" was here on Monday when stocks fell by more than 2%.
Bonds traded well on Monday but have mostly traded lower since. Since the bond market doesn't show worry signs about Greece, this bodes well for stocks, which found support near the 200-day moving average, Adami added. A rally could ensue.
The stock is now back to the same levels it was at before Yelp made the announcement that it was looking for a buyer, said Bob Peck, managing director at SunTrust Robinson Humphrey. He has a buy rating at $52 price target on the stock.
The valuation isn't that high considering that Yelp still has reasonable growth, Peck explained. With an enterprise value of just $2.7 billion and 140 million users, the platform still has value, he added. The stock has limited risk as investors have priced in enough of a slowdown in growth.
"I don't like the stock," Seaburg said. Kelly agreed, with both traders saying the company's business can easily be duplicated and shares look to be headed lower. However, Seymour and Adami like the stock after Thursday's sizable decline.
Ben Kallo, senior equity research analyst at R.W. Baird, says the company should deliver 13,000 to 14,000 vehicles this quarter before ramping up production of the Model S and the new Model X in the fourth quarter. Tesla's energy storage business is also a catalyst that many investors are not currently pricing into the stock.
He has a buy rating and $335 price target on Tesla stock.
Seymour had been negative on the stock but has since turned neutral because the energy storage business is a huge catalyst going forward. The stock may struggle to get above the $280 to $300 area, however.
While shares are likely to go higher in the short term, Seaburg would avoid Tesla after the big rally. Investors who have been long should use a stop-loss at $270, Kelly added.
After saying to buy Tesla near $180, Adami says investors should still stay long. Analysts will likely raise their estimates going into earnings, which should give the stock a boost.
For their final trades, Seymour is buying Facebook (FB - Get Report) and Seaburg is buying Zayo Group (ZAYO - Get Report). Kelly is selling short Deutsche Bank (DB - Get Report) and Adami said to buy Valero Energy (VLO - Get Report).