What looked like a market decline early Tuesday on geopolitical tensions turned into a decent day for stocks, with the tracking S&P 500 ETF (SPY - Get Report)  ending the day higher by 0.2%. 

On CNBC's "Fast Money" TV show, Pete Najarian, co-founder of optionmonster.com and trademonster.com, said Apple (AAPL - Get Report) and Microsoft (MSFT - Get Report)  each had notable rallies, which helped to pull stocks higher. Then the financial sector joined the party while the CBOE Volatility Index (VIX.X) dropped. 

Guy Adami, managing director of stockmonster.com, said that ever since recession 2008 he's been watching for the next catalyst that could crush the market to avoid being caught off guard. However, he said, each time something bad comes up investors tend to shake it off and push stocks higher

That is what happened today. Perhaps investors believe the Fed will step in if the market melts down and do something to help support the stock market, Adami explained. For now, stocks remain the best investment. 

Geopolitical risks could push up the price of oil, which would be bad for consumers, according to Dan Nathan, co-founder and editor of riskreversal.com. If oil prices rise, then look for shares of Walmart (WMT - Get Report) to come under pressure and possibly fall to $50. 

Steve Grasso, director of institutional sales at Stuart Frankel, said the S&P 500 bounced near support at 2,070 as investors became more and more "numb" to geopolitical events. He's a buyer of defense stocks such as Boeing (BA - Get Report) . 

Adami agreed, suggesting Lockheed Martin (LMT - Get Report) , Northrop Grumman (NOC) and General Dynamic (GD - Get Report) . Nathan is a buyer of the U.S. dollar, and Najarian is buying put options on the SPY ETF to protect his portfolio from a potential pullback. 

Just in time for the U.S. Thanksgiving holiday, Helane Becker, managing director and senior analyst at Cowen & Company, said investors can expect some sort of slowdown in air travel bookings as a result of the recent terrorist attacks in Europe. Airlines have already been cutting back on their flights to Europe because of the strength of the U.S. dollar and lower fuel surcharge revenue. 

Most passengers who plan to travel during the holidays have already booked their trip and likely will not cancel, she said, but future bookings could see a hit, which will affect airlines' first-quarter results.

Over the longer term, however, demand -- which has been very strong -- should remain strong, especially since the recent travel warning from the State Department seemed to be more of a precautionary reminder than anything else, Becker said. 

She has a buy rating on Southwest Airlines (LUV - Get Report) with a $50 price target, a buy rating on Spirit Airlines (SAVE - Get Report) with a $50 price target and a buy rating on Alaska Air Group (ALK - Get Report) with a $90 price target. 

Najarian likes airline stocks, but said it is troubling that some are breaking below their 50-day moving average support. If these stocks can get back above that moving average, they will be more attractive on the long side. He likes JetBlue Airways (JBLU - Get Report) , and Hawaiian Holdings (HA - Get Report) on a pullback. Grasso likes SkyWest (SKYW - Get Report) on a pullback, as well as JetBlue. 

Nathan said travel Web site companies can't juggle capacity as airlines can to account for a change in traffic. Travel sites with fewer bookings will have less profit, and he thinks Priceline (PCLN) could see a slowdown, especially with the strength of the U.S. dollar.

Adami said although the valuation isn't very high, Priceline shares look poised for more downside. Last quarter was "solid," but guidance for next quarter was "lousy" and that was before the recent terror attacks, he said. The stock could drop to around $1,000 per share from the current $1,240.

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