Trader Steve Grasso said he's stepping away from the market because he is "waiting for this [it] to crack." He said he sold Qualcomm (NASDAQ: QCOM) and Micron Technology (NASDAQ: MU), but he is still invested in housing stocks and positioned for impending mergers and acquisitions across the market.
Grasso said he will return to the market if the S&P 500 (INDEX: .SPX) jumps over 2400 points on substantial data that's more than just sentiment. The S&P closed at 2355.54 points on Friday, down 0.08 percent.
Trader David Seaburg said he was impressed by the resilience of the market following the U.S. airstrike on Syria. He said he likes the healthcare (NYSE Arca: XLV) and technology (NYSE Arca: XLK) sectors. He said merger and acquisitions should accumulate in the technology space.
Trader Brian Kelly said he will continue to ride high with Wal-Mart (NYSE: WMT). The retailer was upgraded by a Telsey Advisory Group analyst on Friday and saw the company's shares saw a 2 percent gain. He said he got into Wal-Mart because he continues to believe the possible border adjustment tax will not become law.
The iShares Nasdaq Biotechnology ETF (NASDAQ: IBB) sector earned favor from Guy Adami with its consistent move higher. The exchange-traded fund is up over 3 percent in the last 3 months.
Adami also said he likes Wal-Mart. He said the stock should continue its climb and outperform Target (NYSE: TGT).
Steve Grasso's firm is long AON, BX, CUBA, DIA, F, HES, ICE, KDUS, MAT, MFIN, MJNA, MSFT, NE, RIG, SNAP, SPY, SQBG, TITXF, UA, WDR, WPX, ZNGA. Grasso is long CHK, EEM, EVGN, GDX, KBH, MJNA, MON, OLN, PFE, PHM, T, TWTR, VRX. Grasso's kids own EFA, EFG, EWJ, IJR, SPY. No shorts.
"Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc. David Seaburg and Cowen have a financial interest in EDIT. Diamond Offshore: an employee of Cowen and Company, LLC serves on the Board of Directors of Diamond Offshore"
Brian Kelly is long Bitcoin, FXI, HLF, TSLA, WMT, XBI.
Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.
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