Nike looks like the next big retail name set to soar, RiskReversal.com's Dan Nathan said.
"This is one that is setting up for the next positive catalyst towards a breakout ... and that catalyst is earnings in late September," he added. Nathan is long September and October call spreads on Nike.
Brian Kelly of Brian Kelly Capital said that he expects a breakout in gold and in the miners ETF, GDX.
"The most important question gold investors have to ask themselves is: Is the Fed going to tolerate a little higher inflation than perhaps their target and keep rates low?"
This could be very positive for gold, he added, and the miners ETF could easily ramp higher.
Kelly holds a long position in GDX.
Guy Adami of Private Advisor Group looked to the biotech space.
"Exact Sciences has a noninvasive colorectal cancer screening test," he said. "It's basically an intellectual property play. There's also a 35 percent short interest in the stock."
Adami went on to urge caution on short interest plays but reiterated that he saw Exact Sciences as a major breakout candidate.
—By CNBC's Courtney Gartman