U.S. markets bounced back Friday following Thursday's sell-off spawned by geopolitical tensions from Ukraine to Gaza. On Friday's episode of "Fast Money," the panel was split on how exactly to approach the markets over the next few weeks.
Guy Adami of TradeMonster.com said he was "shocked" that stocks performed so well on Friday, given the breadth of Thursday's selloff. Adami said he still sees weakness ahead for small caps and potentially for other sectors, as well.
"I still think the Russell 2000 is potentially broken at this point … we'll see what happens to the broader market," he said.
Brian Kelly of Brian Kelly Capital also took a bearish view, and said he still thinks the market will "price in a worst-case scenario" regarding the escalation of tensions in Russia and Ukraine.
Steve Grasso of Stuart Frankel said he doesn't think investors are "truly nervous at this point," and Tim Seymour of Triogem Asset Management also that said he sees bullish action in the markets. According to Seymour, some traders are still "rotating into big-cap stocks where they still feel that there's a valuation argument."
Apart from giving their macro view of the trading landscape, each trader also focused in on a stock to watch ahead of earnings.
Tim Seymour said he was watching Starbucks. "They are growing internationally, unlike any other player in this space … I expect better guidance," he said.
Starbucks is expected to report earnings on July 24.
Brian Kelly said to be short of Boeing going into earnings, citing challenges from competitors. "We just came through the Farnborough Air Show. Boeing did okay, but Airbus did much, much better," he said.
Steve Grasso recommended staying long of Apple ahead of its earnings report. "Going into the iPhone 6 release … going into September, October, I think you see this thing above par," he said.
Finally, Guy Adami said that while Caterpillar may trade higher into earnings, it may be best to sell right before the company's report.
"I think it continues to rally into earnings. I think they have to knock the cover off the ball for this rally to continue … you're long into earnings, sell ahead of it," he said.
—By CNBC's Michael Newberg