In his 'Master Trading' portfolio, Bernie Schaeffer uses fundamental, technical and sentiment metrics to select trades. Here's a trio of ideas from Schaeffer's Investment Research.

"I have initiated a long position in Office Depot (NYSE: ODP). Price action for ODP has been strong, with the equity gaining more than 108% year-to-date.

"Recently, the equity pulled back to its 20-day moving average. There is heavy out-of-the-money put open interest for ODP. An unwinding of the short positions related to this open interest could provide a tailwind for the stock.

Options and trading specialist David Nassar discusses an intriguing short-term trade based on seasonal patterms at the end of October. Here's a look from his Marketwatch Options Trader.

"The global markets are still crashing, and a highly defensive approach remains warranted until very clear signs of stabilization take shape.

"Even if the broad market were to somehow stage a strong rally, we would expect a full retest of the lows, a few weeks out. Typically, October lows are retested in December (1974, 1987, 2002, et al).

"Despite this bearish outlook, we are recommending a 'October seasonal trade.' The seasonally most bullish period of the year is the end of October and the beginning of November.

"As a result, we usually try to trade this period for a rally. Given the above bearish market comments, you might think this strange, but understand that this is just a trade.

In her Edwards Charts, technical expert Yola Edwards reviews the outlook for gold, as well as her latest new buy recommendation, Barrick Gold (NYSE: ABX).

"Gold rallied faster than anticipated reaching my suggested lower target price of US$978.50 on February 29. The daily candlestick ended in a doji star and it could be setting up an evening star pattern suggesting lower prices ahead if gold cannot close above US$978.50. H

"However, there is a good possibility that the level will be exceeded as both the daily and weekly MACD are on buy signals. Additionally we have two long white advancing candles and a third if formed the first week of March would form a three advancing white soldiers pattern signifying strength ahead and i would then look for a rally to about US $1032.50.

"Another week and another 6-1/2 year recovery high for the S&P 500," says technical analyst Melvin Pasternak -- who sees several reasons to remain bullish. Indeed, Friday's close put the index above 1500 for the first time since September 2000. So what's next?

The editor of Swing Trader believes the S&P is now within "easy striking distance" of the all-time closing high set March 14, 2000, at 1527.46 and the intraday peak of 1552.87 made that same day.

As the rally over the past week unfolded, he notes, stocks rose on both economic statistics and takeover activity. He points to last week's report from The Institute for Supply Management (ISM), which saw its Manufacturing Index increase from 50.9 in March to 54.7 in April.

He explains, "That number allayed fears the economy might be cooling too quickly." He adds, "Even Friday's tepid non-farm payrolls number of 88,000 did little to dishearten the bulls. Instead, traders put together all the week's statistics and saw an economy that was not too hot nor too cold."

This "Goldilocks scenario" of moderate economic growth and tepid increases in labor costs, he explains, means inflation should stay low. As a result, he says, "This increases the likelihood the Fed will leave interest rates unchanged or even lower them in the coming quarters."

With many market commentators becoming increasing bullish as the market continues its move higher, trading expert Richard Rhodes cautions, "The tectonic plates beneath the market are shaking."

Th editor of The Rhodes Report explains, "Each day, we watch the current rally powering higher; and, each day we find our indicators becoming more and more overbought. While we are concerned about the overbought conditions, we are most concerned by the 'mini-mania' that has gripped stocks and the fact that this sharp rally is as narrow a rally as we have seen in many years."

He notes that the percentage of stocks above their 10-day and 200-day moving averages are now less than what they were at the February peak. He explains, "When the broader market rallies – then we want all the generals and troops moving together on a united front – and clearly this isn't the case.

And while noting that this is "worrisome," he also recognizes that it is foolhardy to attempt and call a short term top. He says, "We continue to believe that from a fundamental perspective that the probability of a bear market is higher than many anticipate at this time – however, the technicals don't yet support this." He quips, "It will end when it ends and not a day sooner."