'Fast Money' Recap: A Confident Market

Wall Street ended the week on a positive note as the Dow Jones Industrial Average and S&P 500 registered their fifth consecutive day of gains in an abbreviated market day on Friday.

The Dow rose 102.40, or 1.2%, to 8828.01 and the Nasdaq was up 3.47, or 0.2%, to 1535.57. The S&P 500 was up 8.48, or 1%, to 896.16.

Dylan Ratigan, host of CNBC's "Fast Money" TV show, said the market is finally behaving in a more confident and consistent manner.

Joe Terranova agreed, saying there is definitely momentum in the market. "Let's hope we can maintain it." Joe Kinahan said he's seeing "optimism in the market for the first time in six months. People are not exactly bullish but they are not bearish."

Looking ahead to the start of December, Terranova said it's crucial to get through the next couple of days in good shape. If that happens, he said, it will set the tone for the rest of the month. One of the pivotal moments next week will be the release of the unemployment numbers and its impact on the market.

Kinahan said the jobless figures are going to "stink," but "if they don't stink worse than expected," the market will be OK.

Turning their attention to the trading strategy on the price of oil, which was around $55 on Friday, Gartman said it would be mistake to be a buyer just because of the low price. He said the price of oil has to "reasonably" go up before he would buy.

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