'Fast Money' Portfolios of the Week

The traders of CNBC's "Fast Money" are in the camp that believes momentum is ready to take this market higher, not toward an imminent correction. Joe Terranova thinks the current market action is all about asset allocation and that money is flowing into the market. However, he has also warned investors to be defensive because some of the leaders such as financials, energy and materials are starting to roll over.

Tim Seymour thinks the market is in a nice zone, at least until second-quarter earnings are released. A bearish set of second-quarter earnings could be just the catalyst that sparks a correction in the stock market. Predicting earnings is a difficult game, so the traders are sticking to finding stocks that continue to work in the current environment. The crew is also discovering some great trading opportunities that have specific catalysts to drive certain sectors higher.

The panel recently highlighted trading ideas that play off of General Motors'(GMGMQ Quote) bankruptcy, stocks to buy off the improving Chinese economy and stocks with cancer breakthroughs. Here are some highlights from over the past week as aggregated from the show.

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