'Fast Money' Recap: Market Hurdles

The markets closed the week on a positive note after a mixed trading session on Friday.

The Dow Jones Industrial Average was up 12.89, or 0.15%, to 8,763.13, while the S&P was down 2.37, or 0.25%, to 940.09. The Nasdaq fell 0.60, or 0.03%, to 1,849.42. For the week, the Dow was up 3%, S&P, up 2% and Nasdaq, up 4%.

Melissa Lee, the moderator of CNBC's "Fast Money" TV show, asked the panel whether the markets have priced in the end of the recession after stocks finished higher for the third consecutive week.

Guy Adami was worried about the broad-based reversal in the markets today after a big rally early in the session. He said that reversal led him to believe that the market may have reached a top.

Joe Terranova said today's trading session was a classic situation of good news and bad price action. He said uncertainty has crept back into the marketplace with people wondering whether the economy, consumer and asset prices "can fly on their own without the Federal Reserve supporting them."

Tim Seymour said it was impressive to see the commodities holding their own against a rally in the dollar. That led him to believe there is more life to the rally.

But Karen Finerman wondered whether companies can actually earn what they are projected to earn. She said the bar has moved up quite a bit since the last round of earnings. She again expressed her concern over the outcome of next week's auction of 10- and 30-year Treasuries, calling them a more important factor for the markets than the unemployment number.