'Fast Money' Recap: Looking for a Catalyst

The markets endured a choppy session Friday, ending a listless week of trading.

The Dow Jones Industrial Average was down 15.87, or 0.19%, to 8,539.73, while the S&P 500 was up 2.86, or 0.31%, to 921.73. The Nasdaq added 19.75, or 1.09%, to 1,827.47.

Joe Terranova said on CNBC's "Fast Money" TV show that the stability of market was shaken after the energy-resource trade was lost. He said that trade had been the "driving force for high equity valuation."

Jared Levy, on the other hand, said he feels next week could be a "big one" for the commodities and energy sector.

Tim Seymour also was optimistic about the market, saying the S&P traded above its 200 moving-day average. He expects the Fed will say something "very much" in line at its meeting Wednesday.

Guy Adami, though, said the market is "grinding down." "People are happy and complacent. I don't think that's the right way to be right now," he said.

Adami advised viewers to start buying stocks on dips off a list of stocks the panelists have been talking about in recent weeks.

Matt Nesto, the host of the show, brought in Jim Goldman, a CNBC to talk about the debut of the iPhone 3GS from Apple (AAPL Quote).

Goldman said an analyst had told him that he was revising upward his estimate of 500,000 sales for the week. He said early adopters were buying the iPhone 3GS's, adding he hadn't seen any evidence of a "halo" effect yet.