'Fast Money' Recap: Market Roundup

The markets ended mixed Friday, marking a week of indecision.

The Dow Jones Industrial Average dropped 34.01, or 0.40%, to 8,438.39, while the S&P fell 1.36, or 0.15%, to 918.90. The Nasdaq added 8.68, or 0.47%, to 1,838.22.

Guy Adami said on CNBC's "Fast Money" TV show that he doesn't see the next catalyst for the market and believes the S&P is heading to 870.

Joe Terranova agreed with Melissa Lee, the moderator of the show, that the next catalyst could be the next round of earnings in a week. He said the correction has been shallow so far, adding the market has shown an ability to digest negative information and hang in there.

Lee referred to some research from Bank of America (BAC Quote) and Merrill Lynch that showed a higher return in the market when the 50-day moving average rises above the 200-day moving average, as it did on June 23.

According to the research, when this "golden cross" occurs, the return on the market is 7% after three months, 8% after 6 months and 19% after 12 months.

Lee shifted the discussion to Palm(PALM Quote) up another 15.7% today to $16.22. Najarian said he really liked the direction of the company, especially its hot-selling Pre smartphone. Terranova said there are bullish signs that Palm could see an expansion of subscribers and return to profitability.

Najarian said he thought this week's deal between Nokia(NOK Quote) and Intel(INTC Quote) was big, especially for Intel because it will mean it will be getting into the business of phone chips.