'Fast Money' Recap: Market: Sideways or Up?

Adami said he didn't trust today's action in oil. He said he would hesitate to invest in oil based on statements from China.

Retail stocks were lifted by an upgrade of JC Penney(JCP Quote), but Adami said the easy money has already been made in this sector. Still, he said some retail names, including Gap(GPS Quote) and Home Depot(HD Quote) have done very well because they have been efficiently run.

Finerman said she was impressed with a statement from Hewlett-Packard(HP Quote) that it would be increasing the number of notebooks it will ship, from 34 million units to 38 million units. She said that shows something about consumer confidence.

Lee shifted the discussion to Apple(AAPL Quote) and Steve Jobs' return to work.

Mike Abramsky, RBC Capital Markets managing director, said investors feel comfortable team with the management team and that innovation is live and well. He is high on Apple because the smartphone market is the only high-growth market in the tech industry with prospects for growth as high as 50%. He said the iPhone is exposed to that, adding it is a 10-year platform with a lot of innovation to come.

Will the bull market in commodities market continue? Lee put that question to Greg Weldon, Weldon Financial CEO president, said there is still plenty of upside to the commodities, which he said is a function of the dollar and by extension, Fed policy.

With the weakening dollar, he likes trades in gasoline, sugar and precious metals. He's also bullish on steel and iron ore as an infrastructure play in China.