'Fast Money' Recap: Faint Signs of Hope

The trading session ended flat Thursday after some discouraging job claims numbers and dismal June retail sales.

The Dow Jones Industrial Average added 4.76, or 0.06%, to 8,183.17, while the S&P 500 rose 3.12, or 0.35%, to 882.68. The Nasdaq added 5.38, or 0.31%, to 1,752.55.

Guy Adami said on CNBC's "Fast Money" TV show that the S&P had a decent day today but Friday will be the "tell."

Joe Terranova noted the consumer confidence numbers, which have been on the rise in the past few reports, are due out tomorrow. "Let's see if they rise again," he said.

Tim Seymour said he looked past the jobless claims numbers today to numbers coming out of China showing auto sales were up 48%. That gave a boost to metals and resources, and that was "the story today" along with a weaker dollar, he said.

Shifting to financials and an upgrade in Goldman Sachs (GS), Adami said he felt it was a little too late to be getting into Goldman.

He thought the better play was with JPMorgan Chase (JPM). He said he would short the stock with a stop above $35.25.

Terranova said he wouldn't play the financials from the short side. He sees Goldman, which expects about $26 billion in trading revenue for 2009, going higher.

Lee shifted to oil stocks which were up today despite crude dipping below $60 at one point in the session. Finerman, who noted this dichotomy Wednesday, said money is going into the equities or other places around the world because the market is seriously taking the Obama administration's efforts to curb speculation in the commodities markets.

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