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'Fast Money' Recap: Market Stalls

Stocks in this article: POTMCDRIG





NEW YORK ( TheStreet) - The markets eked out gains Monday as they digested some more earnings and encouraging news on new home sales.

The Dow Jones Industrial Average added 15.27, or 0.17%, to 9108.51, while the S&P 500 was up 2.92, or 0.30%, to 982.18. The Nasdaq rose 1.93, or 0.10%, to 1967.89.

Michelle Caruso- Cabrera, the moderator for CNBC's "Fast Money" TV show, said the markets reversed themselves 10 minutes before the end of the trading session.

Joe Terranova said the markets had an ecouraging start with some decent home sales numbers only to falter from a low volume day that left traders scrambling for cover toward the end of the session.

For a breakout of some stocks recently mentioned in the "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Pete Najarian said the session's low volatility meant investors were seeking put protection. He said that was a bullish sign because the puts remove the element of panic selling.

Najarian said that although he was encouraged by the 11% jump in home sales, he wouldn't be going into the homebuilding stocks because that would be like going into a "roach motel."

Terranova disagreed, saying the home sales increase indicates a stabilization in residential construction. Najarian replied, saying it's "way too early to go there."

Karen Finerman said Centex (CTX) is a homebuilder with a strong balance sheet and will be in a good position to take advantage of the situation when housing bottoms.

Caruso-Cabrera shifted the discussion to Amgen (AMGN), which was higher in after-hours trading after it reported higher profits on lower costs and restructuring and raised guidance.

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