'Fast Money' Recap: No Man's Land

NEW YORK (TheStreet) -- The markets crawled to the finish Friday on mixed economic news.

The Dow Jones Industrial Average rose 12.85, or 0.12%, to 10,624.69, while the S&P 500 declined 0.25, or 0.02%, to 1,149.99. The Nasdaq was down 0.80, 0.12%, to 2,367.66.

Gary Kaminsky said on CNBC's "Fast Money" TV show that Monday will be important because portfolio and money managers will look at names in the S&P such as Citigroup(C) and AIG(AIG) that drove this week's rally. He said the performance of those names will set up the market for the next two weeks.

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

3 Stocks I Saw on TV

Kaminsky expressed caution about AIG, which he called a "liquidating trust." "If you don't play this right, you are going to lose a ton of money," he said.

Tim Seymour said there have been record fund flows into the emerging markets in the first quarter.

Joe Terranova said 2010 requires a different trading strategy because there's been so little market momentum. He said investors have to adjust by taking a contrarian stance in their trades.

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Karen Finerman said the market is moving into a period between earnings where trading will be difficult because not much is happening.

Todd Gordon, of Forex.com, said he was noncommittal in the currency and equities markets given the light volume. He noted the volume of the New York Stock Exchange was the lightest since August 2003. Kaminsky, though, said some believe the lack of a selloff in such a light-volume market is a "good sign."

Melissa Lee, the moderator of the show, shifted the discuss to Lehman Brothers and a report by the U.S. bankruptcy court examiner that the company's top executives had manipulated its balance sheets to hide billions of dollars of toxic assets so as to appear solvent.

Jacob Zamansky, of Zamansky & Associates, said the case reminded him of the off-balance sheet accounting tricks at Enron. He said ex-CEO Richard Fuld and the CFO should be held accountable. "They knew what was going on,"' he said.