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'Fast Money' Recap: Market Fears

NEW YORK (TheStreet) -- The markets managed to end in the black Tuesday after earlier gains were pared.

The Dow Jones Industrial Average gained 57.14, or 0.59%, to 9,743.62, while the S&P 500 added 5.48, or 0.54%, to 1,028.06. The Nasdaq added 2.09, or 0.10%, to 2,093.88.

Pete Najarian said on CNBC's "Fast Money" TV show that investors should keep an eye on the volatility index, which he says will be rising.

Tim Seymour said he was encouraged by the market's ability to bounce back after an Institute of Supply Management report that was weaker than expected.

Anthony Scaramucci said he expects the market will do well in the back half of the year after digesting a wave of bad news. He said he was impressed with the price action in Europe and the fundamentals of companies.

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

Najarian said the rise in the chip index should lift the major technology names.

Still, Joe Terranova voiced a cautionary note when he pointed out how the market gave up a large part of its gains from the early part of the trading session..

Brian Kelly agreed, saying he just didn't see all the positives the other panelists were seeing. He said unemployment remains a problem and inventories are too high.

But Doug Kass, founder and president Seabreeze partners Management and a columnist for TheStreet.com, took issue with Kelly, saying that "this business is going to be fun again and it's going to happen sooner than people think."

He said the market has traveled the path of fear that has been disconnected from the fundamentals and other risk assets. He said that the manufacturing and non-manufacturing ISM index is in line with the six-month average and that employment in the June ISM non-manufacturing index dropped marginally.

He said the market is probably discounting a $70-a-share S&P 2011 profit, less than 0.50% economic growth, and monthly job losses, all of which he argued will not occur.

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