'Fast Money' Recap: Market Shift Coming

NEW YORK (TheStreet) -- The markets ended mixed Tuesday as consumer confidence hit a five-month low.

The Dow Jones Industrial Average was up 12.26, or 0.12%, to 10,537.69, while the S&P 500 fell 1.17, or 0.17%, to 1,113.84. The Nasdaq was down 8.18, or 0.36%, to 2,288.25.

Jon Najarian said on CNBC's "Fast Money" TV show said he found it encouraging that the market was able to hold on and that the VIX was able to stay below its 200-day moving average.

Joe Terranova used another technical barometer to determine the next market upswing: the S&P 500's 100-day moving average, which he pegged at 1,128. He said investors should be watching that point as well as the 10-year Treasury yields and gold.

Guy Adami, a bear, said he's expecting a "violent" move in the markets in the next couple of weeks, "one way or the other."

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

Terranova said it's very difficult to be bullish or bearish these days. Rather, he said investors are more inclined to be short or long and adjust quickly to macro news and earnings results along the way.

Steve Grasso disagreed in part, saying his clients are not shorting this market.

Brian Kelly characterized today's move up as a correction in an overall downward trend. He said it's painful to be short, then quickly added he wasn't very short at the moment.

Melissa Lee, the moderator of the show, said commodities were down today, with gold dropping $25 for the day. Adami said investors are starting to see how quickly gold can unwind. Terranova said he was reallocating from gold and Treasuries and into equities.

Despite a record loss reported by BP(BP), Whitney Tilson, managing partner of T2 Partners, said the oil company still has enormous liquidity. Terranova said the key question for BP is whether the Obama administration will allow it to continue drilling in the Gulf of Mexico. Adami said he could see only potential negatives left in the stock and believes BP will trade down to $34.