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'Fast Money' Recap: Wait-and-See Market

NEW YORK ( TheStreet) -- The markets closed mixed Wednesday on reports of a second eurozone bailout fund.

The Dow Jones Industrial Average was up 46.24, 0.38%, to 12,196.37. The S&P 500 rose 2.54, or 0.20%, to 1261.01. The Nasdaq was down 0.35, or 0.01%, to 2649.21.

With the European summit meeting looming at the end of the week, Joe Terranova said on CNBC's "Fast Money" TV show that the markets have taken a wait-and-see look. Still, he was positive about the chances for the S&P breaking through its 200-day moving average and moving higher.

Brian Kelly characterized the market as underinvested and filled with headline risks coming out of Europe.

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

Dennis Gartman said he believes European leaders will succeed in "kicking the can down the road."

Joe Terranova said the euro is trading well because it has become the proxy for the deutsche mark. He said Germany will prevail as the strongest country in Europe in mid-2012 while Greece and Portugal will exit the eurozone.

Melissa Lee, the moderator of the show, brought in Patrick Doyle, CEO of Domino's Pizza (DPZ), which was up 5% in the past week and 109.78% year to date.

She said the pizza delivery company took 1 million online orders the week after Thanksgiving. Doyle said his company hopefully will see one day digital orders exceed brick-and-mortar orders.

He said the trend is positive because those who order online order more, the tickets are higher and the operating costs lower. He said commodity costs have eased, noting the price of cheese has declined to $1.68 a pound from $2 a pound.

Lee noted that the financals were one of best performers of the day. Kelly attributed the rise to the alleviation of European pressure, chatter about some movement in the housing sector and signs that the economy is starting to turn.

Jeff Palma, a global equity strategist for UBS, said his firm is predicting a deep recession for Europe in 2012 that will have a limited impact for the rest of the globe.
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