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'Fast Money' Recap: How 'Smart Money' Sees Syria

NEW YORK (TheStreet) -- The broader market slowly traded lower throughout the day, ending the session with small losses.

President Obama has yet to make a final decision on when or if the U.S. military will intervene in Syria, after Secretary of State John Kerry said there was "clear proof" the Assad regime used chemical weapons in a recent attack.

Retired colonel Jack Jacobs, an analyst for MSNBC, was a guest on the show and said a U.S. attack on Syria should be this weekend if it's going to happen. If there are military strikes, they should last between one to three days and involve no ground forces.

However, Jacobs said he doesn't think the reward justifies the risk of such an attack.

Since 1991, the stock market has generally reacted positively following a U.S. airstrike. On average, the S&P 500 has been up 1.03% one week later, 1.93% two weeks later and 3.32% four-weeks later. Crude oil has shown a similar pattern.

Brian Kelly said he went long crude oil on Friday and is holding it through the weekend. He added there's a possibility there could be a supply disruption, depending on how other countries react to a possible attack on Syria.

Steve Grasso said the window is very small for the military to carry out a strike and that "smart money" is likely buying Friday's weakness. He expects a rally next week.

Erin Gibbs said investors seem to be flowing to defensive stocks for their safety. She added that higher oil could hurt the U.S. GDP.

Guy Adami thinks the market will likely open higher on Tuesday and stressed that support near 1,625 in the S&P 500 needs to hold, otherwise it could test the 200-day moving average at 1,545.

Despite the geopolitical tension, gold has failed to move higher, falling for a third straight session. Kelly said the commodity has already had a massive run and the uncertainty over the Federal Reserve and its bond tapering makes this asset a "no touch" until after the Fed meeting in September.

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