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'Fast Money' Recap: Russia's Threat to Ukraine and the Markets

NEW YORK (TheStreet) -- How will the markets react to a potential crackdown by Russian forces in Ukraine? Jitters increased in the last hour of trading Friday, creating some uncertainty moving forward. 

On CNBC's "Fast Money" TV show, Steve Grasso, director of institutional sales at Stuart Frankel & Company, said the market's falloff around 2:30 p.m. ET Friday indicated that nobody wants to hold the highs in the market right now.

Brian Kelly, founder of Brian Kelly Capital, said he lightened up on risk in his trading Friday because he simply doesn't know what's going to happen geopolitically over the weekend, whether there's some sort of invasion or oil spike. He sold gold today and didn't buy it back this afternoon.

Kelly asked, "What would you rather own with the market at highs like this? Apple (AAPL) or the market?" He's much rather be in Apple because of events like this than S&P futures.

"I'm shying away from Japan" because of events like this, said Tim Seymour, managing partner at Triogem Asset Management. Asian markets will be trading Sunday night and "we'll get a sense of where they stand," he said. It's one thing to have Ukraine spiraling out of control, "but when you've got Russia on the doorstep and given what they've done with Georgia in the past, the threat of force is not out of the question."

Still, Seymour said, "I do not think Ukraine is going to derail this market. I think it might provide an excuse for traders, and that's not a bad thing."

The most impressive thing of the day was that the S&P declined heading into the end of the day, and then rallied back a bit, said Guy Adami, managing director of stockmonster.com.

International unrest could be a reason to buy bonds, Kelly said. There was a big move in the bond market Friday and could be a safe haven.

The panel broke for President Obama's press briefing. Obama warned Russia against using military force in Ukraine, cautioning that intervention would be "deeply unstabilizing" and that there "would be costs" for any action taken by Russia.

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