'Fast Money' Recap: Favorite Picks - TheStreet

NEW YORK (

TheStreet

) -- The markets ended on the upside Friday in another volatile session.

The

Dow Jones Industrial Average

added 38.54, or 0.38%, to 10,221.07, while the

S&P 500

edged up 4.76, or 0.44%, to 1,091.60. The

Nasdaq

gained 24.89, or 1.21%, to 2,243.60.

Tim Seymour said on

CNBC

's "Fast Money" TV show, that it was a "quiet macro-trading" day that was influenced by China's PMI report, an upgrade in Germany's GDP and disappointing retail sales in the U.S.

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 onTV

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Guy Adami said that the market performed up to expectations the past two days after a head fake on Wednesday. He said one stock that has performed regardless of the direction of the day was

Akamai

(AKAM) - Get Report

, which hit a new 52-week high.

Pete Najarian said the investors have shown a propensity to buy when the volatility index hits 30 and sell when it hits 36 or 37. He said investors shouldn't read too much where the volatility index closed today, at 28.

Melissa Lee, the moderator of the show, shifted the discussion to the disappointing retail sales report.

Karen Finerman

said the numbers cast some doubt on consumer spending but said it was still too early to call a trend. She said there were two stocks she liked in this space:

Best Buy

(BBY) - Get Report

and

Corning

(GLW) - Get Report

.

Patty Edwards agreed with that assessment, saying her favorite retail picks were Best Buy,

J Crew

( JCG) and

Nordstrom

(JWN) - Get Report

.

Adami took the other side of the debate, arguing that the consumer is not in good shape based upon the latest troubling jobless numbers, tax revenues and disappointing retail sales figures.

Looking ahead to the upcoming earnings season, Gary Kaminsky said the chatter he's hearing is that second-quarter earnings look good and might be enough to push the market higher -- if companies don't issue warnings between now and end of the month.

Lee noted that

BP

(BP) - Get Report

was up for a second day as the focus turned to what the company would do with its dividend.

Najarian said the unusually large amount of options activity suggests that traders are trying to play it on both sides of the fence.

Finerman said BP's bonds had been slow to react to the Gulf crisis but have responded significantly recently as the possibility of bankruptcy has been raised. She said the bankruptcy, if there is one, would affect the U.S. subsidiary of BP.

Seymour said the entire matter has become political football with no end in sight. For that reason, he said he's staying away from the stock.

Edwards said the shorts seem to trying to push the stock down to $25. She also heard a rumor that the company might suspend its dividend this year but pay a special one next year.

Will the market head lower? Jeremy Zirin, chief equity strategist for UBS Wealth Management Research, said the S&P could move another 10% to the downside. He said his prediction is consistent with prior periods of extreme market volatility when the S&P went down 20%.

In such an environment, he said he would go with defense stocks such as consumer staples and utilities and undervalued cyclical equities such as tech and energy stocks.

Najarian said he picked up some

Marvell Technology

(MRVL) - Get Report

, has saw double the normal amount of options activity today.

With coal stocks on a run, Meredith Bandy, mining analyst for BMO Capital, said she liked

Peabody

(BTU) - Get Report

and

Alpha Natural

(ANR)

as pure plays. She remains bullish on coal stocks because China needs a lot of it to meet its power generation needs and steel production.

She said the same can't be said for

Consol

(CNX) - Get Report

, which is half natural gas, half coal.

In the final trades, Seymour liked

Telefonica

(TEF) - Get Report

. Adami liked Akami while Finerman liked

CVS

( CV). Najarian liked

Teck Resources

(TCK)

.

-- Written by David Tong in San Francisco

To watch replays of Cramer's video segments, visit the Mad Money page onCNBC

.

"Check out

"'Fast Money'Portfolios of the Week" on Stockpickr every Thursday.

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