The markets endured a choppy session Friday, ending a listless week of trading.
Dow Jones Industrial Average
was down 15.87, or 0.19%, to 8,539.73, while the
was up 2.86, or 0.31%, to 921.73. The
added 19.75, or 1.09%, to 1,827.47.
Joe Terranova said on
's "Fast Money" TV show that the stability of market was shaken after the energy-resource trade was lost. He said that trade had been the "driving force for high equity valuation."
Jared Levy, on the other hand, said he feels next week could be a "big one" for the commodities and energy sector.
Tim Seymour also was optimistic about the market, saying the S&P traded above its 200 moving-day average. He expects the
will say something "very much" in line at its meeting Wednesday.
Guy Adami, though, said the market is "grinding down." "People are happy and complacent. I don't think that's the right way to be right now," he said.
Adami advised viewers to start buying stocks on dips off a list of stocks the panelists have been talking about in recent weeks.
Matt Nesto, the host of the show, brought in Jim Goldman, a
to talk about the debut of the iPhone 3GS from
Goldman said an analyst had told him that he was revising upward his estimate of 500,000 sales for the week. He said early adopters were buying the iPhone 3GS's, adding he hadn't seen any evidence of a "halo" effect yet.
Seymour expressed concerns about Apple being able to maintain its 40% to 45% margins on the phone sales, but Goldman countered that Apple is getting a break on lower component parts and is seeking a different demographic with the lower priced phones.
Later in the show, Goldman said a source at
Sirius XM Radio
had told him that Sirius XM was the No. 1 free iTunes download on the iPhone and the No. 2 free app at the App Store.
Research In Motion
( RIMM) fell almost 5% as it failed to recover from the disappointing guidance it issued Thursday.
Terranova sees the stock trading in the $60's before it moves higher.
made it on to Goldman's conviction buy list. And why not? The stock is up 40% in the past three months.
Terranova said Windows 7 is coming at a time when everyone is pricing in an economic recovery. He also sees steady market-share gains for its Bing search engine.
Levy sees a little bit of a pullback in the stock before it moves higher.
edged higher after a buy rating from Dick Bove, an analyst with Rochdale Securities.
Adami wasn't impressed, saying he wouldn't buy into it on the basis of the rating.
Healthcare was the only sector that was up for the week. Adami liked
. Seymour praised
, and Terranova said the
SPDR S&P Biotech
was a great play above $50.
Nesto brought in Jon Najarian for his game plan next week. He said he didn't see any catalysts moving the market next week. He told viewers to watch
( PALM) on Thursday and what it has to say about its profit margins on the Pre, and
, which he figures will say something positive from its weak-dollar play and its acquisition of Sun Micro.
Najarian sees oil on a pullback to $65 a barrel in the short term but higher for the year.
The panel looked at charts that showed a sharp selloff of stock by corporations and corporate insiders compared to a pick-up in buying on the retail side.
Adami said the retail money is usually late on the upside and will do so again this time.
Seymour said stocks have been under pressure from the huge supply - 2% of overall market cap has been issued in the past six weeks - dumped on the market. "That's a real concern for me," he said.
Terranova said the "new normal" is for insiders to unload their shares after the recent 40% rally.
As for the Fed's meeting on Wednesday, Steve Liesman, a
reporter, said he expects some sort of statement on inflation concerns and an exit strategy for the purchase of mortgages and Treasuries it has done.
With oil on the decline, the panel talked about solar plays. Seymour said he liked
Suntech Power Holdings
for its photovoltaic cells, which, he said, are expected to do well in Asian and European markets.
is doing research and development on silicon solar cells for cellphones and laptops.
For a Father's Day pick, Seymour offered up
. He also touted
as "the stock of the week" because it is the "best of the breed" in the handset industry.
There weren't any final trades.
"'Fast Money'Portfolios of the Week" on Stockpickr every Thursday.