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NEW YORK (

TheStreet

) -- The markets finished up Friday as oil prices stabilized.

The

Dow Jones Industrial Average

rose 61.95, or 0.51%, to 12,130.45. The

S&P 500

gained 13.78, or 1.06%, to 1,319.88, while the

Nasdaq

gained 43.15, or 1.58%, to 2,781.05.

Simon Hobbs, the moderator of

CNBC

's "Fast Money" show, asked the trading panel if today's rally was any indication that the rally is back on after the biggest selloff in six months.

Brian Kelly said the dollar would have to rise much higher and Treasury bonds to fall much lower before he would say the rally was back on.

Tim Seymour said this week's data points, including the encouraging numbers on weekly initial jobless claims, consumer confidence and housing sales, steadied the market along with comments later in the week from Saudia Arabia that it would compensate for any loss in oil from Libya.

Karen Finerman stood steadfast in her belief that the uncertainty unleashed by the violence in Libya is not over as the protestors have showed no signs they have given up.

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Guy Adami agreed, saying market volatility is here to stay. He said the S&P will be retested at 1,275 and needs to get above 1,325 before he would re-evaluate where the market is heading. He said his gut feeling is that the market will head lower next week.

The panelists mentioned some stocks that looked attractive after getting punished this week. Seymour said investors should take advantage of the selloff in

Fedex

(FDX) - Get FedEx Corporation Report

to get into the stock.

Adami said

Eastman Chemical

(EMN) - Get Eastman Chemical Company Report

was a stock one might get into if oil did reach a high this week. Finerman said

Corning

(GLW) - Get Corning Inc Report

looks attractive despite getting hit a lot this week.

Zach Karavell downplayed the impact of political risk on the markets. He said it's something that markets have learned to live with. He said it would be a far different situation if Saudi Arabia and Kuwait were part of the equation.

Kelly said oil will be still rising even without the violent protests in Libya. He said there is currently a shortfall in oil to the meet the needs of an expanding global economy.

Shifting to

Intel

(INTC) - Get Intel Corporation Report

, Adami said the stock had a nice bounce today, but that he would prefer

Qualcomm

(QCOM) - Get Qualcomm Inc Report

for the trade in the chip space.

Seymour said Volkswagen's surge in profits was due to heavy Chinese demand. He reiterated his belief that investors should buying auto names on weakness and get into stocks such as

General Motors

(GM) - Get General Motors Company Report

and

Tata Motors

(TTM) - Get Tata Motors Ltd. Report

on weakness.

Finerman stuck with one of her favorite auto trades -

Daimler

( DAI), while Kelly said

Toyota

's

(TM) - Get Toyota Motor Corp. Report

hybrid sales will benefit from a cheaper yen. Zachary said he liked

Johnson Controls

(JCI) - Get Johnson Controls International plc Report

for the batteries it makes for hybrids.

Turning to the bond market, Jeff Kilburg, senior development director at Treasury Curve, said the fear in the market caused a rare retracement in the bond market. He expects that fear will lead a rotation out of equities into the bond market next week.

For the hedge fund trade of the week, Anthony Scaramucci chose

Alere

(ALR)

, a leader in medical diagnostics products. He said the stock, which closed today at $38.08, has a book value of $43, and is owned by two value shops in Boston: the Baupost Group and Adage Capital. He said the company is a classic value name, with a breakup value of $54 a share.

In the final trades, Seymour said he was long

Mechel Steel

(MTL) - Get Mechel PAO Report

. Adami liked

Juniper Networks

( JPNR). Finerman liked Daimler, while Kelly felt it was time back into

Freeport McMoRan

(FCX) - Get Freeport-McMoRan, Inc. Report

. Zachary liked

Broadcom

undefined

.

--Written by David Tong in San Francisco.

To contact the writer of this article, click here:

David Tong

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