'Fast Money' Recap: Tech Saves the Day

The trading panel said the rally in tech stocks overshadowed the weakness of the financials.
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NEW YORK (

TheStreet

) -- The market ended mixed Friday as tech gains were offset by a further slide in the financials.

The

Dow Jones Industrial Average

fell 31.79, or -0.29%, to 11,062.78. The

S&P 500

added 2.38, or 0.20%, to 1,176.19. The

Nasdaq

gained 33.39, or 1.37%, to 2,468.77.

Guy Adami said on

CNBC

's "Fast Money" TV show that he was impressed with the ability of the S&P to hang in there even though he feared the air will come out of the balloon.

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 on TV

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Joe Terranova said the Nasdaq, especially

Apple

's

(AAPL) - Get Report

market action, was the story today.

He said the best trade in the woeful bond market is probably the 30-year mortgage. Brian Kelly agreed, saying it's a good time to buy a home. Karen Finerman expressed concerns that the

Fed

doesn't have a handle on inflation.

Are bank stocks broken? Finerman said the mortgage mess has been overblown. She said she was surprised to see how far a premier franchise like

Bank of America

(BAC) - Get Report

has fallen to below tangible book value.

Kelly seemed confident that the Fed would step in and prevent the banks from taking a massive hit.

Stephen Weiss also thought the mortgage problems in the banking industry were overdone. For example,

JPMorgan

(JPM) - Get Report

has quantified its mortgage exposure and said it wouldn't affect its capital, he said.

Tech stocks were a bright spot in the markets today. Kelly said investors should separate tech stocks from retail tech stocks, which he said include Apple and

Google

(GOOG) - Get Report

. He said those two will continue to do well through the holidays.

Finerman was wary of Apple's rising P/E ratio, saying the stock looks pricey. She said she was also surprised to see Google go from a slow growth stock to a growth stock overnight after its blowout earnings.

Melissa Lee, the moderator of the show, said the market appeared "bored" with Fed Chairman Ben Bernanke's comments today.

Peter Boockvar, equity strategist with Miller Tabak, said Bernanke's comments are now on the backburner as the focus shifts in the next couple of weeks toward the consolidation of gains. He said the period of buying stocks with "your eyes closed" as a result of the reflation/QE trade is over.

He again warned that the Fed has chosen a dangerous path to fight deflation with quantitative easing.

In a short whale watching segment, Lee noted that Fairholme's Bruce Berkowitz issued a blistering defense of

St. Joe

(JOE) - Get Report

and bought more after Greenlight Capital's David Einhorn had shorted the stock. Finerman, though, said he would not bet against Einhorn.

Scott O'neill, CEO of Marketsmith, said the horizon looks bullish till the end of the year before trading gets to be more challenging in 2011. He said he liked

NetApp

(NTAP) - Get Report

,

ARM Holdings

(ARMH)

and

Priceline.com

(PCLN)

.

In the final trades, Kelly liked JPMorgan. Adami liked

Qualcomm

(JNJ) - Get Report

. Finerman said she would sell a little of

Philip Morris International

(PM) - Get Report

. Terranova liked

Broadcom

and

Oracle

(ORCL) - Get Report

.

--Written by David Tong in San Francisco.

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.

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

.

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