The markets edged up on Friday marking the sixth consecutive week of gains. The Dow Jones Industrial Average was up 5.90, or 0.07%, to 8,131.33, while the S&P 500 rose 4.30, or 0.50%, to 869.60. The Nasdaq rose 2.63, or 0.16%, to 1,673.07.
Joe Terranova said on CNBC's "Fast Money" TV show there is still a sentiment of disbelief in the rally despite technical signs that show "there's no reason to get out." Pete Najarian said the volatility index dropped 5% today to 33.94, with 22 million options traded today - "one of the top 10 days of all time." "It tells me people are getting into the markets. They are a little less fearful than they were," he said. Zachary Karabell said that all that was was needed for the financials to stop going down. He said that has happened as credit markets have stabilized. "Some of the money to shore up the dam in the credit markets can move to the equities," he said. Tim Seymour said everyone that needed to give the markets leadership did, including Intel ( GE), Google ( GOOG) and Citigroup ( C). Melissa Lee, the moderator of the show, said the S&P is just 4% away from positive territory for the year. "This has been a tremendous year for the S&P," she said. With Morgan Stanley ( MS) slated to report earnings Wednesday, Terranova said the assumption is that the company will earn a lot from its trading activity as other financial peers have.