NEW YORK ( TheStreet) -- The markets steadied Friday, ending a great run in July. The Dow Jones Industrial Average added 17.15, or 0.19%, to 9171.61, while the S&P 500 rose 6.72, or 0.07%, to 987.42. The Nasdaq fell 5.80, or 0.29%, to 1978.50. For the month, the Dow was up 8.6%, the S&P up 7.4% and the Nasdaq, up 7.8%. The Dow enjoyed its biggest July gain ever. Still, Guy Adami said on CNBC's "Fast Money" TV show, that he was wary of the markets. During the week he expressed his doubts about the S&P rally, which jumped more than 100 points in the past couple of weeks. On Friday, he reiterated that sentiment and expressed his doubts that it would go higher. Joe Terranova said the wise course of action would be to shift to the sidelines, expecially with the unemployment report coming up next week. For a breakout of stock from a recent "Fast Money" show, see Dan Fitzpatrick's "3 Stocks I Saw on TV."
3 Stocks I Saw on TV
Shifting to the commodities, Terranova said he doesn't believe oil will continue to move up until contango is removed from the markets. And Seymour said once that contango is removed, investors need to look at Chevron ( CVX) and Exxon ( XOM) because they are doing a good job in production. Will the success of the cash for clunkers program lift the auto stocks? Adami said it is way too late to get into Ford ( F). Melissa Lee, the moderator of the show, asked the panel whether the auto stocks are at their peak. Seymour reminded the panel that auto recovery extends beyond the U.S. to the rest of the globe. For example, he said Volkswagen ( VOW.DE) is selling an "enormous" number of cars in Brazil and China.