'Fast Money' Recap: Resilient Market

NEW YORK ( TheStreet) -- The markets eked out a gain on Friday despite a rise in the nation's jobless rate to 10.2%.

The Dow Jones Industrial Average rose 17.46, or 0.17%, to 10,023.42, while the S&P 500 added 2.67, or 0.25%, to 1,069.30. The Nasdaq rose 7.12, or 0.34%, to 2,112.44.

Karen Finerman said on CNBC's "Fast Money TV" show it was impressive for the market to come back after the release of the high unemployment number. "The bull market seems to be back," she said.

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 onTV

Tim Seymour said the data for the entire week was good, from the strong retail sales report to the Federal Reserve keeping rates low to the encouraging manufacturing report from the Institute for Supply Management.

Guy Adami said he was worried about the high unemployment number that seems to be trending higher. He said employers know they can increase productivity without having to hire. He also said the high jobless rate might cause people to spend less.

Pete Najarian said the high jobless number, though bad, seems to be baked into the market. He said volatility is very low. "People have zero fear. They have dropped fear off the list."

Seymour noted one disturbing report today that showed a decline in consumer credit. He said it's not good news for banks, credit card companies and retailers when $14.8 billion was pulled out of consumer credit in the past month and $140 billion in the past 14 months.

Rick Santelli, a CNBC reporter, found it disturbing that the Dow and the jobless rate are rising together.

Melissa Lee, the moderator of the show, shifted the discussion to gold, which closed higher again. Adami said given the choice of Newmont Mining ( NEM) and Freeport McMoRan ( FCX), he would take Freeport because of its "fair valuation" and because copper "does something."

Najarian said his gold play is Anglogold Ashanti ( AU).

Seymour touched on the problems of PowerShares DB U.S. Dollar Index Bullish ( UUP), which has been inundated with investor money and has had to halt its creation process. Seymour said investors would better off shorting the iShares MSCI Emerging Markets Index ( EEM) or sticking with gold for diversification purposes.

Lee said the first week of November was one of the biggest of the year for mergers and acquisitions, with $54 billion in deals tallied. Adami was scratching his head over Warren Buffett's deal to buy Burlington Northern ( BNI), saying it won't make sense for three to five years.

He said there are better names out there like Lazard ( LAZ), which he would short, and Jefferies Group ( JEF) and Greenhill ( GHL), both of which he would get into on pullbacks.

Lee brought in Jeffrey Lindsay, an analyst with Sanford Bernstein, to talk about his upgrade of Amazon.com ( AMZN). He said he's bullish on the company because it caters to higher-profile shoppers than the other Internet retail sites. He said he's impressed with the 50% increase in its EPS in the past quarter and its plans for international expansion. He has put a $160 price target on the stock, which closed at $126.20 today.

Lee brought in Steve Cortes, founder of Veracruz, to comment on the disconnect between the jobless rate and the uptick in sales at shopping malls. Cortes said it's an ominous sign for the employment market when staffing companies like Manpower ( MAN) are reporting that temporary staffing is down.

He said he would short the SPDR S&P Retail ( XRT) and buy SPDRs ( SPY) on the premise that the employment picture is not going to improve for some time.

Cortes said consumers got a psychological lift from the government stimulus programs, but he said it's not a "lasting recovery." However, he said to laughter from the panel, "My wife did not get the memo on consumer restraint."

In the options segment, Brian Stutland, president of Stutland Equities, said he sees the Vix pulling back to the $20 level. "It's time to own some volatility if you want to," he said.

Lee brought in Tim Healy, CEO of Enernoc ( ENOC), which was up 4% after its earnings and up 383% for the year.

Healy said the company has reached a "tipping" point where it is beginning to reap the return from its investments. He said the company reached $100 million in revenue and turn its first profit in the third quarter.

As an applications provider, the company is in a good position to help operators extract value from the infrastructure buildup of the smart grid, he said.

Adami said he liked the company but was worried about its fourth-quarter guidance. He told viewers the stock might be getting a little long in the tooth and to wait for a pullback.

In the final trades, Seymour said he liked US Steel ( X) up to $40. Adami said he would take Lazard on a dip. Finerman said she liked Grapo Aeroportuario Del Pacifico ( PAC). And Najarian said he liked Texas Instruments ( TXN) for a smart-grid play.

-- Written by David Tong in San Francisco

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