'Fast Money' Recap: Listless Market

NEW YORK ( TheStreet) -- The markets were mixed Monday as volume continued to be light.

The Dow Jones Industrial Average rose 17.46, or 0.16%, to 10,642.15, while the S&P 500 rose 0.52, or 0.05%, to 1,150.51. The Nasdaq was down 5.45, 0.23%, to 2,362.21.

Gary Kaminsky said on CNBC's "Fast Money" TV show that he was mystified as he was Friday about the lackluster market and what is behind it. He thought there would be some kind of move today that would define what would happen in the next two weeks, but it didn't materialize.

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

Tim Seymour said tomorrow's Fed meeting could impact the market. He said there continues to be anxiety on the sidelines despite the flow of good data.

Guy Adami also commented on the light trading, noting the disappointing numbers of discount trading firms. He did say he liked Tiffany's ( TIF) going into earnings next week.

Adami said the S&P is clearly struggling at the 1,150 level with no volume and very little clarity.

Melissa Lee, the moderator of the show, said there is a slow movement away from bond funds into equities. Seymour said a strong argument could be made that the fundamentals and technicals are currently strong enough to move the market higher.

Lee brought in Joshua Rosner, managing director of Graham Fisher, to comment on Sen. Christopher Dodd's (D., Conn.) sweeping financial regulatory overhaul bill.

He said he expects the final bill will be watered down. He said there are simply too many controversial elements in it that will reduce the chances of passage in its current form. He said the resolution authority is somewhat working but he said the idea of giving federal authority over any financial institution with more than $50 billion in assets is unworkable.

He also said the bill doesn't deal with other issues like too big to fail or leverage and capital.

Kaminsky said it's possible that non-U.S. banks will be stronger a year from now if "all of this happens." He said regulators have no idea how these businesses work.

Crude, copper and other commodities fell today on global growth fears. Brian Kelly said China is probably going to have to raise rates because the money supply is out of control. He said he is shorting aluminum and copper as well as China itself through the iShares FTSE/Xinhua China 25 Index ( FXI).

Seymour thinks Exxon Mobil ( XOM) is the best run company in the world. "It's cheap and trading flat year over year," he said.

Lee brought in Deborah Weinswig, an analyst with Citigroup whose upgrade of Walmart ( WMT) fueled a rally in the stock. Weinswig said she sees strong "vendor support" in 2010 and an aggressive move to discount prices to keep the customers it gained during the recession. She has raised her price target on the stock to $65.

Lee noted that the Limited Brands ( LTD) announced a special $1 dividend and a $200 million share buyback program.

Anthony Scaramucci, a partner at Skybridge Capital Management, said there is a "ton of opportunity" for companies to move in this direction. He said that S&P companies are sitting on 14% more cash than in 2009 and that there are a lot of "stunned" investors who want cash in their hands.

He thinks Exxon Mobil ( XOM), which is not doing well, will probably increase its dividend or do a buyback. He also said Pfizer ( PFE) and Liberty Media ( LSTZA) fall into that category.

With FedEx ( FDX) set to report its earnings Wednesday, Mike Khouw, an options trader with Cantor Fitzgerald, said he would adopt a defensive posture on the stock, which has enjoyed a runup, by buying a put spread.

Lee brought in Joe Lavorgna, chief economist for Deutsche Bank, said he doesn't expect the Fed to do anything at its meeting tomorrow.

Is the market overbrought from a chartist view? Jeff Degraff, head of technical research for ISI, characterized the market as"bullish overbought" and sees it heading to 1,220.

In the trading the globe, Lavorgna said the markets are looking past Greece and assuming that some sort of bailout will be worked out. Seymour said the best play in the situation is Germany through companies such as Siemens ( SI), Syngenta ( SYT) and Daimler ( DAI).

Lee brought in Mark Mahaney, a Citigroup analyst, to comment on Google's ( GOOG) problems in China and reports that it might pull the plug on its Website there. Mahaney said he would buy Google on a pullback on "offsetting positives" such as tomorrow's broadband policy announcement, its mobile and smartphone launches and its aggressive moves in display and video advertising.

Kaminsky agreed, saying Google's decision to withdraw from China is not as important as its other businesses.

In the final trades, Seymour said to sell Ford ( F) and buy it back at a lower price. Adami said to pick up Consol Energy ( CNX), while Karen Finerman liked Boston Scientific ( BSX). Kaminsky liked Expeditors ( EXPD).

-- Written by David Tong in San Francisco

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

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