'Fast Money' Recap: Meltup Debate

NEW YORK ( TheStreet) -- The markets ended mixed Friday amid questions about whether the meltup will continue.

The Dow Jones Industrial Average rose 9.15, or 0.08%, to 10,850.36, while the S&P 500 added 0.86, or 0.07%, to 1,166.59. The Nasdaq was down 2l.28, 0.10%, to 2,395.13.

Pete Najarian said on CNBC's "Fast Money" TV show that it was a strong week overall, with a great performance from the financials and nowhere near the correction many had been predicting.

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

Anthony Scaramucci said he definitely thinks the meltup will continue because mutual funds tend to "press the accelerator" at the end of the quarter. He said he's looking at Monsanto ( MON), which is down almost 13% year to date, on the assumption that commodities will pick up with the economic recovery.

Tim Seymour agreed with the pick, saying that spending is starting to pick up on fertilizer names.

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But Joe Terranova, sensing a shift in market momentum, sees limited upside that is causing him to sell the airlines and add to his short of Goldman Sachs ( GS).

Scaramucci said it will be a "total home run for stocks" if there is a pickup in wage growth and consumer activity. He said the mutual funds and hedge funds know that and that is why "you see all this short covering."

As soon as there is a little more clarity on tax and health care policies, small business owners will start to hire, he added.

Terranova said the markets have already priced in 200,000 jobs created in next Friday's jobs report. He said there aren't any quality names are in the markets and the push by mutual funds to pick up laggards is "running out of steam."

Brian Kelly agreed with the other panelists about the heavy amount of short selling in the markets. He said he was shorting a number of stocks, including Alcoa ( AA), Goldman Sachs, Freeport McMoRan ( FCX) and Aluminum Corp. of China ( ACH).

Kelly said the market is extended and looking for the next catalyst. He said he is expected a healthy pullback of about 5 to 10 percent.

Shifting to the Greece bailout, Steve Cortes said he is sticking with his short position on the euro, saying the currency will continue to decline. He also said to avoid the cyclical names like 3M ( MMM) and Procter & Gamble ( PG).

Lee noted reports of Radio Shack ( RSH) being an acquisition target, with Best Buy ( BBY) rumored to be a suitor. Najarian said the rumors have been around quite a while, adding options activity in Radio Shack have been heavy.

Scaramucci doubted whether Best Buy would be interested in a "small box concept." He said a more plausible theory would be for a private equity firm to come in, dress it up and sell it to someone else.

In the final trades, Seymour liked Petrobras PBR ( YHOO). Terranova said to sell Sears ( SHLD) Scaramucci was long the dollar while Najarian was long Lockheed ( LMT).

-- Written by David Tong in San Francisco

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