'Fast Money' Recap: Hanging Tough

NEW YORK ( TheStreet) -- The markets were mixed Tuesday in a choppy trading session.

The Dow Jones Industrial Average fell 16.88, or 0.15%, to 11,416.30. The S&P 500 added 0.65, or 0.05%, to 1195.54. The Nasdaq rose 16.98, or 0.66%, to 2583.03.

Tim Seymour said on CNBC's "Fast Money" TV show it was hard for him to believe that Europe's bailout plans hinged on the vote of a small country like Slovakia. He said he believes Slovakia will eventually approve the plan but found the entire situation "absurd."

Karen Finerman also felt the Slovakian vote was a non-event and was impressed with the lack of movement in the markets. She said the markets "didn't give anything back."

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

She said she was going to take a little off the table but acknowledged that she might be on the wrong side of the trade if the markets were to break out to the upside.

Guy Adami said the market could be setting up for an interesting "outside month" if the S&P miraculously were to close above 1299 this month.

Joe Terranova also said overall performance of the market was good. "Hanging in there was enough today."

Tim Seymour said the markets will benefit from some good news in China in its attempts to deal with its battered banks and a forecast for a "soft" 8% growth rate next year.

Peter Boockvar, equity strategist for Miller Tabak, said he expects Slovakia to approve the plans the second time around after some horse trading among the political parties.

Does the current rally have legs? Jeff Saut, chief investment strategist for Raymond James, thinks so. He said the market hit a bottom last Tuesday. He agreed with Finerman that the country is not going into a recession.

Sault said he would be listening to what companies have to say in their guidance during the earnings season. He told the panel that he sees the S&P breaking above 1230

Melissa Lee, the moderator of the show, shifted the panel's attention to Alcoa ( AA), which was declining in after hours after an earnings miss. Terranova believes it might be worth buying Aloca under $10 if one believes aluminum prices will rebound in the fourth quarter and aluminum demand in China remains resilient.

Lee brought in Jonathan Schildkraut, managing director for Evercore Partners, to comment on Sprint ( S), whose stock was declining in after-hours trading.

He said the stock is cheap, though the company faces risky financial and liquidity issues. He said its Network vision will take longer and cost more than expected. He also said Sprint must refinance $2.2 billion in debt in 2012 and has had a poor history of executing large projects.

He expressed concerned about the pressures on the company with the subsidies it will be offering on the iPhone.

He said Sprint will muddle along but will be constrained in what it can do. He said it probably won't see bottom-line growth until 2014.

Commenting on rising corn prices ahead of Wednesday's USDA crop report, Mark Gulley, of Ticonderoga Securities, retraced the reasons his company upgraded Potash ( POT) to a buy from neutral.

He said he thought Potash shares had overcorrected relative to the price of corn. He also said that the price of corn had overcorrected and that Potash shares will appreciate 10% per year based on aggressive expansion plans for potash the nutrient.

For a derivative play, Adami offered up AGCO ( AGCO), a stock which had gotten whacked but whose valuation is fair.

With Treasury prices in decline today on lackluster demand, Jeff Kilburg, senior development director for Treasury Curve, said the situation was a buying opportunity. With no clarity in Europe on the debt crisis, he sees the yield on the 10-year bond could fall under 2% by the end of the year.

Moving on to the volatility playbook, Jon Najarian said the volatility index, though high at around 33, has moved into a normalized level. He said the VIX could head down to 25 if the EU succeeds in getting together a rescue plan.

Lee brought in Anthony Scaramucci, of Skybridge Capital, to comment on the chances of a recession. He said his company's research team has pegged the chances of another recession at 67%. He said real net income has fallen 10% since 2008.

In the final moves, Seymour liked Mosaic ( MOS). Adami liked General Mills ( GIS). Finerman liked JAKKS Pacific ( JAKK). Terranova liked Smuckers ( SJM)

-- Written by David Tong in San Francisco.

>To contact the writer of this article, click here: David Tong.

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