'Fast Money' Recap: We Get a Glimmer

Stock quotes in this article: JPM , USB , WFC , EEV , NVS  

Dylan Ratigan hosted CNBC's "Fast Money" show Friday night. He started the show with a discussion of how the market action today was tied closely to what happened with shares of Goldman Sachs(GS). Ratigan also pointed out that the problems associated with the financial crisis are now diminishing.

Joe Terranova said that everyone's expectations are that the month of November will give us better performance than October. Tim Seymour explained that the rebalancing story is in play. He says "if you look at the calendar, November is a very good move to see allocations start to move in, but I still have a lot of worries." Guy Adami told viewers that fundamentals are coming back. Zachary Karabell says "we shouldn't be trading this equity market as a proxy for the economy."

Ratigan moved the conversation to the big move higher in JPMorgan Chase(JPM) after the bank rolled out a plan to deal with a large piece of its mortgage portfolio. Terranova mentioned that JPMorgan Chase has taken $110 billion in mortgages and readjusted them. He says "the rest of the banks will have to follow JPMorgan's lead." Adami said viewers should look at the "best in breed" banks such as U.S. Bancorp(USB), JPMorgan Chase and Wells Fargo(WFC).

Ratigan mentioned that crude oil had its worst month ever and that most hedge funds in the commodity space have been forced to close up shop. Terranova pointed out that we have seen a massive liquidation in oil by hedge funds. Adami said it's a better play to be in the energy and commodity equities such as Exxon Mobil(XOM) and Freeport McMoRan(FCX) over the actual commodity itself. Seymour explained that the move in commodities was also tied to the move in the U.S. dollar.

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