'Fast Money' Recap: Suspicious Rally

Stock quotes in this article: KO , GOOG , PCLN , MSFT , HD , TSL , TGT , AAPL  

NEW YORK (TheStreet) -- The markets ended the week on an upbeat note.

The Dow Jones Industrial Average jumped 73, or 0.72%, to 10,270.47, while the S&P 500 added 6.24, or 0.57%, to 1,093.48. The Nasdaq rose 18.86, or 0.88%, to 2,167.88.

Melissa Lee said on CNBC's "Fast Money" TV show that stocks rose for the second consecutive week, thanks to the weak dollar.

Steve Grasso, though, was worried about the lack of participation in the rally and the unsuccessful attempts to rise above 1,100 in the S&P. He said the markets are either running out of gas or in need of another catalyst, which he said may be the next jobless report in the first week of December.

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

Guy Adami said he found it difficult to get his arms around today's strong retail numbers when they are juxtaposed against an unemployment rate of 10.2 percent. "There's a disconnect here," he said.

Karen Finerman said she doesn't expect to see "do-or-die" pricing by retailers during the holiday season.

Joe Terranova said the markets held up well this week, as the S&P consolidated below 1,100, and there was a shift in commodities away from futures toward equities.

Grasso said the long-equities, short-the-dollar trade, while working, is still frightening for traders who wonder how long that trade can be sustained.

Lee shifted the discussion to commodities, which saw gold higher and the dollar hitting 15-month lows. Terranova said it's too simplistic to say that the weaker dollar drives commodity prices higher. In the case of crude, for example, he said the weak dollar is only part of the equation along with a decline in oil production by OPEC and a hike in demand by the OPEC countries.

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