'Fast Money' Recap: Momentum Stocks

The markets closed mixed Tuesday in anticipation of the results of the two-day FOMC meeting. .

The Dow Jones Industrial Average rose 7.65, or 0.07%, to 11,408.66. The S&P 500 dipped 2.0, or 0.17%, to 1202.09. The Nasdaq fell 22.59, or 0.86%, to 2590.24.

Guy Adami said on CNBC's "Fast Money" TV show that he thought the market was on a bullish run until it reversed after reports of a delay in the resolution of Greece's bailout plan.

Karen Finerman lamented about the lack of clarity in the situation. She said it was difficult to jump into the markets with so much uncertainty.

Tim Seymour also noted the bearish mood of the market and how many hedge funds are in cash.

Joe Terranova said he was surprised at the market impact over news of the failure of the troika to come up with an agreement next week.

Mike Khouw said the mood was decidedly bearish in the options market.

Melissa Lee, the moderator of the show, brought in UBS analyst Brent Thill to comment on Oracle's better-than-expected earnings. Thill said the highlights of the report was Oracle's licensed sales growth, bottom-line beat, strong cash flow and new product rollout.

On the other side, he said Oracle's hardware unit still needs work as it tries to get its story across to customers. Overall, he said Oracle executes well and is well positioned for a recession, with the highest recurring revenue stream in the industry.

Adobe(ADBE) was also up on good guidance. Terranova said the read-through from Oracle and Adobe is that corporate spending is still strong, despite the headwinds in the economy.

Lee said Apple(AAPL) hit another high today. That prompted Carter Worth, a chartist with Oppenheimer Asset Management, to say investors can ride momentum stocks like Apple and Amazon.com until they reach a point when the stocks tel! l you no t to. He said these stocks have been on a steady upward trendline since 2008.

That's not the case with Microsoft(MSFT) and Intel(INTC), which have lagged, though Worth said they are at a point where they are attractive to get into.

In the volatility playbook segment, Jon Najarian noted unusual activity in Visa(V) during the day. He also said he still loved the gold miners, especially Newmont Mining(NEM).

Shifting to Hollywood, CNBC reporter Jane Wells said the fall TV season got off to a roaring start with "Two and a Half Men" and the start of the NFL season.

According to Wells, a UBS analyst said ad pricing is not as robust as it used to be and needs to improve. The analyst noted decline in scattered ad premiums for both broadcast and cable. She also said cable has reached parity in ads with broadcast.

Lee said Molycorp(MCP) was the big loser for the day, down 21% on a downgrade from a JPMorgan analyst.

Molycorp CEO Mark Smith acknowledged there was some speculative buying of materials in Shanghai earlier in the year. But he said there has been some relaxation in the price since the release of materials in August.

Overall, Smith said the fundamentals of the rare earth market haven't changed. He said he was very bullish on the price of materials, adding the company's margins are at the highest in its history.

He said the company is living up to what it said it would produce and is selling it in the open market. He said Molycorp has no plans to raise equity, noting it has sufficient funding for the first two phases of Project Phoenix.

In the final moves, Seymour said it was time to take profits in iShares MSCI Turkey Investable Market Index ETF(TUR). Adami! said to consider US Bancorp(USB). Finerman said she was taking money off the table in Apple after what she called a "huge run in iPhone 5." Terranova was enthusiastic about Precision Castparts(PCP).

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