Late Day Reversal, Bullish Sign? (DJI, FCX)

Late in the day Friday, weakness in the dollar helped equities move higher and pare triple digit losses. The Dow Jones Industrial Average (DJI), which at one point was down more than 165 points, rallied to finish 10 points higher and close at 10,012. The Dow still recorded its fourth straight losing week, however.

The Fast Money team posed the question: Should investors be spooked by recent market weakness, or was Friday's late day rally a signal that the market correction is over?

Guy Adami says the late day action was very good and was triggered by investors getting ahead of mutual fund Monday. However, he thinks a storm blew through Wall Street this week. Whether we are in the eye of the storm or have survived will be decided on Monday.

Joe Terranova believes the storm is now past; however, he cautions traders to wait until Monday before establishing long positions. If the sell-off is over, he thinks Freeport McMoRan (NYSE: FCX) is a buy.

Meanwhile, famed money manager Doug Kass wrote in to Fast Money and offered his advice. He says, "market fears are overblown, sovereign risk issues must be put in perspective and there are signs of life in the labor market! I view this week's panic as an end to the market correction."

Doug Kass has been known for being ahead of the curve, as he called the market bottom a few days before it happened last March. Kass did not offer any specific stock picks, however.