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Halftime: Is the S&P 500 Topping Out?

Is the S&P 500 topping out, David Rosenberg asked Friday. He pointed to some convincing technical levels—the S&P is no higher than where it was on February 18, which he called a "classic topping pattern."

Rosenberg is chief economist and strategist at Gluskin Sheff, where in 2008 and 2009, he was ranked among North America's top 5 economists in surveys by Institutional Investor and Thomson-Extel, respectively. He is a celebrated bear, but Stuart Frankel's Steve Grasso said his technical analysis appears correct.

"Everyone's looking at that 1,343 level and we haven't been able to break through that level," Grasso noted. "I think you have to look at it as, maybe this market needs one more pullback."

Grasso thinks news regarding the natural disasters in Japan may send the market lower. He's waiting for lower prices before buying this market, though. Should the market go higher, however, he said he'd rather buy this market at 1,355 rather than waiting to see when it can drop to 1,300.

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TAKE YOUR POSITION: EARNINGS SEASON

A look at the earnings calendar, with Alcoa kicking off the season. The metals name hit a 52-week high before reversing. Watch the video to see the full conversation.

Plus, a "Money In Motion" currency trade with Rebecca Patterson of JPMorgan Private Bank.

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Trader disclosure: On April 8, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Terranova owns (C); Terranova owns (JPM); Terranova owns (VRTS); Terranova owns (UPL); Terranova owns (PBR); Terranova owns (TCK); Terranova owns (BAX); Terranova owns (XOM); Terranova owns (AKAM); Terranova owns (CNQ); Terranova is short (POT); Terranova is short (NFLX); Terranova is short (CAT); Terranova is short (F); Terranova is short (VLO); Karabell Owns (FCX); Karabell Owns (AGQ); Karabell Owns (GOOG); Grasso owns (AMD); Grasso owns (ASTM); Grasso owns (BA); Grasso owns (BAC); Grasso owns (C); Grasso owns (CPX); Grasso owns (CSCO); Grasso owns (D); Grasso owns (JPM); Grasso owns (LIT); Grasso owns (LPX); Grasso owns (MHY); Grasso owns (NDAQ); Grasso owns (PFE); Grasso owns (PRST); Stutland Owns (OIH), Is Short (OIH) Calls; Stutland Owns (GLD); Stutland Owns (SLV) Calls; Stutland Owns (F); Stutland Owns (GM) Bonds; Stutland Owns (BAC); Stutland Owns Australian Foreign Dept; Stutland's Firm Is A Market Maker In (SPY) And SPX Options; Stutland's Firm Is A Market Maker In VIX Futures And Options

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (NCRI)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of DOMINO'S PIZZA UK & IRL PLC

For Zachary Karabell
River Twice Capital Owns (EXPE)
River Twice Capital Owns (TPX)
River Twice Capital Is Short (SPY)
River Twice Capital Is Short (QQQQ)
River Twice Capital Is Short (AA)

For Steve Grasso
Stuart Frankel & Co and its partners own (CSCO)
Stuart Frankel & Co and its partners own (CUBA)
Stuart Frankel & Co and its partners own (GERN)
Stuart Frankel & Co and its partners own (HPQ)
Stuart Frankel & Co and its partners own (HSPO)
Stuart Frankel & Co and its partners own (MSFT)
Stuart Frankel & Co and its partners own (NYX)
Stuart Frankel & Co and its partners own (PFE)
Stuart Frankel & Co and its partners own (PRST)
Stuart Frankel & Co and its partners own (SDS)
Stuart Frankel & Co and its partners own (UAL)
Stuart Frankel & Co and its partners own (XRX)
Stuart Frankel & Co and its partners are short (QQQQ)
Stuart Frankel & Co and its partners are short (AAPL)

For Rebecca Patterson
***No Disclosures




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