'Fast Money' Recap: The "IT" Crowd

The stock market took off on Wednesday after ADP's monthly employment survey showed four times the number of jobs added. The Dow finished up 196 points and the Nasdaq closed up 46 points. The crew at CNBC's "Fast Money" took a closer look at the rally and how the consumer figured in.

Jeff Macke explained that the market didn't break any resistance up top, so it proved nothing. Guy Adami expects that we might see some rate cuts in Europe, but until we get though that 1490 level on the S&P all bets are off. Karen Finerman predicts the jobs report will be the most important thing that comes out this week. Pete Najarian was impressed with the strength in the Nasdaq and the emerging markets.

Consumer Mind Trade

Being part of the "IT" crowd is a strong psychological force for the American consumer. Macke explained that consumers will pay any cost to get an "IT" product that makes them part of the crowd. Every year there are one or two "IT" products that sweep over the nation. Macke explained that these "IT" products all have desire, passion and excitement. Macke thinks the video game makers are now in the sweet spot because the Nintendo Wii has changed the complexion of the console world. He likes Activison(ATVI Quote) and GameStop(GME Quote).

Footwear stocks like DSW(DSW Quote) and Collective Brands(PSS Quote) traded higher on solid earnings reports. Finerman says these stocks were so over-sold and the valuations just got ridiculous. She recommends Crocs(CROX Quote), because she doesn't think the growth is over yet. She also likes the valuation with the stock trading at 16 times earnings.