'Fast Money' Recap: Money Managers Will Push Markets Higher

NEW YORK (TheStreet) -- The markets started the week off with a roar.

The Dow Jones Industrial Average jumped 203.52, or 2.03%, to 10,226.94, while the S&P 500 added 23.77, or 2.22%, to 1,093.07. The Nasdaq rose 41.62, or 1.97%, to 2,154.06.

Joe Terranova said on CNBC's "Fast Money TV" show said that all the negative momentum has been removed from the markets. He said the S&P is pointing toward 1,100.

In a view shared by the rest of the panel, he said money managers are buying best-in breed stocks for the remainder of the year to boost their performance profiles.

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

Tim Seymour agreed, saying he expects the biggest and highest quality names to rally. He said the G-20 meeting over the weekend gave investors every reason to believe that the risk trade is on: namely, the dollar will continue to weaken and the risk assets will rally.

Melissa Lee, the moderator of the show, noted that the U.S. Dollar Index hit a 15-month low. Tim Seymour added there's a lot of liquidity in the market that needs to find a home.

Lee shifted the discussion to commodities, which were up today. Terranova advised getting exposure not in physical assets but in equities. Instead of being long gold, he said he would be pick up Freeport McMoran(FCX Quote).