'Fast Money' Recap: An Encouraging Rally

Najarian noted three commodities plays that have caught his eye: Silver Wheaton(SLW Quote), Nexen(NXY Quote) and BP(BP Quote).

Najarian told investors to give these stocks three to four months to make their move up.

Ratigan asked the trading panels for their comments on a note from Bill Gross on stock valuation in this bear market. Finerman said one would have go back to 1980s or the past 10 years to find the mean. Adami said he thought the market would dictate the mean.

Pete Najarian said Johnson & Johnson(JNJ Quote) is a great value here if one looks at the consumer products it's offering in this troubled economy.

Macke, on the other hand, said the financials were a "black hole": "There's no way of valuing it."

Ratigan asked Finerman if DryShips(DRYS Quote) was a cheap stock worth getting into. The stock, which trades just above $4, is 90% off its peak.

In no uncertain terms, Finerman nixed the idea. She said the stock is where it is at today because day rates have dropped "somewhere north of $200,000 to $1,000." In addition, there is an overabundance of ships and a huge amount of debt that is piling up.

She thought Diana Shipping(DSX Quote) was a better play, with its balance sheet. She is short Genco Shipping and Trading(GNK Quote).

Najarian said one alternative he favors to investing in individual financial stocks is to invest in something like Ultra Financials ProShares(UYG Quote).