'Fast Money' Recap: Off to a Rousing Start

Kinahan said he is a buyer of oil in the short term, adding he doesn't see anywhere near the influence of hedge funds had on this commodity last year.

Terranova agreed, saying Goldman Sachs (GS Quote), the "world's largest hedge fund," is going to scale down a lot this year and take less risk.

Among the consumer stocks that were also up today, Wal-Mart(WMT Quote) made a lot of sense, Macke said.

Adami touted Gap(GPS Quote), noting its higher operating margins in the third quarter and its reduction in inventory. "They're doing a lot of things right and are up 50% since its November low," he said.

Kinahan said he likes Macy's(M Quote), which he said has almost doubled since the CEO came on the show the day after Thanksgiving to say they were going to have a great holiday season.

Terranova said the dollar's gains today should be viewed as the "best of a bad lot." He said the global central banks are devaluing their currencies and the U.S. remains the world's economic superpower.

As for investing in the financial stocks, Adami said he has liked US Bancorp (USB Quote) for some time because it stayed away from the toxic assets, carries a nice dividend, and has the best management in the industry.

Terranova said he would stay away from the financials for a little longer and invest instead in a sector like health care.

Ratigan asked the panel what they thought of Jeremy Gratham's gloomy prediction that the S&P could head lower this year, possibly to 600.