'Fast Money': Market Shrugs Off Bad News

Lee noted that commodities and materials markets were higher this week because of the reflation trade, with the iShares Dow Jones Transportation Average(IYT Quote) up 8% for the week and 30% for the past three weeks.

Seymour said the jump is significant because the IYT is a leading indicator of the economy.

Terranova said people are getting hurt in the gold trade as both gold and dollar fell again today. He said copper and oil is the best way to play this pace.

Lee noted that credit card firms such as Visa (V Quote), Mastercard (MA Quote) and Amercan Express(AXP Quote) were up today.

Macke said these stocks are playing catch up after having underperformed earlier. He also noted people are using credit cards for transactions to a degree but that should slow as the jobless situation worsens.

Lee brought in Jon Najarian to talk about some strong takeover chatter in the options markets. Najarian mentioned three potential takeover targets.

The biggest rumor concerns Halliburton(HAL Quote), which has fallen to $17 a share. The rumored buyer is Exxon Mobil(XOM Quote).

The second rumor has Novartis(NOV Quote) looking at Cubist Pharmaceuticals(CBT Quote) for its antibiotic drug.

There is also chatter about Nucor(NUE Quote) being interested in Cliff Natural Resources(CLF Quote).

Finerman said a Halliburton would be a very big deal, but she didn't know whether Exxon wants to expand in the services space.

Lee brought in Chris Mustacio, managing director at Stifel Nicolas, to comment on a news report that TARP banks would be working with other banks to buy each other's toxic assets.