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TheStreet Open House

'Fast Money' Recap: Does the Rally Have Legs?

Lee shifted to the commodities which rose today, led by a rise in China's PMI to a nine-month high.

Seymour told viewers could play this space by going for the "biggest and baddest" stocks like BHP Billiton (BHP), Rio Tinto (RTP) and Companhia Vale Ads (VALE).

He also likes the steel and coal stocks such Arch Coal (ACI) as solid plays for those who sense an economic recovery is at hand.

Finerman said she continues to like the oil service stocks like Transocean (RIG), which continue to outperform underlying oil itself.

Lee also asked Seymour to comment on emerging markets, which were up 7% today and 25% for the year. In addition to base resources and materials, he said the bank stocks rallied today and the "consumers are alive and well."

He said the iShares MSCI Emerging Markets Index can go even higher because of record low interest rates and healthy consumer growth.

Najarian said infrastructure spending looks attractive in China, noting the best approach to take is with the iShares FTSE/Xinhua China 25 Index (FXI), which he calls a "barometer for China and the emerging markets."

Lee noted that Research In Motion (RIMM) moved higher today, leading the rest of the tech sector.

Najarian said everyone has been jumping on this stock. "It feels like it's awfully rich," he said. He cautioned investors those investors who have been in tech to lighten up a bit.

Finerman said she bought some Emulex (ELX) after it rejected an offer from Broadcom (BRCM).

Both Seymour and Adami did not think Obama's move to close business tax loopholes overseas would affect companies like Procter & Gamble (PG) and IBM (IBM) which does a lot of business overseas. Adami said it might have a limited impact on banks.

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