'Fast Money' Recap: Financials Sparkle

NEW YORK (TheStreet) -- The market surged higher Tuesday on a weakening dollar.

The Dow Jones Industrial Average rose 51.01, or 0.52%, to 9829.87, while the S&P 500 added 7 or 0.66%, to 1071.66. The Nasdaq gained 8.26, or 0.39%, to 2146.30.

Tim Seymour said on CNBC's "Fast Money" TV show that the decline in the dollar has lifted commodity stocks and oil.

Joe Terranova said the "overbought" market leaves money managers in a precarious position as the end of the year nears. As a result, he sees the possibility of a "super spike" in the S&P to 1100.

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

Guy Adami, who's been bearish about the rally, told investors to enjoy the ride while it lasts. He noted the reversal in AIG(AIG Quote), warning it's a sign that the stock could be heading south. The stock closed at $45.80, down 5.37%.

Pete Najarian said what's remarkable about the market has been the lack of selling pressure. He said the market is looking for leadership and the financials provided some of that today.

Expanding on that point, Melissa Lee, the moderator of the show, said the money on the sidelines seems to be attracted to the higher quality financial stocks such as Goldman Sachs (GS Quote), Morgan Stanley(MS Quote) and JPMorgan Chase(JPM Quote) .

Guy Adami also mentioned some other stocks that he said deserves recognition: Raymond James Financial(RJF Quote), up 6.8% today, and Greenhill(GHL Quote), which hit a 52-week high today at $85.65, and which he sees going to $90.