'Fast Money' Recap: The 'Melt-Up' Market

NEW YORK (TheStreet) -- The markets rallied Monday on Fed Chairman Ben Bernanke's comments on continued economic growth in 2010.

The Dow Jones Industrial Average jumped 136.49, or 1.33%, to 10,406.96, while the S&P 500 added 15.82, or 1.45%, to 1,109.30. The Nasdaq rose 29.97, or 1.38%, to 2,197.85.

Melissa Lee said on CNBC's "Fast Money" TV show that every sector was working on the back of the weak dollar.

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

Tim Seymour was impressed with what he called the "year-end" rally and the breadth of the advance. He said the S&P is headed toward 1,120 but might struggle after that.

Gary Kaminsky agreed, saying everything that was non-cash based was up. He said he expects this trend to continue until the end of the year. He even came up with the phrase "melt-up" to describe today's market.

Lee said the weaker dollar sent commodities higher, including Freeport McMoRan(FCX Quote) and gold, which hit another high.

Seymour said while gold is going higher for understandable reasons, he was worried about the copper space, with stockpiles growing on exchanges around the world. He said he would a seller of Freeport McMoRan.

Terranova said he's long gold, adding the next target is $1,150 an ounce. He said he sensed no panic over concerns about getting out of the trade. He also said China is going to be coming in to buy gold for its reserves. He also said oil is heading to $80 a barrel and grains are getting stronger.