'Fast Money' Recap: Apple's Hot New iPhone

NEW YORK (TheStreet) -- The markets rallied Monday ahead of the jobs report at the end of the week.

The Dow Jones Industrial Average rose 45.50, or 0.42%, to 10,895.86, while the S&P 500 added 6.63, or 0.57%, to 1,173.22. The Nasdaq was up 9.23, or 0.39%, to 2,404.36.

Pete Najarian said on CNBC's "Fast Money" TV show that JPMorgan Chase (JPM) will provide a lot of clarity for the second quarter if it can show some earnings power.

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

Joe Terranova said he expected quality names in the emerging markets to be a force in the second quarter.

Anthony Scaramucci liked IBM (IBM) and Johnson & Johnson (JNJ) as safe defensive plays for the quarter. He sees stocks starting "to accelerate" on strong corporate earnings in the second quarter as the government overhang from the health care reform battle starts to lift.

Najarian said he expects action in the commodities space, especially in copper and coal. He said there is "real demand" in China for metallurgical coal.

Terranova said he liked the global recovery theme in the coming quarter, adding shipping, coal and copper names should perform well. Najarian said he expects the rail stocks to do well, including names such as Burlington Northern Santa Fe (BNI) and Kansas City Southern (KSU).

Karen Finerman said she was not into commodities per se as she was in commodity-related equities like Transocean (RIG), Pride International (PDE) and Schlumberger (SLB).

With oil at $82.50 a barrel, Finerman said consumers would be able to handle a gradual rise in crude, adding she liked stocks in the retail space like Target (TGT) and TJX (TJX).

Najarian expressed concerns about crude at $82, saying it usually fails at that level. But Terranova said he believes crude is heading to $85 before it drops to $79.

Scaramucci, after making a number of calls to hedge funds, downplayed rumors that hedge funds may be buying up shares of Citigroup (C) and dumping them at $5. In his estimation, Citigroup is a good, long-term speculative play, although there is the worry about the impact of financial regulatory reform to consider.

Is the Dow heading to the downside? Carter Worth, chief market technican for Oppenheimer Asset Management, thinks the Dow's move toward 11,000 has been a bit stretched and sees it heading to the downside.

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