This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

'Fast Money' Recap: New Market Leaders

NEW YORK ( TheStreet) -- The markets rallied Friday that was led by tech stocks.

The Dow Jones Industrial Average rose 29.88, or 0.25%, to 12,092.15. The S&P 500 added 3.77, or 0.29%, to 1,310.87. The Nasdaq gained 15.42, or 0.56%, to 2,796.30.

Guy Adami said on CNBC's "Fast Money" TV show that the market action was outstanding considering it was done in the absence of any help from the banks and oil.

Adami said the market seems destined to move higher because both the bears and bulls want it to go down. He noted the bulls want the markets to go down so they can buy stocks on the pullback. "When both groups want something to happen, it typically doesn't happen," he quipped.

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

Melissa Lee, the moderator of the show, said there was a big spike in interest rates, with the 10- and 30-year Treasuries reaching highs not seen in seven months. Karen Finerman said the rise is consistent in with the theme of a recovering economy.

As for the volatility index, which dipped below 16 today, Pete Najarian said the low volatility levels indicate a strong market sentiment that is being led by different sectors each day. He said chips and industrials took the lead today.

Joe Terranova said a market rotation was apparent today as money went into health care and consumer staples. He noted the reversal in consumer discretionary stocks as the market finds new leadership in places that had been lagging.

Lee said crude oil prices closed below $90 on rumors that Egyptian president Mubarak was going to depart. Terranova said the trade in energy is not with the spot price but in the refining and oil service names. He said the price action in those names was "lousy" today and he pared back.

Adami said oil seems to be having trouble at the $93 to $94 level and feels crude may be overextended at current levels. He said he wouldn't be surprised if crude drops to $85 and $86.

Najarian said the Oil Service HOLDRs (OIH) hit a 52-week high today before pulling back. He said the volatile nature of the stock is a warning sign for investors to stay nimble in these trades. "They are one-day trades."

Commenting on the surge in Semiconductors HOLDRs (SMH) to a new 52-week high, Adami said Qualcomm (QCOM - Get Report) and Nvidia (NVDA - Get Report) still have room to the upside.

Finerman said Corning (GLW - Get Report) is hitting all cylinders with its gorilla glass and life sciences. She found the company's story compelling and its valuation attractive.

Adami said JDS Uniphase (JDSU) had a "fantastic" quarter and "might still work."

Stephen Weiss went for stocks like Infinera (INFN - Get Report) and Finisar (FNSR - Get Report) after Verizon (VZ) came out and said it was going to penalize data hogs.

Doug Kass, president of Seabreeze Partners Management, offered some sobering advice on the rally.

He expressed three concerns about the current market. First, he's starting to see compression in profit margins after listening to such companies as Whirlpool, (WHR), General Motors (GM) and Starbucks (SBUX) .

Second, he said the unemployment situation is much more serious as today's jobless report would indicate. He said there were 400,000 unemployed people in January who wanted jobs. He said the jobless rate is actually more like 13% than 9% when they are included.

Third, he said Fed Chairman Ben Bernanke has pushed too hard and long on his monetary easing policy.

In the Tweet the Street segment, Najarian talked about some companies he liked that will be appearing during the Super Bowl telecast. He said he liked Best Buy (BBY - Get Report) for its dividend yield and valuation. He also said Pepsico (PEP - Get Report) has a great dividend yield and valuation.

Shifting to media stocks and the Super Bowl, David Bank, a RBC Capital Markets analyst, said the NFL has been one of highest rating growth properties on TV and a boon for Disney (DIS) and ESPN.

In the final trades, Terranova liked Ultra Petroleum (UPL). Adami liked Abercrombie & Fitch (ANF), while Finerman liked Corning. Najarian liked Teck Resources (TCK).,

--Written by David Tong in San Francisco.

To contact the writer of this article, click here: David Tong.

To follow the writer on Twitter, go to

To submit a news tip, send an email to:

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

Follow on Twitter and become a fan on Facebook.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
JDSU $6.51 -2.40%
BBY $32.08 0.00%
FNSR $16.46 0.00%
GLW $18.67 0.00%
INFN $11.89 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs