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
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.
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.
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
General Motors(GM) and
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
--Written by David Tong in San Francisco.
To contact the writer of this article, click here:
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 TheStreet.com on
Twitter and become a fan on