'Fast Money' Recap: Gold Faceoff

NEW YORK (TheStreet) -- The markets rallied again Wednesday for the third consecutive session.

The Dow Jones Industrial Average jumped 143.95, or 1.29%, to 11, 320.71. The S&P 500 rose 15.25, or 1.31%, to 1177.60. The Nasdaq added 21.63, or 0.88%, to 2467.69.

Guy Adami said on CNBC's "Fast Money" TV show, that the market had an "outstanding day" that was marked by the selloff in gold. He said it was impressive to see the S&P close on the highs of the day, adding he expects the market to rally again on Thursday.

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 the technical breakdown in the gold led to a reallocation of capital into equities.

Karen Finerman said she hoped the market rallied because of oversold conditions and not because of the possibility of a Bernanke lifeline on Friday from Jackson Hole, Wy.

Tim Seymour and Dennis Gartman had opposing views on gold. Seymour said it would be wrong to think that gold is a bubble. He downplayed the pullback in gold, saying it just returned to where it was priced on Tuesday. He said today's plunge of $104 should be viewed in the context of an extended rally in which gold has outperformed the S&P in the past eight years.

Gartman said he's detected a fundamental psychological change that makes him believe the gold bubble has burst. He said gold is a bubble when taxi cab drivers start talking about buying and selling gold.

Carter Worth, of Oppenhemier Asset Management, added to the bearish sentiment when he said he sees gold coming down to $1600. "It could happen quickly."

He said the better trade might be platinum, an industrial and precious metal that offsets gold's volatility. He said the key to platinum is that it's not a popular metal.

Worth also said he would be buying the S&P because it is starting to find support after the recent market plunge.

Bank of America(BAC) was the big winner in the financial sector, rising 10.95% for the day. Lee said an analyst with Raymond James had rated it a buy and put out an aggressive price target of $16 over the next 12 months.