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'Fast Money' Recap: Beaten-Up Financials Eyed


NEW YORK ( TheStreet) -- Stocks rallied Thursday, with the Dow Jones Industrial Average and S&P 500 stretching their winning streak to a third day, after data suggested improvements in the U.S. economy.

The Dow closed up 62 points, or 0.5%, at 12,170. The S&P 500 finished up 10 points, or 0.8%, at 1254 and the Nasdaq was up 21 points, or 0.8%, at 2599.

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

Thursday's volumes were so low it's clear to the Fast Money gang that most people have packed it in for 2011 and it's time to take a broad view of the markets. If there's any one sector that is actually still getting attention, it's the beaten up financials, which had another nice move. Visa (V - Get Report), in particular, continued higher.

People are not trading except the financials, says Jon Najarian, and that's good for shares of JPMorgan (JPM - Get Report) and Bank of America (BAC - Get Report), finally off that $5 level. Najarian says no matter how many times people say that the financials aren't a big part of the S&P 500, the S&P wants to move when financials move higher.

How high is the S&P headed. Guy Adami says that regardless of volume, price is truth, and we've seen higher lows and lower highs. If the S&P can close above 1265, there should be nothing stopping it until 1370. "Get out of the way if it hits 1265, it's going higher," Adami says.

Keith McCullough, CEO of Hedeye Risk Management, says the S&P 500 range he looks at is 1207 to 1269 and "some Italian rumor could drive you higher or lower." Tim Seymour says if the S&P gets to 1269, that's a break of the 50-day and 200-day moving averages. McCullough adds that the 50-day and 200-day are "moving monkeys" and the behavioral line. Yet, what's really of relevance longer term is that the S&P has been making lower highs for quite some time in stocks and that's why he uses 1269 as the bullish line.

Retail and the Weather

Is the winter weather going to cause a setback for retail, with warmer weather than expected so far? Joe Feldman of Telsey Advisory says the weather is an issue and mark downs on cold-weather goods are increasing. Items are going out the door at lower cost and these are unplanned sales. The cold weather gear has been the major cause of unplanned sales, but it's also hit electronics and toys, leading to a lower profit side of the equation, where retailers are taking hits.
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