NEW YORK ( TheStreet) -- The markets rallied Tuesday off an encouraging start to the earnings season.
The Dow Jones Industrial Average jumped 69.78, or 0.56%, to 12,42.47. The S&P rose 11.37, or 0.89%, to 1,292.07. And the Nasdaq was up 25.94, or 0.97%, to 2,702.50.
Tim Seymour said on CNBC's "Fast Money" TV show that he believes in this rally. He said Europe is not that "much of a basket case," adding there is good U.S. data and evidence that China is doing a lot more to get its economy moving.
Joe Terranova, who had been in a defensive posture going into this year, detected a shift in the market, with some of last year's laggards such as industrials, financials and homebuilders leading the current charge. He also said the market is repricing Europe so that it doesn't have a negative onus on the markets.Terranova said he is not so much risk-on as he is being less defensive at the start of the year. 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