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'Fast Money' Recap: Trading Dow 13,000

Stocks in this article: HD TTM AAPL JWN M

Jeff Weiss, chief technical analyst for Tejas Securities Group, said he liked the look of this year's rally and sees it heading toward 1425. He noted that 1,000 issues or more have advanced in 34 out of the past 35 sessions.

Jim O'Shaughnessy, founder of O'Shaughnessy Asset management, also had an upbeat view on stocks. He said the last time Dow was at 13,000, investors were paying 17 times earnings for stocks compared to 14 times earnings now.

He said investors now can pay less for stocks with good price momentum in a low volatile market environment. They include names such as Home Depot (HD), Tata Motors (TTM), Apple (AAPL) and Garmin (GRMN).

Netflix (NFLX) fell nearly 4% after Comcast (CMCSA) announced the launched of its VOD Streampix.

Michael Pachter, of Wedbush Securities, said Netflix could lose 1 million subscribers from Comcast's entry. He said Netflix, which had been on a run recently, is at a crossroads. He said the increased competition from Comcast and others could cause a decline in subscriptions for Netflix and a rise in content costs.

In any event, he said "everybody is fighting back" against Netflix. He said he has a $45 price target for Netflix that he pulled out of the air. The stock closed today at $117.15, which he said is "much too high."

Lee brought in Glenn Stevens, CEO of Gain Capital, to talk about the boom in retail investors, who now account for 10% of the $4 trillion currency market. Stevens credited the boom to the availability of information, low execution costs and lots of excitement around the market.

He said the currency market is a 24-hour global market, with a $275 billion average monthly trading volume.

Shifting to the retail sector, Mike Khouw said he would be a seller of Macys as he sees a rotation going into the retailers. Joe Terranova was impressed with Nordstrom's (JWN) recent dividend hike, adding it's getting support from the affluent consumer.

Dana Telsey, CEO of the Telsey Advisory Group, was also upbeat about the retail sector, saying stocks are not topping out yet. She said the second half of the year promises to be better than the first half, adding the impact of high gas prices will be felt most during the summer.

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