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
TheStreet Open House

'Fast Money' Recap: A Rally With Legs

NEW YORK ( TheStreet) -- The S&P 500 and Dow Jones Industrial Average made all-time highs on Thursday as investors digested Wednesday's FOMC announcement and economic data.

After a record-setting day, Guy Adami said on CNBC's "Fast Money" TV show that he thinks the rally will continue. He added that the markets closed at the daily highs with no signs of slowing down and could run another 20 to 30 points.

Karen Finerman said that data and price action support the bullish case and it's okay to stay long the market. However, she added that she's hedging her positions.

Brian Kelly also noted that interest rates rose Thursday, which is usually bad for stocks. However, he said you can't fight the bullish price action and thinks the S&P 500 could get to 1,750.

Jon Najarian thinks investors need to start putting money to work on the long side. He added the economic numbers are good and that there are a lot of reasons to believe they'll continue to improve.

American International Group (AIG) reported earnings and Finerman said this was the quarter investors were awaiting. With the initiation of a stock buyback program, new dividend and strong quarterly results, she says to add to existing positions rather than sell them.

Najarian said AIG and Apple (AAPL) are a few of the stocks out there that still remain cheap while the market makes new highs.

LinkedIn (LNKD) reported strong earnings results, and Adami said Friday is not the day to chase it. He thinks investors should have bought the previous pullback and should wait for one again.

OpenTable (OPEN) was selling off in the after-hours session on its earnings results. Kelly said investors might want to look at getting long near the 100-day moving average after waiting a day or two.

Despite the poor guidance, Najarian said that he's interesting in trading OpenTable because the high short interest could drive a short-covering rally fairly quickly on Friday.

Yelp (YELP) was the first stock on the show's "Top Trades" segment. Yelp traded higher by 23% after beating earnings estimates. Najarian said the high short interest also helped fuel the rally.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,113.51 +42.29 0.25%
S&P 500 1,980.94 +3.14 0.16%
NASDAQ 4,514.5350 +8.6830 0.19%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs