NEW YORK (TheStreet) -- The S&P 500 rallied late in the trading session and closed at a new all-time high, finishing the day up 0.13%.
On CNBC's "Fast Money" TV show, the trading panel took a look the move higher in oil and gold.
Tim Seymour, managing partner of Triogem Asset Management, said gold is still in a bear market and will hit $1,200 per ounce before the end of 2014. He added that Treasury yields are likely to move higher but won't break out over 3%.
Guy Adami, managing director of stockmonster.com, agreed with Seymour that gold prices are likely headed higher. However, he said the current rally can continue higher for a little while. He suggested that interest rates are headed lower.
Jon Najarian, co-founder of optionmonster.com and trademonster.com, said the rally in gold is likely to fizzle out soon, especially after short-sellers finish covering their positions, (which "squeezes" the price higher). He added that the increasing spread between brent crude oil and WTI crude oil will benefit refiners like HollyFrontier (HFC), Marathon Petroleum (MPC) and Western Refining (WNR).
Karen Finerman, president of Metropolitan Capital Advisors, called the big after-hours drop in shares of Oracle (ORCL) too "extreme" following the company's earnings report.
Seymour said he is a buyer of ORCL based on its valuation and dividend.
Najarian said he will start accumulating shares of Oracle near $39.
Adami said Oracle's earnings report wasn't that bad. He reasoned that the stock could trade up to $45 in a few weeks.
BlackBerry (BBRY) surprised investors with a top- and bottom-line earnings beat, causing the shares to rally 10%. Mark Sue, tech analyst at RBC Capital Markets, has a hold rating on shares of BlackBerry but bumped his price target to $12.
He said the large short-interest in the stock is likely driving the share price higher, especially in light of the company's improved balance sheet. The company has had plenty of rough quarters in the past but there appears to be light at the end of the tunnel, he reasoned. BlackBerry needs to continue selling handsets and make money from BlackBerry Messenger.