The stock market saw its best gains of 2008 on Wednesday. The Dow closed up 146 points and the NASDAQ finished up 34 points. The crew at CNBC's "Fast Money" take a close look at the late day rally, bringing in Robert Scoble for his input.

Image placeholder title

Guy Adami doesn't think the market put in a reversal on Wednesday. He thinks the rally was based off of short covering and he recommends defensive play

Altria Group

(MO) - Get Report

. Tim Seymour agrees with Adami that the rally was due to short covering. He thinks talk of the Fed easing is driving the market higher. Pete Najarian advised investors to sell into strength on the financials when you get it.

The NASDAQ saw its first up day of 2008 on Wednesday. Adami thinks

Microsoft

(MSFT) - Get Report

is the best name out there on the NASDAQ and investors should look to buy it with $32 as support. Najarian mentioned that both Microsoft and

Oracle

(ORCL) - Get Report

looked good when the market was bad.

Scobleizer

With the NASDAQ starting off rocky, many of the leading tech stocks like

Apple

(AAPL) - Get Report

,

Google

(GOOG) - Get Report

and

Research In Motion

(RIMM)

are all down more than 9%. The "Fast Money" traders turned to famous technology blogger Robert Scoble, who runs Scobleizer.com, for some answers on technology. Scoble mentioned that he saw a Sony TV that was thinner than his cellphone at the Consumer Electronics Show.

He also says the guys who founded YouTube were looking at the Panasonic 150 inch flat screen TV that sells for $150,000 and the

Nokia

(NOK) - Get Report

booth was packed. Adami thinks

Corning

(GLW) - Get Report

could be worth a look for a play on flat panel TV's. Scoble explained the trends in technology for 2008 are mobile devices and big TV's.

(Here's another manager's choice of stocks in this Stockpickr.com portfolio

Schwab Technology

.)

Commodity Strategy

Joe Terranova, Director of Trading at MBF Clearing Corp joined the "Fast Money" crew to discuss his take commodities markets. Terranova thinks natural gas and sugar will put in a strong performance in 2008. He doesn't like playing the ETF for natural gas. He would rather be long

Williams

(WMB) - Get Report

,

El Paso

(EP)

and

San Juan Basin Royalty

(SJT) - Get Report

.

Adami mentioned his favorite play on natural gas is

Apache

(APA) - Get Report

and Najarian agreed. Terranova thinks that the net Chinese exports for sugar will soar over the next decade. He recommends playing sugar with future contracts because there's currently no ETF or equity that is a pure way to play it.

Alcoa

(AA) - Get Report

reported a 76% jump in fourth-quarter profits and the stock jumps 4% in after hours trading. Seymour thinks Alcoa is very interesting and could be an acquisition target. Adami likes Alcoa for a trade. Finerman explained that if the talks between

Rio Tinto

(RTP)

and

BHP Billiton

(BHP) - Get Report

heat up then Alcoa will go up. Najarian says keep an eye

Delta Airlines

(DAL) - Get Report

for a possible takeover play.

Weak Retail Expected

Wall Street is expecting retailers to report weak December sales on Thursday. Finerman is comfortable being long

Wal-Mart

(WMT) - Get Report

and she feels that expectations are very low for the giant retailer. She thinks the trend in purchasing gift cards will shift revenue to be recognized in the first-quarter for Wal-Mart. Adami recommends looking at

Saks

(SKS)

which has a huge short interest. Najarian likes

Gamestop

(GME) - Get Report

which will be issuing guidance on Thursday.

Commercial Real Estate Trade

Commercial real estate stocks are under heavy selling pressure as investor's fear that the weakness in residential housing is spilling over to the commercial end. Is it time to short the

iShares Dow Jones U.S. Real Estate ETF

(IYR) - Get Report

? Finerman thinks the IYR has more room to go on the downside. She disclosed that she is currently short the IYR,

Simon Property Group

(SPG) - Get Report

and

Taubman

(TCO) - Get Report

for a hedge against her real estate long positions. Adami tells viewers to take a look at

Acuity Brands

(AYI) - Get Report

which has a big short interest for a long trade.

Word on the Street

Goldman Sachs Group

(GS) - Get Report

is forecasting a recession in 2008. As part of that forecast Goldman is advising clients to buy healthcare, gold stocks, and defensive names like Altria Group and

McDonald's

(MCD) - Get Report

-- and they're negative on media, auto and chemical stocks. Adami favors

Pfizer

(PFE) - Get Report

and

Johnson & Johnson

(JNJ) - Get Report

. Najarian likes

Novartis

(NVS) - Get Report

which trades at a P/E of 10. Finerman wondered if the run in Altria Group is close to being over.

Dubai World and

MGM Mirage

(MGM) - Get Report

announced they will launch a cash tender off to repurchase up to 10 million MGM shares for $75-$80 each. Adami remarked 10 million shares isn't a big deal, but Kirk Kerkorian owns 52% of MGM. He thinks something is going on at MGM and it's worth a look. Najarian cautions investors to be careful with the casino sector. Seymour mentioned that Jefferies upgraded the entire sector Wednesday.

Emerging markets like

iShares MSCI Brazil Index

(EWZ) - Get Report

and

iShares FTSE/Xinhua China 25 Index

(FXI) - Get Report

put in a strong performance on Wednesday. Adami advises if you bought

China Mobile

(CHL) - Get Report

, raise your stop to $85. Najarian suggests keeping an eye on

Anderson

(ANDE) - Get Report

and

Archer Daniels Midland

(ADM) - Get Report

.

Najarian noticed unusual options activity in

American International Group

(AIG) - Get Report

with action in the February $45 puts and he also saw heavy activity in the February $30 puts for

Johnson Controls

(JCI) - Get Report

.

Pops & Drops

Pops -

DuPont

(DD) - Get Report

traded up 5% after the chemical giant raised its 2008 forecast. Adami thinks DD is an interesting play at 13 times earnings.

Aluminum Corp of China

(ACH) - Get Report

traded up 8% as emerging market stocks were on fire Wednesday. Seymour suggests a lot of Western hedge funds are playing ACH off the anticipation the shares will be listed in Shanghai.

Mosaic

(MOS) - Get Report

traded up 1%. Najarian warns investors to be careful in this name.

Sony

(SNE) - Get Report

traded up 6% after Warner Brothers announced it's committing to Sony's Blu-Ray high definition DVD format. Adami thinks SNE is worth watching.

V.F. Corporation

(VFC) - Get Report

traded up 8% after the clothing company said it would hit $11 billion in revenue in 5 years. Finerman was impressed.

Drops -

Washington Mutual

(WM) - Get Report

fell 3% as investors fear more write-downs from the savings and loan giant. Finerman remarked that was a pop for WM.

Alliant Techsystems

(ATK)

fell 4% after making a large acquisition. Seymour thinks the acquisition added way too much debt to their balance sheet.

Starbucks

(SBUX) - Get Report

fell 2%. Najarian would rather be in MacDonald's.

Saks

(SKS)

fell 1%. Finerman disclosed she is long SKS for a long term play.

Amazon.com

(AMZN) - Get Report

fell 3%. Najarian explained the drop is just profit taking after a huge run in 2007.

Final Trade

The crew delivers trade ideas that they think will be money makers.

  • Seymour favors Titanium Metals (TIE) .
  • Adami likes NYSE Euronext (NYX) .
  • Finerman recommends buying American Eagle (AEO) - Get Report.
  • Najarian picked Alexander & Baldwin (ALEX) - Get Report for a play on shipping and sugar.

Stockpickr is a wholly owned subsidiary of TheStreet.com.