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) -- The markets roared back Friday on the strength of surprising durable goods data and the strength of tech stocks.


Dow Jones Industrial Average

soared 197.84, or 1.86%, to 10,860.26. The

S&P 500

rose 23.84, or 2.12%, to 1,148.67, while the


jumped 7.47, or 2.33%, to 2,381.22.

Guy Adami said on


's "Fast Money" show that the market has been impressive this week and would go higher if breaks through 1,135 on the S&P.

Steve Grasso, who also had been skeptical of the market, said he has to be buying now, adding he believes the S&P is heading to 1,200 after it breaks through 1,165.

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 onTV

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Mike Khouw said there's even some optimism in the options space for


(AA) - Get Free Report

, one of the first companies to report earnings next month.

Karen Finerman said she hasn't seen this strong of an S&P rally since March 2009. She said investors have to be disciplined by selling into the rally, buying puts and hedging their portfolios.

Steve Grasso said the financials have not participated in the rally. Finerman said she would use the opportunity to buy on weakness, especially stocks such as

Bank of America

(BAC) - Get Free Report


JPMorgan Chase

(JPM) - Get Free Report


David Trone, managing director of JMP Securiteis, said he liked the securities firms such as

Goldman Sachs

(GS) - Get Free Report


Morgan Stanley

(MS) - Get Free Report



(JEF) - Get Free Report

. He considered them good buys going forward.

He said these firms are poised for a comeback and will benefit from the capital market recovery. He said these firms have managed to "dodge the bullet" from Basel III and the new financial reform law.

He said the same cannot be said for consumer finance companies like

Bank of America

(BAC) - Get Free Report

, which will not fare as well because of lower returns from their lending business.

Shifting to retail sector, Finerman expressed some caution for the retail stocks noting the bar for retailers is being set higher for them going into earnings. Adami added that it's time to take some profits in


(NKE) - Get Free Report

, which was up 2.38% today and hit a new high. The valuation is getting a little stretched, he said.

Gold moved to another high, setting off another round of speculation by panelists of its future. Grasso said gold might lose its luster after the November elections. Finerman said the theory that gold might cool off if a Republican victory in November increases the prospects for a more fiscally responsible government makes sense.

Khouw said it was difficult to understand what gold stands for in a trade. He said he has seen it move from a risk aversion trade to one that moves in tandem with the equities.

Michael Block, of Phoenix Partners Group, said he wary about chasing gold and said he recommended reducing exposure in it.

Commenting briefly on



$70 billion stock offering, Finerman said her hedge fund bought some shares in the high-profile name. Khouw said he liked the space in general and would PBR from the long side.

Lee noted that a report of



(ORCL) - Get Free Report

in buying a chip company heated up the semiconductor sector with stock like


(NVDA) - Get Free Report



(NTAP) - Get Free Report

and even

Advance Micro Devices

(AMD) - Get Free Report

heading higher.

Adami said traders need to get back in the space, adding it's "difficult to be on the short space. Grasso said AMD's rise was due to a combination of factors: short covering, takeover speculation and the general feeling that "no wants to be caught short over the weekend."

Lee noted that


(CAT) - Get Free Report

was the Dow's top performer, up 5% for the day. Adami said the stock's valuation is relative inexpensive, but he said he would pause here and get some put protection. Finerman said she was considering buying some put protection in

Freeport McMoRan

(FCX) - Get Free Report

with volatility so low after a big run.

Looking at tech next week, Finerman said she likes


(GOOG) - Get Free Report

whose valuation, she said, is "way too cheap." Khouw said he would be looking at


(GOOG) - Get Free Report

as it marches to $300.

In the final trades, Khouw said he would buy some put protection in Caterpillar. Adami said he thinks Bank of America is headed higher if the market heads higher. Finerman liked

JC Crew


, and Grasso said he liked


(MDR) - Get Free Report


--Written by David Tong in San Francisco.

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David Tong.

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To watch replays of Cramer's video segments, visit the Mad Money page onCNBC


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