NEW YORK (
) -- The markets surged Tuesday despite weak economic data.
Dow Jones Industrial Average
jumped 128.21, or 1.03%, to 12,569.79. The
added 14.10, or 1.06%, to 1345.20. The
gained 38.44, or 1.37%, to 2835.30.
Guy Adami said on
's "Fast Money" TV show that he was impressed with today's market action. He said the next pivotal point for the S&P will be 1350, where he expects resistance. However, he said the S&P could add another 50 to 75 points if it breaks through that point.
Melissa Lee, the moderator of the show, said it was a risk-on day with the weak dollar helping to propel gains despite weak economic data.
Karen Finerman said the "crappy" economy might lead the
to hold back on tightening.
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 on TV
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Joe Terranova said he believes the market has turned defensive, citing the flow of funds recently back into fixed income. Tim Seymour added his concerns about difficult macro-economic conditions and the economic impact from the end of quantitative later this month.
Mike Kkhouw said he was seeing some protective put buying in the
SPDR S&P 500 ETF
Zachary Karabell said he wasn't paying attention to the expiration of quantitative easing. Rather, he said he was paying attention to the impressive earnings growth of commodity and tech companies. He also there is a real demand for copper in China, where copper inventories are low.
The market was buoyed about reports of an aid package in the works for Greece. But Sean Egan, president of Egan-Jones Ratings Co., said the restructuring of debt in Greece will cause a massive market shift in the investment landscape. He said creditors will get a haircut of close to 80%. He also said unlike the U.S., the banks in the debt-ridden countries in Europe don't have a path to restablish their capital.
With Germany making a move to shutter its nuclear plants by 2022, Zachary Karabell called his nuclear trade painful. He regarded trading in the producers of silicon wafers for solar panels to be dicey because of pricing and subsidy issues.
Adami said his longtime favorite
looked like an interesting play, while Seymour said
were attractive alternative energy plays.
For the buzz kill segment, Lee focused on the retail stocks. Finerman said she wasn't worry about the price of oil, adding a couple of dollars up and down won't much of a difference when the consumer is continuing to spend.
Terranova said rising energy and input costs, along with shelter costs, will widen the divide between have's and have not's. For that reason, he favors stocks like
Shifting to currencies and today's rise in the euro, Lee brought in Andy Busch, of BMO Capital Markets, to comment on the situation. He said he didn't like today's euro rally. He said three important dates are coming up: a European economic finance ministers meeting in Europe on June 20; a vote by European leaders on a package for Greece on June 24; and a move by the IMF to approve money for Greece on June 29.
Busch said he would fad the announcement that Greece is getting the money because it "won't solve a thing." "Bad things will continue for Greece."
Busch said he would sell the Danish Kroner, which was up today, and buy the dollar. He said Kroner has no business rallying when the country has slipped into a recession.
With renting becoming a more attractive as homeownership declines, apartment REITs like
may look attractive. But Finerman said the REIT has run too far and said a better investment might be getting a loan and buying real estate.
Despite the threat new competition from the mobile wallet, Aaron Kessler, senior research analyst for Thinkequity who upgraded
to a buy from a hold, finds eEbay's stock valuation attractive.
He also said the company is seeing an improvement in the U.S. market, which accounts for 70% of its earning power. Lastly, he said PayPal is growing nicely and well-positioned with 100 million users.
Lee discussed briefly growing threat of hackers. Terranova said one stock that allows investors to get into this trade is
, which was discussed in an earlier show and continues to move higher.
Terranova said the space is ripe for consolidation and wondered why
hasn't gobbled it up.
Adami said investor interest in this space makes
acquisition of McAfee pretty smart.
On tweet the street, Adami said he still thinks
is still in play, although it appears to be late in the game.
was down more than 14% on warnings on its earnings. Seymour said the company looks like it is going nowhere when its CEO says 2011 and 2010 are transitional years and it is breaking even on operating margins. He said Nokia has lost 75% of its market cap since the debut of the iPhone.
In the final trades, Seymour said he was staying with
. Adami liked
. Finerman liked
and Terranova liked
--Written by David Tong in San Francisco.
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