NEW YORK (TheStreet) -- The Dow Jones Industrial Average climbed 1.84% and has now erased all of its losses for the year. Oil prices have stabilized, paving the way for the rally, Pete Najarian, co-founder of optionmonster.com and trademonster.com, said on CNBC's "Fast Money" TV show, which celebrated its eighth anniversary Thursday.
Some of the integrated oil stocks have also traded well despite the fact that oil has continued lowered in recent trading, said Tim Seymour, managing partner of Triogem Asset Management. Germany and France are "holding the keys" to the rally in U.S. stocks, he added. Positive news about the European Union and Greece have helped calm investors' nerves.
Part of the rally is because of the European Central Bank and part of it is due to the stabilization in oil prices, said Karen Finerman, president of Metropolitan Capital Advisors. The recent selloff in equities has led to some stocks being deeply oversold and has created excellent buying opportunities, she added.
Hedge fund manager Carl Icahn talked to the panel. He is the third-largest shareholder of Transocean (RIG) - Get Report , which has declined some 62.5% in the past six months. Because of his firm's position on the offshore drilling company's board, he was restricted in what he could say specifically about the stock, but he did acknowledge the industry is facing a wave of oil oversupply.
It doesn't help that the global economy is weak, which also lowers demand, he said. Icahn said that at some point supply will slow and a bolstered economy will increase global demand, which should aid in a rebound for oil prices. Oil prices seem likely to head lower in the near term, which will create even better long-term buying opportunities, Icahn said.
Icahn reiterated that his favorite stock -- and largest position -- is Apple (AAPL) - Get Report , which continues to trade well after climbing some 45% in the past 12 months. The valuation remains cheap, the company has a strong position in the market and CEO Tim Cook continues to do a great job.
For the show's eight-year anniversary, eight of the Fast Money traders gave their top trade for 2015.
Brian Kelly, founder of Brian Kelly Capital, is buying the iShares U.S. Home Construction ETF (IBB) - Get Report . The exchange-traded fund spent the past 12 months consolidating and now appears set to break out.
The WisdomTree Japan Hedged Equity ETF (DXJ) - Get Report looks attractive, trading near support at $45, said Jon Najarian, co-founder of optionmonster.com and trademonster.com. The ETF looks likely to climb back towards its previous high near $58 and poses no currency risk, as the holdings are hedged.
Twitter (TWTR) - Get Report seems undervalued, said Dan Nathan, co-founder and editor of riskreversal.com. A market cap of $25 billion doesn't seem like enough, given Facebook's (FB) - Get Report $19 billion acquisition of WhatsApp. Twitter could make for a compelling acquisition for Google (GOOGL) - Get Report , he added.
Pete Najarian likes American Express (AXP) - Get Report as the economy continues to improve and the company grows its earnings per share and cash flow. The stock spent most of 2014 consolidating and seems poised to rally in 2015.
SunEdison (SUNE) is really focused on creating shareholder value, Finerman said. The underlying business is also improving.
Best Buy (BBY) - Get Report seems poised to benefit from the strong U.S. economy and impressive holiday selling season, according to Steve Grasso, director of institutional sales at Stuart Frankel. The stock looks like it may retest its all-time highs.
Brazilian equities should benefit when commodity prices eventually bottom, which is one of the reasons Seymour is a buyer of the iShares MSCI Brazil Capped ETF (EWZ) - Get Report , which is deeply oversold as well.
-- Written by Bret Kenwell
This article is commentary by an independent contributor. At the time of publication, the author held a position in GOOGL.