NEW YORK (

TheStreet

) -- The markets bolted higher Wednesday on a wave of strong earnings.

The

Dow Jones Industrial Average

jumped 103.69, or 0.94%, to 11,123.11, while the

S&P 500

gained 13.35, or 1.12%, to 1,210.65. The

Nasdaq

added 38.87, or 1.58%, to 2,504.86.

Pete Najarian said on

CNBC

's "Fast Money" TV show that one of the best ways to participate in the surge in the market is to trade in options, which he did with

Citigroup

(C) - Get Report

as it approaches $5.

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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Tim Seymour liked the direction of

United Parcel Service

(UPS) - Get Report

, which came out with a strong earnings report, which he said did a good job of managing expectations.

Seymour believes stocks will move higher in an environment where GDP is rising and inflation remains low. He said the strong retail sales figures are helping to lift GDP.

Melissa Lee, the moderator of the show, said UPS came out with a strong earnings report and guidance. Adami, though, was concerned about the valuation and felt the stock was a little expensive, at 20 times next year's earnings.

Terranova characterized the rally as "giddy" and expects it to last for a while.

As for derivative trades off UPS, Brian Kelly mentioned two:

Goodyear Tire & Rubber

(GT) - Get Report

, which he expects to get into, and

Sealed Air

(SEE) - Get Report

, which makes bubble wrap.

Dennis Gartman said the bull market certainly looks like it wants to go higher, but he advised investors to "just be careful" and "don't be aggressively long."

Along with the other panelists advocating getting puts for protection, he said they should be purchased with the VIX so low.

Gartman said he could feel the strength of the economy in a recent visit to Akron, Ohio, where he noticed that cabs, airlines and hotels were unusually busy.

Returning to the Intel trade, the panelists discussed briefly some derivative trades. Terranova liked

Marvell

(MRVL) - Get Report

while Adami said

Research In Motion

( RIMM) looks like it can go higher. Najarian said

Corning

(GLW) - Get Report

is another good bet, with its exposure to large-screen TVs.

In the trade 360-degree segment, the focus was on

Google

(GOOG) - Get Report

, which reports its earnings Thursday.

The experts were split, with one seeing stock moving up on strong fundamentals, while a chartist said he was staying away from what he sees will be a downside move.

Terranova said it was hard to be long Google into earnings. But Kelly liked Google, calling it one of the few companies that has online information that advertisers want. Seymour thought Google's valuation was "cheap" for a world class company with big plans for expansion in India and China.

Yum! Brands

(YUM) - Get Report

, was another panel favorite because of its exposure to China's economy, as it moved higher on strong first-quarter profits. Adami said there is no reason to think it won't go higher.

Najarian said he liked

McDonalds

(MCD) - Get Report

as a derivative play, while Adami liked

Jack In The Box

(JACK) - Get Report

, which he said is cheap at 12 time forward earnings.

Seymour took issue with Goldman Sachs' downgrade of

Potash

(POT)

. He said he expects Potash and other ag companies to reap the benefits of a strong second half.

In the options pit, Najarian and Mike Khouw emphasized the use of buying puts for protection for stocks like

Apple

(AAPL) - Get Report

and

Bank of America

(BAC) - Get Report

.

While the Nasdaq as soaring to 22-month high, Lee noted

MGM Mirage

(MGM) - Get Report

fell after it guided lower.

Steve Cortes said it's a bad sign when the casino stocks are surging to new highs when the housing stocks are struggling. As a result, he said he's shorting

Las Vegas Sands

(LVS) - Get Report

.

Lee said China is reportedly expected to report a 12% growth in GDP overnight. Seymour, though, said he was more concerned about inflation, in particular the CPI and retail sales figures.

Mike Gurka, a global asset strategist with Neural Markets, said the important thing to remember about China is that while it going to start hitting the brakes, it is not going to stop the train. He said the expected revaluation of the yuan will benefit other Asian economies.

He also liked Korea, which he said received a sovereign credit upgrade and reported a decline in unemployment. He said it was the cheapest market in Asia and noted stocks like

Posco

(PKX) - Get Report

to consider.

In the 30-second pitch, Seymour said he would short

CSX

(CSX) - Get Report

. He said the stock has gotten ahead of itself and is ready for a pullback. He said it's priced as if the "world is going through the roof," instead of "stabilizing."

In the final trades, Seymour said to get into

Vimpel Communications

(VIP)

in two weeks after its restructuring. Adami liked

Tiffany

(TIF) - Get Report

. Terranova said to short

Penn National Gaming

(PENN) - Get Report

. Najarian liked

Plum Creek Timber

(PCL)

.

-- Written by David Tong in San Francisco

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

.

"Check out

"'Fast Money'Portfolios of the Week" on Stockpickr every Thursday.

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