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


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


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

Pete Najarian said on


'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


(C) - Get Citigroup Inc. Report

as it approaches $5.

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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 United Parcel Service, Inc. Class B 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 Goodyear Tire & Rubber Company Report

, which he expects to get into, and

Sealed Air

(SEE) - Get Sealed Air Corporation 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


(MRVL) - Get Marvell Technology, Inc. Report

while Adami said

Research In Motion

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


(GLW) - Get Corning Inc Report

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

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


(GOOG) - Get Alphabet Inc. Class C 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 Yum! Brands, Inc. 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


(MCD) - Get McDonald's Corporation Report

as a derivative play, while Adami liked

Jack In The Box

(JACK) - Get Jack in the Box Inc. Report

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

Seymour took issue with Goldman Sachs' downgrade of



. 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


(AAPL) - Get Apple Inc. Report


Bank of America

(BAC) - Get Bank of America Corp Report


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

MGM Mirage

(MGM) - Get MGM Resorts International 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 Las Vegas Sands Corp. 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


(PKX) - Get POSCO Report

to consider.

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


(CSX) - Get CSX Corporation 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


in two weeks after its restructuring. Adami liked


(TIF) - Get Tiffany & Co. Report

. Terranova said to short

Penn National Gaming

(PENN) - Get Penn National Gaming, Inc. Report

. Najarian liked

Plum Creek Timber



-- 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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