NEW YORK (
) -- The markets rallied Thursday on word of a rescue plan for Greece.
Dow Jones Industrial Average
jumped 105.81, or 1.05%, to 10,144.19 while the
added 10.34, or 0.97%, to 1,078.47. The
rose 29.54, or 1.38%, to 2,177.41.
Guy Adami said on
's "Fast Money" TV show that
has fallen to levels before Buffett's deal for
Burlington Northern Santa Fe
, adding that's the type of trade "you want to be in."
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 said the semblance of a rescue plan for Greece was good news for the markets, even though it lacked detail. He said it will give the markets a breather for a couple of weeks or months. He said long term, the rescue plan will have negative ramifications for the euro. He advised going long on the dollar.
Joe Terranova said he was avoiding the headline story in the euro and going for a low-beta play like
Karen Finerman said today's rally was nice for a oversold market. She said it was nice to see a bounce in names like oil service-related names. She also said it was difficult to determine what impact the news on Greece had on the markets because the substance of it had been in the news for awhile.
On the prop desk, Brian Kelly, founder of Kanundrum Capital, said he would use the news on the Greece rescue plan to play the PIIGs and get into an ETF like
iShares MSCI Spain Index
Seymour disagreed, saying he didn't see the prospects of investing in Greece as "stock friendly" with Germany "living in Greece's living room." He said the better play would be to get into
Lee said the commodities bounced back on the latest news on Greece. Still, Adami said he wouldn't get back into
until it gets back to $75.50.
Terranova said the commodity and ag trades are coming back. He said the strong price action on
show there is real demand. He said there was even investor interest in gold stocks like
, which reported great operating numbers and does the best job of production in the space.
Terranova said he expects the short covering of copper and gold futures to continue Friday.
Lee noted that technology stocks rebounded today. Adami said he remains interested in
Terranova said he added to his position in
Research In Motion
, noting RIM has outperformed
since the selloff.
Scott Redler, a chartist with t3live.com, said both Apple and Research have the potential to move higher. He said the one stock that has caught his eye is
. He said Google could move higher if can trade at $542 with volume.
Shifting to the housing stocks, Finerman said that although she liked the 8% bounce in
today, she would rather be in a more low-risk housing stock like
. Terranova said he was still skeptical of homebuilder stocks, citing the lack of recovery in home prices and rising private sector borrowing costs.
Bull Market or BS? Christopher Zook, chairman and CIO of Caz Investments, sees the market heading down despite today's rally. He said he's shorting commercial real estate, which he called a "train wreck" with $1.41 trillion worth of debt coming due in three years and no way to refinance it. He advised shorting the
Vanguard REIT Index ETF
He also told the panel that he would sell on the rally on the weak housing market and the lack of job creation.
Lee brought in Bill Nuti, CEO of
to talk about his growing ATM business. He told the panel that the company's financial services remain stable while he expressed caution about retail.
He said the emerging markets, including Asia, Middle East, Africa and Brazil, remain the best growth opportunity for the company.
He said the company's move into the DVD rental kiosk business has been capital intensive and doesn't expect that side of the business to show results until 2011.
In the final trades, Seymour liked
. Adami was for
. Finerman liked
while Terranova liked
-- Written by David Tong in San Francisco
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