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'Fast Money' Recap: Meltup Continues

The trading panel discussed the prospects for the market's rally.
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) -- The markets ended on a positive note as the major market averages reached new highs.


Dow Jones Industrial Average

jumped 69.99, or 0.63%, to 11,204.28, while the

S&P 500

gained 8.61, or 0.71%, to 1,217.28. The


added 11.08, or 0.44%, to 2,530.15.

Gary Kaminsky said on


's "Fast Money" TV show that the market meltup continues with hundreds of companies reporting new highs. He said there's no way "you can have corrections" when there are 400 new highs.

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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Joe Terranova said the hardest trade to is to stick with the rally. He said the market is in a melt-up mode, led by consumer discretionaries.

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Anthony Scaramucci noted 234 companies out of the 324 companies that have reported have outperformed the Street's expectations.

Kaminsky said the


's decision to keep interest rates low makes it easier for investors to stay in stocks.

Terranova said the S&P will reach 1,300 only if quality names in the energy, materials and technology sectors show leadership. He said he saw some of that leadership displayed in the

Select Sector: Energy SPDR

(XLE) - Get Energy Select Sector SPDR Fund Report


Brian Kelly said the 1,230 level in the S&P is very important technically, noting investors might use that level as a "excuse to sell."

Melissa Lee, the moderator of the show, said


(AAPL) - Get Apple Inc. Report

now has the second largest market cap, jumping over


(MSFT) - Get Microsoft Corporation Report


Scaramucci said companies that huge start to flat line, but Kaminsky disagreed, arguing Apple is the only company he's seen in a long while that has to ability to grow revenues organically.

Shifting the homebuilders which got a lift in the market today, Kelly said he likes

Armstrong World Industries

(AWI) - Get Armstrong World Industries, Inc. Report

as a derivative play.

Grasso said the rise in home construction will benefit building suppliers like

Lousiana Pac

(LPX) - Get Louisiana-Pacific Corporation Report



(WY) - Get Weyerhaeuser Company Report


Shifting to topic of ad spending, Kaminsky said newspapers will benefit from the bounce back in ad spending because they enjoy a lot of leverage in local advertising markets.

Kelly said newspapers like the

New York Times

(NYT) - Get New York Times Company Class A Report

will benefit from the recent Supreme Court decision that allows corporations to make political donations.

Shifting to

Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. Report

, Christopher Whalen, an analyst with Institutional Risk Analytics, felt the investment bank has good odds of prevailing in the SEC civil case, but that it will have a much tougher time winning in the court of public opinion and public policy.

Looking to next week, Kaminsky said there may be some laggards in an otherwise healthy market, while Scaramucci expected companies to continue to outperform.

In a quick 360-degree analysis of



two experts said the company looks strong fundamentally and technically, while a third noted a strong wave of put buying ahead of earnings.

In the final trades, Terranova was short


(CMA) - Get Comerica Incorporated Report

. Grasso was long

Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. Report

but said to bail once it moves toward $155. Scaramucci was long


(SI) - Get Silvergate Capital Corp. Class A Report

and Kaminsky liked


(AAPL) - Get Apple Inc. Report


-- 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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