NEW YORK (
) -- The markets pushed higher Wednesday as the surprising September rally continued.
Dow Jones Industrial Average
rose 46.24, or 0.44%, to 10,572.73. The
added 3.97, or 0.35%, to 1,125.07, while the
gained 11.55, or 0.50%, to 2,301.32.
Tim Seymour said on
's "Fast Money" show that the September meltup continued on the strength of big macro trends. However, he said he wouldn't be chasing the rally at this point in what he says feels like an options-expiration squeeze.
Brian Kelly said the Japan's intervention to deflate the yen could set off a competitive currency devaluation, setting up an inflationary spiral that could send gold and Treasury bonds higher.
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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Melissa Lee, the moderator of the show, said many on Wall Street wondered whether Japan's move would be effective because it was taken unilaterally.
Joe Terranova doubted whether there will be a global competitive currency devaluation trend. Rather, he said the trade off on all of this is the prospects of a weakening dollar and quantitative easing on commodity prices. He said the yen can no longer be considered a safe-haven asset.
Terranova said it will interesting to see what gold does when the CPI and PPI reports come out.
Shifting to technology stocks, Lee said
closed at an impressive high. Terranova said he sees the stock going north of $300.
Others weren't convinced. Finerman said Apple needs a catalyst, while Seymour said Apple is losing ground to
and its popular Android .
Lee commented on the bearish sentiment these days on
Research In Motion
( RIMM). Terranova said the short interest in the stock is up 10% in the past month and accounts for 5.6% of the outstanding stock.
Terranova said RIM is hurt by Apple and the Android, while Kelly said it's missing a catalyst. Kelly said that RIM is being left behind as the sector shifts from hardware to software, and that he would prefer to go with Google.
Commenting on reports that
may be selling its stake in Alibaba for as much as $11 billion, Lou Kerner, of Wedbush Securities, said the value of the stake is more like $4 billion. He said the true value of Yahoo's stake won't be known until more of Alibaba's assets become public.
Lee noted the continuing pullback in oil service stocks. Seymour said the smaller oil service companies will be hurt from an Interior Department ruling that all non-performing wells need to be capped.
Still, Terranova remained upbeat about the energy sector and his belief that it will break to the upside.
In a so-called corporate dating game, the panel speculated on some possible hookups. The first idea floated was a hookup between
. The panel thought the move would greatly enhance IBM's software.
Next was the idea of a
. Kelly said the merger would offer good synergies but would be an "awfully big deal."
Last was a takeover of
. Finerman had her doubts about such a deal because she didn't think Hain would be interested in selling.
Lee brought in Healther Bellini, an analyst with ISI Group, to comment on
earnings Thursday. She said she will be looking to see what it has to say about its license revenue and Sun revenue.
She expects Oracle to make another acquisition in a month or so and expects to hear more from Mark Hurd at next week's Oracle World. She said Oracle is in a "sweet spot" for the next five to 10 years because it offers both corporate software and integration systems. She also is expecting a quarterly dividend boost to 17 cents a share from 13 cents.
In the aftermath of Tea Party primary victories, Richard Bernstein, CEO of Bernstein Advisors, said the key driver for the market will be economics, not politics. He said whichever party takes control of Congress will still have to get some form of stimulus legislation through to get the economy moving in time for the 2012 general election.
As for picks, he said he's still sticking with long-term Treasuries and small-cap value stocks.
Lee brought in Scott O'Neil, president of Marketsmith, which has launched a new Website that offers a wealthy of information on stocks to investors. In a single view, he explained, investors can get exclusive ratings and rankings and even comments from gurus, past and present.
Commenting on the second anniversary of the collapse of Lehman Brothers, Peter Dawkins, senior partner at Flintlock Capital Management, said the big lesson to be learned from the collapse was the absence of quality leadership.
He said large institutions need trustworthy leaders with vision, integrity and determination.
In the final trades, Seymour said to take profits in
iShares MSCI Emerging Markets Index Fund ETF
. Kelly liked
. Finerman liked
. And Terranova said to buy
--Written by David Tong in San Francisco.
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