NEW YORK (

TheStreet

) -- The markets soared Monday as the global outlook improved.

The

Dow Jones Industrial Average

jumped 291.23, or 2.59%, to 11,523.01. The

S&P 500

added 33.88, or 2.92%, to 1192.55. The

Nasdaq

rose 85.83, or 3.52%, to 2527.34.

Guy Adami said on

CNBC

's "Fast Money" TV show today's rally had all the earmarks of a relief rally or a short-covering rally, with perhaps a little carry-over for Tuesday.

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 on TV

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Tim Seymour said it was more that. He sensed a year-end allocation was going on. He said the rally was supported by a "substantial follow-through" in Europe toward some type of fiscal unity as well as very good U.S. data.

Karen Finerman was ambivalent about the rally after last week's disastrous selloff. He said things aren't materially different today, adding the situation in Europe is still murky.

Meanwhile Joe Terranova said the markets need more confirmation before investors can go out and increase their weightings in the market. He said there is Europe's and China's PMI to come, along with the U.S. ISM and non-farm payroll reports later in the week.

Adami noted that the financials didn't participate in the rally, along with the Treasuries. Finerman said

Bank of America

(BAC) - Get Report

seems to be on a gravitational pull toward $5. Terranova said he would rather be in financial names such as

Visa

(V) - Get Report

,

Mastercard

(MA) - Get Report

and

Blackstone

(BX) - Get Report

.

The market rally got a strong push from the solid results from Black Friday and Cyber Monday that benefited

Amazon.com

(AMZN) - Get Report

whose stock was up more than 6% on strong sales of its Kindle Fire.

Ken Sena, of Evercore Partners, said the strong Kindle Fire sales were a surprise. He said Amazon is doing the right thing in getting the Kindle Fire into as many hands as possible, but he had questions about the company's profitability and outlook.

He said he didn't know when Amazon's inflection point of strong revenue and margin growth will come. Options trader Scott Nations said

Barnes and Noble

(BKS) - Get Report

with its Nook was a target of unusually strong call activity.

Melissa Lee, moderator of the show, mentioned

Corning

(GLW) - Get Report

as a derivative trade. Seymour and Finerman liked the stock's cheap valuation, while Adami said the stock needs to get above $16 before it gets interesting.

Lee wondered if it is time to get back into the financials whose stocks are below book value. But John Roque, of WJB Capital, said the financial names are heading lower. He said the weighting of the financials as a percentage of the S&P is in the single digits and is going to stay there for awhile, much like they did in the 1970s and early 1980s.

He said the large-cap brokers and banking names will suffer. He said it's not out of the question for the S&P to fall to 950.

Stephen Weiss agreed, saying the brokers have broken biz models as reflected in the decline in fees and volume.

Lee noted that the

Materials Select Sector SPDR Fund

(XLB) - Get Report

was up more than 3%. Terranova was bullish on the energy and materials space in 2012 based on strong demand in the emerging markets that have managed to negotiate a soft landing. Seymour said these beaten-down stocks now look attractive.

Is Greece about to return to the drachma? Bob Sinche, head of global currency strategy for RBX, doubts that will happen. He said larger concerns such as operating, banking and credit issues make that option unlikely.

He said it's reasonable for the broking system to test the potential for adding back the drachma, but he doesn't believe it will happen.

As for a trade, he advised shorting the euro against the Canadian dollar.

Netflix

(NFLX) - Get Report

was up 9.15% despite a S&P credit downgrade. Terranova said the only reason to be in the stock is for a M&A trade. Lee said Netflix might have gotten a bump off a favorable

Barron's

story over the weekend.

Adami said it isn't fair to compare Netflix with

BP

(BP) - Get Report

. Seymour said there is no reason to be in the stock because its first-mover advantage is gone, while Finerman disliked the uncertainty hovering over the stock, saying it was unclear what Netflix's business model will be six months from now.

Lee shifted to the discussion to

U.S. Steel

(X) - Get Report

, which was up 6.6%, as steel names have been getting a lift recently. Terranova said he liked

Steel Dynamics

(STLD) - Get Report

in the space, calling it best-in-breed. Seymour said steel is getting a lift from iron ore prices, which are starting to stabilize.

Is the commodity rally for real? John Stephenson, senior vice-president for First Asset Management, said he has gold as his top pick, followed by copper and oil.

He sees gold heading to $3,000 to $5,000 an ounce as gold faces the mother-of-all risk-off trades in a week or two if Europe blows up and the eurozone folds. He also sees oil heading to $150 a barrel next year.

Lee brought in Brian Nagel, a senior analyst with Oppenheimer, to comment on

Tiffany's

(TIF) - Get Report

, which did very well on Black Friday and was up 7.19% today.

Nagel said he expects Tiffany to come out with a solid report on Tuesday that will telegraph a strong finish for the end of the year. He said the company's driver has been sales, especially in China, Japan and even the U.S.

In the final moves, Weiss was short the euro. Seymour liked

VimpelCom

(VIP)

. Adami liked

Home Depot

(HD) - Get Report

. Finerman liked

CF Industries

(CF) - Get Report

And Terranova favored

NCR

(NCR) - Get Report

.

--

Written by David Tong in San Francisco.

>To contact the writer of this article, click here:

David Tong

.

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