NEW YORK (
) --The markets bounced back Wednesday on a broad advance by the commodities. .
Dow Jones Industrial Average
rose 66.33, or 0.55%, to 12,084.96. The
added 5.39, or 0.42%, to 1,299.16. The
gained 14.43, or 0.54%, to 2,698.30.
Pete Najarian said on
's "Fast Money" show that volatility slipped below 19 as the market rallied after a slow start, adding the volatility index was 30 just a week ago.
Steve Cortes said he was impressed with the market's strength in the face of a plethora of bad news.
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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Brian Kelly said the euro was holding on despite news of the resignation of the prime minister of Portugal. He said the resignation clears the way for the European Central Bank to raise interest rates while the U.S. continues to keep rates low.
Tim Seymour said he thinks the dollar is rallying following Japan's intervention. He said that rally will provide some foreign central banks with the dollars to spend on the front end of the Treasury Yield Curve. Overall, the U.S. economy looks good, with the exception of housing, he said.
Cortes said the dollar is due for a rally if QE3 is off the table.
Guy Adami said the S&P was at a crossroads, with 1,300 being a key resistance level.
Melissa Lee, the moderator of the show, said it was a strong day for commodities. Seymour said copper is starting to see value in some of the biggest names such as
But Cortes said the industrial metals are still facing demand problems in the emerging markets, while Najarian enthused about the explosion in coal. Najarian's roster of favorite coal names included
Seymour said iron ore prices are rallying and steel utilization is "going through the roof." His best plays:
and iron ore plays.
Adami dipped into the rail stocks and said he liked
Kansas City Southern
despite its stretched valuation.
Doug Kass, a RealMoney Silver contributor at
had a pessimistic view of the market.
He said consumer confidence has declined dramatically according to two recent major surveys. He also noted the weakness in retail sales and housing industry. He said the middle class is getting squeezed as evidenced in the discouraging data on the work week and jobless claims.
As for trades, he was short the
Retail HOLDRS ETF
as well as a number of consumer stocks.
Lee referred to a chart show the best performing health care stocks in the past year, with
up 34%, Unitedhealth Group, up 28%, and
, up 13%, leading the way.
Adami said he liked
, which digitizes medical records. He said it's a stock investors should keep on their radar. Najarian said Humana still has room to rise because its P/E is still in single digits.
In a quick take of
Research In Motion
( RIMM) before its earnings report on Thursday, Colin Gillis, an analyst with BGC Partners, said the company is in a tough spot.
He said RIM's U.S. marketplace is falling apart as it has lost 10 points of market share in nine months. He said RIM is doing well internationally but will be challenged by low-cost Android handsets that are starting to hit the markets. He also said its new Playbook will have a tough time competing at the same price point of the iPad 2.
He said RIM needs to cut prices, take a hit to its margin and develop a friendly ecosystem.
In the ear to the wall segment, the focus was on
and its content issues, as Showtime said it was pulling its content from Netflix.
Kelly was skeptical of Netflix's margins, while Cortes said he was staying away from the stock because it has the highest shortest interest of any stock in the market.
Larry Haverty, of Gabelli Global Multimedia Trust, was just as negative. He said he didn't like the company's cash flow picture. He also said growth isn't unlimited, adding Netflix will struggle exceeding 30 million subscribers.
He also said investors should be careful when a company changes its story. In this case, the change has to do with Netflix getting into content creation, which he deems a "red flag." Finally, he said Netflix will face hurdles expanding overseas.
, he said the company is doing well, bolstered by the strength of auto and political advertising.
In a brief segment on food inflation,
reporter Brian Shactman said that
said its input costs will be higher in 2012 than in 2011. He said the challenge for General Mills, which was down 1.82% today, and other food retailers is whether they can pass on the higher costs to consumers.
Lee shifted to
which was down 12% in afterhours on a disappointing outlook on revenue and gross margins for the third quarter.
Jed Dorsheimer, an analyst at Canaccord Genuity, said Cree is seeing a air pocket in demand that is hitting it in the bottom line. He said inventory buildup and a decline in gross margins has saddled the company.
He said he had a negative bias on the price target, adding fair value for the stock would be in the low $40 range. He said Cree needs to get the bad news behind it.
In the final trades, Seymour liked the emerging markets. Adami liked
. Cortes was for the U.S. dollar. And Najarian liked
--Written by David Tong in San Francisco.
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