The stock market saw its best gains of 2008 on Wednesday. The Dow closed up 146 points and the NASDAQ finished up 34 points. The crew at CNBC's "Fast Money" take a close look at the late day rally, bringing in Robert Scoble for his input.Guy Adami doesn't think the market put in a reversal on Wednesday. He thinks the rally was based off of short covering and he recommends defensive play Altria Group ( MO). Tim Seymour agrees with Adami that the rally was due to short covering. He thinks talk of the Fed easing is driving the market higher. Pete Najarian advised investors to sell into strength on the financials when you get it. The NASDAQ saw its first up day of 2008 on Wednesday. Adami thinks Microsoft ( MSFT) is the best name out there on the NASDAQ and investors should look to buy it with $32 as support. Najarian mentioned that both Microsoft and Oracle ( ORCL) looked good when the market was bad.
ScobleizerWith the NASDAQ starting off rocky, many of the leading tech stocks like Apple ( AAPL), Google ( GOOG) and Research In Motion ( RIMM) are all down more than 9%. The "Fast Money" traders turned to famous technology blogger Robert Scoble, who runs Scobleizer.com, for some answers on technology. Scoble mentioned that he saw a Sony TV that was thinner than his cellphone at the Consumer Electronics Show.
Commodity StrategyJoe Terranova, Director of Trading at MBF Clearing Corp joined the "Fast Money" crew to discuss his take commodities markets. Terranova thinks natural gas and sugar will put in a strong performance in 2008. He doesn't like playing the ETF for natural gas. He would rather be long Williams ( WMB), El Paso ( EP) and San Juan Basin Royalty ( SJT). Adami mentioned his favorite play on natural gas is Apache ( APA) and Najarian agreed. Terranova thinks that the net Chinese exports for sugar will soar over the next decade. He recommends playing sugar with future contracts because there's currently no ETF or equity that is a pure way to play it. Alcoa ( AA) reported a 76% jump in fourth-quarter profits and the stock jumps 4% in after hours trading. Seymour thinks Alcoa is very interesting and could be an acquisition target. Adami likes Alcoa for a trade. Finerman explained that if the talks between Rio Tinto ( RTP) and BHP Billiton ( BHP) heat up then Alcoa will go up. Najarian says keep an eye Delta Airlines ( DAL) for a possible takeover play.