Dylan Ratigan hosted CNBC's "Fast Money" show Thursday night. He began the show with a discussion of the credit market's improvement.

Tim Seymour said the new commercial paper market is working out fantastic with General Electric ( GE) and American Express ( AXP) coming to the table to borrow. He says "$180 billion of longer-term paper has been issued so far this week."

Karen Finerman told viewers she is still concerned about the commercial real estate market. She says "there is another commercial real estate shoe to drop out there." Pete Najarian explained that money from bonds is now going into equities. Guy Adami said watch for a "Friday rally," because he's hearing that European fixed-income funds will rebalance into U.S. equities.

Ratigan told viewers to look at the Nikkei, which is up 26% over the past few days. Seymour says "nothing has been oversold more than emerging markets on the equity side." Najarian pointed out that Morgan Stanley ( MS) is holding up because the Japanese bank Mitsubishi UFJ ( MTU) controls a stake in it.

The "Chart of the Day" was Goldman Sachs Group ( GS). Ratigan explained that Goldman is down 16% so far this week. Najarian said he isn't bullish on Goldman but the bonds are holding up sold despite the stock's weakness. Adami explained that the market is pricing in what could be a bad quarter for Goldman. Seymour mentioned that Barclays put out a negative report that said leverage isn't coming down at Goldman.

Ratigan moved the conversation to Intel ( INTC), which led a surge in the technology sector today. Najarian told viewers to look at the moves in Intel, Hewlett-Packard ( HPQ), Apple ( AAPL) and IBM ( IBM). He says, "If the emerging markets can continue to show signs of recovery, it will be good for the semiconductor space."

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