3 Stocks I Saw on TV
NEW YORK ( TheStreet) -- The market extended its rally Thursday on some encouraging economic data. The Dow Jones Industrial Average jumped 70.89, or 0.76%, to 9350.05, and the S&P 500 rose 10.91, or 1.09%, to 1007.37. The Nasdaq added 19.98, or 1.01%, to 1989.22. Tim Seymour said on CNBC's "Fast Money" TV show that the market, on light volume, moved up on some positive news from the leading economic indicator index that offset a report showing a rise in jobless claims. Guy Adami said it was difficult to short the market when volatility is low and the S&P is so high. He still feels some "bad things" are on the way. For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
Seymour said the pullbacks were shallow because there were very few people who wanted to sell when the market is trading "so soft." Melissa Lee, the moderator of the show, noted that AIG ( AIG) was up 21% on heavy volume. She asked the panel whether investors are betting that the management changes might help turn things around. Karen finerman said the jump in the stock probably had more to do with a short squeeze, with 24 million of 56 million shares short. Seymour said the job of selling AIG's assets should be handled by the government and not the senior managers who ran the company into the ground.