3 Stocks I Saw on TV
NEW YORK ( TheStreet) -- The weak dollar and a strong existing-home sales report sent the markets off to a roaring start Monday. The Dow Jones Industrial Average jumped 132.79, or 1.29%, to 10,450.95, while the S&P 500 added 14.86, or 1.36%, to 1,106.24. The Nasdaq rose 29.97, or 1.40%, to 2,176.01. Pete Najarian said on CNBC's "Fast Money" TV show that today's rally followed a predictable pattern of "Mutual Fund Mondays" that has seen capital move into the markets on the first day of the week. For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
He said this pattern has occurred nine of the past 11 Mondays as mutual funds chase performance toward the end of the year. He said volatility came down today as people started to price in the Thanksgiving holiday. Joe Terranova said the markets were encouraged by the comments about a low interest-rate environment for 2010 and potentially 2011 by Chicago Fed President Charles Evans. "That's a free pass for the commodities and industrials," he said. Guy Adami said something has to happen to get the dollar to spike. He said it could very well be a geo-political factor like a confrontation between Israel and Iraq or Iran that could send investors to the dollar in a flight for safety. Karen Finerman said investors can stay in the markets by buying put protection. Rick Santelli, the moderator of the show, said commodities were up, with gold hitting another record. Terranova said the technicals and fundamentals of the gold trade are "phenomenal."