NEW YORK ( TheStreet) -- The rally continued Wednesday as the Dow Jones Industrial Average soared to a new high.

The Dow rose 47.69, or 0.45%, to 10,733.67, while the S&P 500 rose 6.75, or 0.58%, to 1,166.21. The Nasdaq was up 11.08, or 0.47%, to 2,389.09.

Pete Najarian said on CNBC's "Fast Money" TV show that the rally has gone on for 17 out of the past 18 trading days. He said investors can participate in the rally by buying puts at cheap prices as they go long.

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 onTV

Karen Finerman said she did not know what to make of the extremely low levels of volatility as the market moves higher.

Joe Terranova said the market is getting comfortable with the data that is coming out and may take off if a strong jobs report comes out in the first week of April.

Tim Seymour stressed that the market rally has been slow and steady, and based on fundamentals. "There's a good backdrop for seeing the consumer to spend and taking the market higher," he said.

Gary Kaminsky said he isn't sure whether the market is going through a melt-up. He believes what is driving the stock market is the fear of not being invested in the market.

Kaminsky said money managers are not worried so much about technicals and fundamentals as they are about being under-invested at the end of the quarter.

Melissa Lee, the moderator of the show, said the transports index hit a 52-week high. Najarian said he was still sticking with the rails and their connection to the commodities trade. Terranova said oil is headed toward $85 a barrel. And Seymour said FedEx's ( FDX - Get Report) business is flourishing in Asia.

Michael Pento, senior market strategist for Delta Global Advisors, were locked in a heated exchange with Seymour over the state of the economy. Pento argued that the housing market will be in sad shape for quite some time and that inflation is a problem. Seymour said the housing market is in on the mend and that recent data suggest a low level of inflation.

Lee invited Patty Edwards, founder of Storehouse Partners, to talk about Nike ( NKE), which is nearing a 52-week high. He said the company has done a good job of rolling out new products, managing inventory and picking up market share. She gave it a price target of $80.

Shifting to a discussion about the odds of a financial regulatory overhaul, Josh Rosner, manager director at Graham Fisher & Co., said the Dodd bill is not going anywhere, and he doubts whether there be any legislation this year.

He said the regulators may address the problem by issuing rules. He said the Obama administration may be leaning toward the nationalization of Freddie Mae ( FRE) and Fannie Mae ( FNM).

He said the financials, even without new, tougher financial regulations to deal with, have significant problems such as the devaluation of their assets on their books. He said there are about $900 billion worth of second mortgages and home-equity lines that need to be revalued. "Those are real headwinds for the industry."

Finerman said the real data point for the financials will be their earnings reports in April. She wants to see if they have been able to bounce back from their bad credit problems. "Everything else is noise," she said.

Is it time to back into Toyota ( TM)? The panel thought so, as the stock neared its 50-moving day average.

Seymour said Toyota is going to great lengths to regain market share with a "ton of incentives." He predicted the stock, which closed at $79.30, is going back up to $85.

Najarian said he liked Ford ( F - Get Report), the beneficiary of Toyota's problems, which hit a five-year high.

Edwards said she would stick with Ford and throw some "risk money" at Toyota.

Lee brought in Carter Worth, chief market technician with Oppenheimer Asset Management, to talk about the commodities. He said commodities could continue to move higher if there is a move up in crude and some relief in the grain complex.

Worth particularly liked Dupont ( DD - Get Report), which he said is in a position to make an "explosive move up" to $40.

Lee asked Nick Heymann, an analyst with Sterne Agee, about his upgrade of General Electric ( GE) to neutral. He said the company, whose stock hit a 52-week high, has finally bottomed on the financial side and is seeing M&A pick up on the industrial side. He said the stock could reach the low $20s in the next couple of months.

In the final trades, Seymour liked Exxon Mobil ( AA - Get Report). Terranova said Qualcomm ( QCOM) has turned into an "ugly duckling," while Finerman liked TJX ( TJX - Get Report). Najarian liked Tesoro ( TSO).

-- Written by David Tong in San Francisco

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