'Fast Money' Recap: Rally Drivers

NEW YORK ( TheStreet) -- The markets swung to the upside late Tuesday as President Obama signed the health care reform bill into law.

The Dow Jones Industrial Average jumped 102.94, or 0.95%, to 10,888.83, while the S&P 500 added 8.36, or 0.72%, to 1,174.17. The Nasdaq jumped 19.84, or 0.83%, to 2,415.24.

Gary Kaminsky said on CNBC's "Fast Money" TV show that the market is experiencing a meltup as underperforming money managers are racing to get invested before the end of the quarter. He said the managers had to jump in after the pullbacks they were waiting for didn't materialize.

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 on TV

Pete Najarian said options activity was heavy and noted the technology space was "explosive," as Apple ( AAPL) and Intel ( INTC) surged to fresh new highs.

Joe Terranova said investors on the short side were waiting some bad economic data to send stocks lower that never came. He also reiterated his belief that the next jobs report on April 2 will be "phenomenal on the upside."

"You're out of bullets if you're looking something negative on the economics side," he said.

Tim Seymour said the S&P looks like it's moving higher. "The punch bowl is still here," he said.

Terranova said the consumer discretionary stocks continue to defy logic and move higher.

Kaminsky said zero percent interest rates are driving people to invest in equities.

Steve Cortes said he expects the European debt crisis will start to unfold now that the shorts have been "cleaned out" and the chances of a pan-European bailout have dimmed. He said he is shorting the euro.

Seymour disagreed, arguing a weaker euro will benefit export-oriented European countries like Germany.

Melissa Lee, the moderator of the show, said MF Global ( MF) was up 8% in after-hours trading on the announcement of John Corzine, a former governor of New Jersey, as the new CEO.

Kaminsky said the selection is good news for the company because Corzine is coming in with a vision for equities and capital markets and plans for building a bigger company. He said the change could put the company in a position to make a secondary offering.

In the "under the radar" segment, Lee noted that the shares of Boeing ( BA) suppliers like Rockwell Automation ( ROK) are moving higher after the commercial airline manufacturer announced plans earlier this month to ramp up production of its 787 Dreamliner.

Is the health care stock rally for real? Terranova thinks so. He said hospital, biotech and medical device stocks continue to perform well. Najarian said drug suppliers like McKesson ( MCK) and Medco Health Solutions ( MHS) along with major generic pharmaceutical company Teva Pharmaceutical ( TEVA) continue to move higher.

Kaminsky said retailers like CVS Caremark ( CVS) and Walgreens ( WAG) will benefit from an increase in the number of customers the new law will create.

Brian Kelly said the rally in health care companies shows what a good job they did lobbying Congress on the bill.

Lee brought in Peter Boockvar, an equity strategist with Miller Tabak, who had a dim view of the economy. He government spending is at an unhealthy level of 25% of GDP. He said investors have benefited from a "free ride on news" in the past month in the market.

Shifting to technology, Lee brought in Scott Cohn, a CNBC reporter, to talk about Sprint's new 4G Android phone. Cohn showed off the speed of the phone and said no price has been set yet. He then held up some less expensive smartphones at the other end of the market, including one from Nokia ( NOK) for $69.

Seymour said Nokia's move to stay at the low end of the highly competitive smartphone market will pay off.

Lee referred to a chart showing the strong performance of mid-cap stocks. Kaminsky said that performance has resulted from return of M&A activity and the resurgence of the IPO market.

Kaminsky mentioned Och Ziff Capita Management ( OZM) as a derivative play that offers a chance for investors to be aligned with strategic insiders.

Lee brought in Carter Worth, chief market technician for Oppenheimer, who had some contrarian views on two popular stocks. He said Ford ( F) and Green Mountain Coffee Roasters ( GMCR) have risen too far, too fast, and that whatever good news they will announce in the next two to four months will be discounted by the market.

In the China trade, Seymour said cellular and broadband is going strong in that country and the way to play that is with China Unicom ( CHU) and China Tel ( CHA) .

In the final trades, Seymour liked Melco Crown Entertainment ( MPEL). Terranova liked Apache ( APA), while Kaminsky liked Pall ( PLL). Najarian liked Bank of America ( BAC).

-- Written by David Tong in San Francisco

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