3 Stocks I Saw on TV
NEW YORK ( TheStreet) -- The markets rallied Wednesday for a second consecutive trading session. The Dow Jones Industrial Average jumped 106.63, or 0.95%, to 11, 362.14 and the S&P 500 added 15.46, or 1.28%, to 1,221.53. The Nasdaq rose 29.92, or 1.17%, to 2,579.35. Brian Kelly said on CNBC's "Fast Money" TV show that the markets were spurred by the decision by the ECB to do its own form of quantitative easing as well as good pending housing sales numbers that came out today. Tim Seymour concurred, saying the ECB is bringing liquidity to the markets that need it. He said that action might have been disappointing to some who expected stronger action. 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 it is easy to get caught up in all the geopolitical news and lose sight of valuations. He said stocks are cheap and "that's what you need to focus on." Melissa Lee, the moderator of the show, said financials is one space that looks attractive, with a steeper yield curve and loan growth demand working in the favor of banks. Guy Adami said he liked the medical devices and health care names. Joe Terranova said he was going out on a limb with Comerica ( CMA) on the theory that the economy is recovering and that the financials will play a big role in the rebound. He also liked Goldman Sachs ( GS) and the work its trading desk has done in the past quarter. Lee noted that oil broke above $90 a barrel. Terranova said he's very bullish on crude the next two weeks. Richard Ilczyszyn, senior market strategist at Lind-Waldock, also was bullish on crude as well as natural gas, which he recommended buying on dips. He sees copper heading to $4 if the market continues to rally. Looking ahead to Friday's jobs report, Joe Lavorgna, an economist with Deutsche Bank, expects an above consensus figure of 150,000 jobs created. He said he would be buying equities ahead of the report not so much because of the jobs report but because it comes along with a string of earlier data that support the belief of an economic recovery.