'Fast Money' Recap: Momentum Market

NEW YORK ( TheStreet) -- The markets continued to gain momentum Monday on a flurry of deal-making.

The Dow Jones Industrial Average rose 69.48, or 0.57%, to 12,161.63. The S&P 500 added 8.18, or 0.62%, to 1,319.05. The Nasdaq gained 10.73, or 0.39%, to 2,783.99.

Brian Kelly said on CNBC's "Fast Money" TV show that the market is on such a roll that it appears nothing can stop it. He said it's very difficult to short a market like this.

Tim Seymour was impressed with "Merger Monday" and how it spread across a breath of industries, though he expressed concerns about inflation.

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 noted how different leaders have come up to the plate each day to lead the market. He especially liked the leadership shown by stocks such as Exxon Mobil ( XOM) and General Electric ( GE).

Najarian said people are still buying puts, adding that is a "good" thing that will take the market higher..

It was a big day for mergers with $16 billion worth announced today. Year to date, M&A activity has soared to the highest level in three years.

Brian Kelly said he was impressed with Ensco's ( ESV) deal for Pride International ( PDE) in the energy space.

Tim Seymour was impressed with the merger of two large steel companies in Japan to form the second largest steel company in the world.

Pete Najarian said he liked the robust activity in the oil patch, adding investors have traded in a disciplined manner, taking advantage of stocks like Halliburton ( HAL) that are moving to the upside but also knowing when to take profits.

Najarian was bullish about the solar stocks while Seymour saw strength in the uranium stocks like Uranium One ( UUU), which is benefitting from supply constraints.

Adami said Danaher ( DHR), which announced a deal for Beckman Coulter ( BEC) has outperformed Berkshire Hathaway ( BRK.B) and has room to go higher.

In another big deal today, AOL ( AOL) bought the Huffington Post. Kelly said the deal is an attempt to make AOL the " New York Times of the digital world."

Seymour called it a terrible deal, saying AOL grossly overpaid for Huffington, at 11 times sales. He said the deal shows AOL is scrambling and is behind the curve.

But Zachary Karabell said AOL is just trying to attach itself to a property that is going to grow 200% this year.

Najarian said AOL faces a problem of declining ad revenues. He said the market didn't like the deal, as evidenced in the options activity and the rise in Gannett ( GCI) shares.

Is the oil trade over? Dennis Gartman said the contango has been widening daily for weeks. He said plenty of oil is available, as the Egypt crisis moves to Page 7.

With financials turning in a fine performance today, Seymour was impressed with the consumer credit data and how banks are starting to lend again. Najarian said he's seeing a lot of put activity in stocks like Bank of America ( BAC) and Wells Fargo ( WFC).

Kelly considered Bank of America a safe bet, trading at 70% of book value and 10 times next year's earnings. But Karabell said he didn't like the stock because he feels the bank will face a regulatory and massive news event when the long-rumored Wikileak on the bank comes out.

Technology stocks were on a roll, with Apple ( AAPL) and IBM ( IBM) hitting new highs. Najarian said the memory area is on fire, with Cirrus Logic ( CRUS)and Micron Technology ( MU).

Seymour said investors are being drawn to tech stocks that have value such as Cisco ( CSCO). Adami said the same could be said of Juniper Networks ( JNPR).

Shifting to the tobacco sector, Lorillard ( LO) President and CEO Murray Kessler said his company, which reported today a 7% jump in fourth-quarter profits, has rebounded from the large federal excise tax a year and a half ago and is seeing its business returning to normal, thanks to the strong sales of Newport Menthol cigarettes.

Bob Pisani, a CNBC reporter, said there as a lot of frustration at the Indexuniverse.com's Inside the ETFs conference in California over the inability to create a cash-backed oil traded fund.

He said that isn't likely to happen unlike Blackrock ( BLK) "parks a caravan of oil tankers and charges a fortune to maintain the business." Until that happens, oil funds will be on futures-based contracts, he said.

In the currency trade of the week, Todd Gordon said he was long the British sterling and short the Aussie dollar. He said the sterling resistance level is turning into a support level while the Aussie dollar is under pressure from the flood and tightening in Asia.

What's the best way to cash in the growing Canadian economy? Gartman said he would go long crude through Suncor ( SU) and go long the Canadian dollar, which has been steadily rising against the U.S. dollar.

In the final trades, Karabell liked Vale ( VALE). Seymour liked gold while Adami liked Cooper Industries ( CBE). Kelly liked eBay ( EBAY) and Najarian liked Teck Resources ( TCK).,

--Written by David Tong in San Francisco.

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