NEW YORK ( TheStreet) --The markets were mixed Tuesday as gold and silver continued to soar.

The Dow Jones Industrial Average fell 6.13, or 0.05%, to 12,393.90. The S&P 500 slipped 0.96, or 0.07%, to 1,331.91. The Nasdaq added 2, or 0.07%, to 2,791.19.

Guy Adami said on CNBC's "Fast Money" show that he was more interested with the rise in silver than in gold. He said he sees silver heading north of $40 in the new few weeks.

Kelly said the demand for gold is being fueled by negative real interest hikes and China's demand for the commodity. He said 55% of the demand in silver is investment-related. He said he would sell Silver Wheaton ( SLW) in the mid-$40's.

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

Joe Terranova said China wants more gold to diversify its portfolio. Karen Finerman threw up her hands on the gold trade. "I don't get it. I'm neither long nor short. It's like religion: You either believe it or you don't. I don't."

Scott Wapner, the moderator of the show, said the market is advancing on dollar weakness. Terranova said U.S. exports is driving equities higher, thanks to QE2, adding the equities will fade when the dollar rebounds.

Wapner brought in Jon Najarian to talk about the collapse today in American Superconductor ( AMSC) after it fell 41.57% when a Chinese energy equipment maker refused to accept a shipment. That's the problem when "you have one customer making up all your sales," he said.

The news on Monday that Texas Instruments ( TXN) is buying National Semiconductor ( NSM), didn't generate much of a lift to other players in the space, Kelly said.

Adami said he was more impressed with the Nasdaq's decision to reweigh Apple to 12.3% from 20.5%. Finerman said she was selling Google after hearing a report that the Justice Department is mulling the possibility of antitrust lawsuit to stop Google ( COL) from buying ITA Software.

Boeing ( BA) shares were down on worries about the FAA's emergency order to have a large number of 737s inspected. Kelly said he would short it, while Adami said he would get out of it and go to Rockwell Collins ( COL).

Oil continued to surge today, topping $108 a barrel. Rich Ilczyszyn, senior market strategist for Lind-Waldock, expressed reservations about the oil trade. He said the amount of oil in which speculators are involved is equivalent to the strategic reserve.

He said he is worried about the extent of investment in oil at this price and the 30% decline in volume the last couple of days. He sees an limited upside on the short term to $110 and a greater risk to the downside of $5 to $10. He said he is lightening up his long positions and buying June options for protection.

Wapner noted that Diamond Foods ( DMND) was up 6.71% after it bought the Pringles division from Procter & Gamble ( PG). Adami noted the huge short interest in the stock, adding there are a couple of more days of upside in the stock before he would pull the rip cord. He said he loves the company's story long term.

Wapner asked the panel if Cisco ( CSCO) could be the target of activist assault after CEO John Chamber's comments disappointed investors and confused employees.

Finerman said Cisco is too big to be the target of such pressures. She said Calpers could step in on corporate governance and executive pay issues but not on ones dealing with business strategy.

Kinahan said he would buy more shares in Cisco.

For the hedge fund pick of the week, Anthony Scaramucci chose Nike ( NKE), which has been off 15% after a rough quarter.

He said the stock trades attractively at 16 times forward earnings and 9.4 times its EBITDA. He said the company has a cash flow of 9% and a dividend yield of 1.6%. He called Nike is a world recognized brand name and put a price target of $100 on it. He said the stock will appreciate if Nike's "great" management team can turn around its near-term problem.

Should the Fed be raising interest rates along with other countries like China and India? Bill O'Donnell, head of head of U.S. interest rates strategy for RBS, said China is raising rates in an effort to contain a housing bubble while the Fed is trying to contain a massive bursting housing bubble.

He said the Fed has resorted to an accommodating monetary policy as long as long-term inflationary expectations don't get out of control and allows it to "sit back" and watch growth develop.

He said the strategy works as long as stocks stay up and household income is stable. He said the Fed will run into problems if consumer spending becomes problematic.

He said he would be trading in a range of 3.25% to 3.5% in the 10-year Treasury note between now and April 27, the next Fed meeting.

Taking a page from the momentum playbook, Terranova advised sticking with the industrial metals like silver and large integrated names like Exxon Mobil ( XOM) with large proven reserves.

Adami said Abercrombie & Fitch ( ANF) should be picked up on any pullback. Finerman liked Macys ( M) and Target ( TGT) in the face of higher oil prices. Kelly said he was sticking with the precious metals trade.

In the final trades, Kelly liked Tyson Foods ( TSN). Adami like Becton Dickinson ( BDX). Finerman said to stay away from American Superconductor. And Terranova advised investors to protect their portfolio by buying puts in Caterpillar ( CAT) and Potash ( POT).

--Written by David Tong in San Francisco.

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