'Fast Money' Recap: Ag Trades Blossom

NEW YORK ( TheStreet) -- The markets rebounded Thursday on improving U.S. trade deficit figures.

The Dow Jones Industrial Average rose 75.42, or 0.63%, to 12,124.36. The S&P 500 added 9.44, or 0.74%, to 1289.00. The Nasdaq gained 9.49, or 0.35%, to 2684.87.

Guy Adami said on CNBC's "Fast Money" TV show said the late day action of today's market wasn't pretty. He said 1275 was a tradable bottom and 1325 a serious point of resistance. He said he would have used the rally in banks to sell.

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

Steve Grasso said he was still looking for the markets to head lower. Joe Terranova said there was a lot favorable economic data to support his belief that the global growth story is intact. Tim Seymour noted that ECB President Jean-Claude Trichet talked about moderate growth with inflation being the chief concern.

Tim Seymour said the weak dollar has been fantastic for U.S. exports, especially commodities and industrials. He said these "great" trades were happening on a day when the dollar was stronger. However, he said the rally occurred today because everybody wanted the market to bounce after seven days of losses. He said he expects the rally to continue for a week before it expires.

Melissa Lee, the moderator of the show, wondered whether it was even appropriate to call today's market action a rally. Grasso said the rally occurred today because everything worked for a day. Terranova said the markets are in a consolidation phase that may last through the summer.

Lee said the grain trade was hot today following the USDA report noting lower corn production. Rich Ilczyszyn, senior market strategist for Lind-Waldock, said corn production has been hampered by a slow start to plantings and rain delays.

He said the situation is setting up for a bullish case for corn and other crops. He said it would take perfect weather conditions to make up for the shortfall in production.

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