NEW YORK ( TheStreet) -- The markets rallied Wednesday on signs on eurozone stabilization.

The Dow Jones Industrial Average rose 140.88, or 1.27%, to 11,246.73. The S&P 500 added 15.81, or 1.35%, to 1188.68. The Nasdaq rose 40.40, or 1.60%, to 2572.55.

Guy Adami said on CNBC's "Fast Money" TV show said today's rally occurred because "people got themselves way too short." He said he would be bullish if the S&P moves above 1225. However, he sensed the market will trade lower Thursday.

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 agreed, saying today was a classic short squeeze. He said the direction of the market will depend heavily on the direction of the euro. He said the market will rally if the euro moves above 138.37.

Anthony Scaramucci said the rally could gain momentum if the political leaders do something smart in Greece and take steps to cure the euro. He said stocks are very cheap.

But Karen Finerman said today's assurances from political leaders to keep Greece in the eurozone is a Band-Aid solution. She said it doesn't address any of the other shoes that could drop such as Spain and Italy. She said she wouldn't be jumping into this rally.

Brian Kelly was long the euro because he is adamant in his belief that Greece has no choice but to leave the eurozone.

Melissa Lee, the moderator of the show, shifted to the heated letter-writing campaign of head fund manger Daniel Loeb to initiate changes at Yahoo! ( YHOO).

Finerman said Loeb has a good chance to be successful because a lot of value has been destroyed at Yahoo! and the board can be blamed for it. She said Loeb has a good chance of getting part of the board replaced.

In an unusual currency trade, the panel discussed Pershing Square's Bill Ackman options bet that that the Hong Kong dollar will be revalued in a year against the U.S. dollar. The HKD-USD has been a fixture for a long time, but there's some discussion that the HKD may be pegged to the stronger yuan in five years.

Whitney Tilson said the thinking is that HKD will be revalued 30% against the U.S dollar. If Ackman is successful in his one-year options move, he could pocket 60 times his bet, Tilson said.

As for investing opportunities, Tilso likes the big-cap blue chips, especially Dell ( DELL), which is trading just five times earnings, net of cash, and has undergone an aggressive share repurchasing program with the aim of retiring 27% of its outstanding shares.

Shifting to the gold trade, Dennis Gartman put down the idea of investing in gold mining names, saying investors are better off in the less risky SPDR Gold ETF ( GLD - Get Report). "It's a clean bet."

Lee said money is flowing back to the oil stocks. Dan Dicker, senior contributor to TheStreet, said it's time to get out of the refining stocks now that the WTI oil price is edging higher, squeezing refiner profits. He said the refining stocks had their "day in the sun" and that it was time to take the money from those stocks and put it elsewhere.

The panel discussed the likelihood of a 15% to 20% market pullback. Scaramucci said that won't happen until three dominoes come into play: a spike in unemployment, Greece default and the chance of another recession gets to 65%.

On a brighter note, Joe Lavorgna, chief U.S. economist for Deutsche Bank, said the U.S. economic situation doesn't look as dire as it has been made out to be. He said the economy grew at 2% in the second quarter and the Index of Leading Indicators is showing growth, both for the short- and long-term.

Looking ahead of the earnings of Research In Motion ( RIMM) and Oracle ( ORCL - Get Report), Najarian said RIM looked interesting because it could benefit from the delays in the launch of the iPhone. Terranova, though, said the clock has been ticking on RIM for quite a while and he believes the "game is over."

In the final moves, Najarian said he is long the market. Kelly liked the iShares Barclays 20+ Year Treasury Bond ( TLT). Scaramucci said to buy the S&P 500. Adami liked Exco Resources ( XCO). Karen was long BMW. Terranova liked the Oil Service HOLDRs ETF ( OIH - Get Report) with a stop close below 118.

-- Written by David Tong in San Francisco.

>To contact the writer of this article, click here: David Tong.

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