'Fast Money' Recap: S&P 1700?

NEW YORK ( TheStreet) -- The markets rallied Thursday on some encouraging jobless claims data.

The Dow Jones Industrial Average added 28.23, or 0.22%, to 12,980.30. The S&P 500 gained 8.84, or 0.65%, to 1374.52. The Nasdaq rose 22.08, or 0.74%, to 2988.97.

Joe Terranova said on CNBC's "Fast Money" TV show that he didn't make too much of the whipsaw action in oil after unconfirmed reports of a pipeline explosion in Saudi Arabia. Brent crude shot up to $128 a barrel, while the WTI rose to $109 a barrel.

Brian Kelly agreed, noting the stock market did not pay any attention to the rise in oil prices. "It was hard to hit the sell button when the rest of the data was decent," he said.

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

Tim Seymour, though, remained concerned about the high price of oil, saying it can't be OK for the global economy when oil is at $130 a barrel.

Guy Adami said he sees the market rising higher until it reaches a blow-off top soon, a situation that the bears and bulls may want.

Melissa Lee, the moderator of the show, turned the panel's attention to two bullish forecasts for the S&P, one by Birinyi Associates that sees the index soaring to 1700 sometime this year and the other by UBS that sees it going to 1475 by year's end.

The Birinyi forecast is based on such factors as a strengthening economy, healthy manufacturing and construction trends, strong car sales in the early part of the year and a strong pickup in hiring by large companies.

Joe Terranova said he felt the forecast was a big stretched. He said oil has fundamental challenges and that he is still short gold and silver futures. Adami disagreed, saying he still thinks gold and silver will head higher.

Kelly said he was cautious in gold after the Fed and ECB indicated they were reticent to entertain more quantitative easing.

Jeff Weiss, chief technical analyst for Tejas Securities, took a bullish view, saying the market still has some unfinished business despite high oil prices and the problems in Europe.

Lee noted the financials performed well today. Kelly, who bought shares of the Financial Selector SPDR ETF ( XLF) and SPDR S&P Regional Banking ETF ( KRE), said bank stocks are doing well because of the improving capital markets. He said the banks should do even better if they get regulatory relief. With low interest rates, it doesn't take much for banks to drive earnings, he said.

Lee said spring came early for the major retailers which posted strong same-store results. Jeff Klinefelter, a Piper Jaffray analyst, said the strong results are across the board with consumer confidence rising and consumer discretionary spending on the rise.

He said it bodes well, for example, for a retailer like Gap ( GPS), which was up 7.28%, on a 4% jump in same-store sales.

The analyst also liked JC Penney ( symbol) on today's pullback. He said the retailer has an outstanding management team that has revolutionized the supply chain and maintained price integrity.

Shifting to investing opportunites to other parts of the globe, Seymour discussed what he found in a recent visit to Turkey. He said the industrial production story is alive and well in the country. He said the auto sector is strong, adding the trade there is in Fiat. He also praised Turkey's banking industry, saying the trade there is through iShares MSCI Turkey Investable ( TUR), which is heavily weighted toward banks. He said Turkey's markets will feel the impact of higher oil prices.

Kelly's emerging market choice was Brazil for its GDP growth and a central bank that has pursued stimulative policies. He advised playing Brazil through the iShares MSCI Brazil Index ETF ( EWZ).

Lee brought in Jing Ulrich, chairman of global markets, China, for JPMorgan, to talk about China's economy. She said concerns about a sharp economic slowdown have subsided and predicted growth will pick up in the second half of the year.

She said China's leaders learned the lessons of creating too much liquidity and are taking small incremental steps to steer the economy. She said the country is pursuing tax reforms and providing assistance to small and medium enterprises.

Despite healthy macro-economic growth, there are concerns about the corporate sector, especially in the steel and construction industries, she said.

According to Ulrich, these industries are suffering from overcapacity and need to be more efficient.

Lee brought in Rich Greenfield, co-head of research at BTIG Research, to talk about Zynga ( ZNGA), which surged 11% on reports of a new gaming platform.

He said Zynga is using the platform to create its own ecosystem to allow games to be played in a far more social environment without distraction. He said the company should do well in the coming months, as game playing spreads. He disagreed with critics who say the new platform will hurt Zynga's relationship with Facebook. He said the ties will remain strong.

CNBC reporter Mary Thompson interviewed Bob Iger, CEO of Disney ( DIS) about Disney's second cruise ship - the Disney Fantasy - that makes its maiden voyage on March 31.

Iger said the 4,000-passenger cruise ship is banking on the popularity of its first cruise ship. He said the new cruise liner should have an impact on the bottom line in 10 months.

In the final trades, Terranova liked General Motors ( GM). Adami liked NRG Energy ( NRG). Kelly favored Freeport McMoRan ( FCX), while Terranova saw more upside in Wynn Resorts ( WYNN).

-- Written by David Tong in San Francisco.

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

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