'Fast Money' Recap: A Relief to Have Another Rally

NEW YORK (TheStreet) -- The S&P 500 climbed 0.85% as WTI crude oil nearly touched seven-month lows. 

On CNBC's "Fast Money" TV show, Pete Najarian, co-founder of optionmonster.com and trademonster.com, said the U.S. stock market wants to move higher and so long as the geopolitic tensions do not rise, the S&P 500 seems likely to break through 2,000. 

Steve Grasso, director of institutional sales at Stuart Frankel, said the markets seem poised to go higher over the short term, but the "high beta" stocks like Twitter (TWTR) need to continue higher for the S&P 500 to breach 2,000. 

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Karen Finerman, president of Metropolitan Capital Advisors, said it's good to see the financial sector rallying. It seems like the path of least resistance is higher for the U.S. equity market. 

Guy Adami, managing director of stockmonster.com, said a slowdown in corporate earnings seems like the only thing can truly derail the market. However, earnings have been good while biotech stocks continue to soar.

Dennis Gartman, editor and publisher of The Gartman Letter, said coal supplies 41% of U.S. electricity and 43% of global electricity. The sector has been beaten up, but Gartman suggested buying a basket of coal stocks. He argued that coal seem poised to move higher; with a basket of stocks, some will do well, some will do really well and some may go bankrupt, but that's what the reason for diversification. 

Najarian said there has been bullish options activity in the December and January expirations for multiple coal stocks. However, he is a buyer of Caterpillar (CAT) , which has been doing well due to construction. However, if the mining business improves, Caterpillar should do really well, he said. 

Finerman said the corporate debt (bonds) for these coal companies are trading at major discounts. She recommended that interested investors do what Gartman suggested, and buy a basket of stocks. 

Grasso said shares of Aeropostale (ARO) are moving higher due to positive management changes and more importantly, a high short interest, which is forcing short-sellers to cover their position. 

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Finerman said investors should "look elsewhere" when deciding whether to buy Aeropostale. She likes shares of Macy's (M) and Urban Outfitters (URBN) more. 

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