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5 ways to trade today's market rally

As Washingtonlawmakers continue to scrutinize the pharmaceutical industry over drug pricing, the"Fast Money" traders discuss if there is opportunity in the space and where else they should make plays in the market.

Trader Guy Adami said he likes the iShares Nasdaq Biotechnology ETF. He said he believes there is still room for the ETF to trade higher. The stock is up over 15 percent in the last 12 months.

Trader Brian Kelly said he likes SPDR S&P Biotech ETF because he said mergers and acquisitions are possible with the mid to small-cap names traded in the ETF. He said as the industry awaits action from lawmakers, the industry is in a good space.

Trader Steve Grasso said he is cautious of the pharmaceutical area because there is the bipartisan support to regulate the industry and curtail drug pricing.

Kelly also said he likes silver and gold in the market. He's betting on the precious metals because of the dollar's weaker performance. The dollar index is down 3.5 percent in the past 3 months. Kelly also said he is shorting bonds with the ProShares UltraShort 20+ Year Treasury.

Disclosures:

Steven Grasso's firm is long AON, BX, CUBA, DIA, EXAR, F, HES, ICE, KDUS, MAT, MFIN, MJNA, MSFT, NE, PYPL, RIG, SNAP, SPY, SQBG, TITXF, WDR, WPX, ZNGA. Steven Grasso is long CHK, EEM, EVGN, GDX, KBH, MJNA, MON, MU, OLN, PFE, PHM, T, TWTR, VRX. Grasso's children own: EFA, EFG, EWJ, IJR, SPY. NO SHORTS.

BK is long Bitcoin, FXI, HLF, SLV, XBI.

Dan Nathan is long SPY May put spread, XLV long APR-June put spread, XLI long June put spread, CMG long call calendar.

Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.