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Dow Climbs 2%

DOW CLIMBS 2%

The Dow advanced Wednesday as factory and home sales data raised hopes the economic downturn is moderating, at least somewhat.

Big manufacturers and their suppliers, such as Caterpillar and US Steel , rose sharply after data showed factory activity in March fell at a slower rate than the month before, while pending home sales rose more than expected in February. .

The data was enough to counter a report that showed U.S. private-sector job losses accelerated in March to 742,000, heightening concerns ahead of the government's monthly payroll numbers on Friday.

Strategy Session with the Fast Money traders

The market undressed me on Tuesday which you might find sexy but it was lousy for me, chuckles Guy Adami. But with the market shrugging off bad news we could be heading to 900 in the S&P .

What mattered to me was that Moody’s downgraded both Macy’s and JC Penney but the stocks both shook it off and closed higher, adds Jeff Macke. That’s a market ‘tell.”

And the financials were hot from the moment the market opened, exclaims Pete Najarian.

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FINANCIALS UP AHEAD OF FASB VOTE TOMORROW

In the financial sector, JPMorgan Chase and Goldman Sachs were among the biggest winners as the entire sector gained on hopes that the FASB will vote to loosen mark-to-market rules on Thursday. As you may know, the Financial Accounting Standard Board (FASB) establishes accounting and reporting standards.

I think the mark-to-market issue is a really big issue, says Karen Finerman. I have my eye on Valley National which has been hit by mark-to-market yet they never wrote a subprime loan. There are tons of banks that never got caught up in the mess but got stuck in the mess.

I think the mark-to-market thing could be a game changer, adds Pete Najarian. The ruling could be a biggie.

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TELECOM BOUNCES AS CONFERENCE BEGINS

Shares of telecom firms climbed on Wednesday as the CTIA conference got underway. RIMM was among the many winners; shares jumped largely due to it’s new online store which sells entertainment, games, news, and travel applications to its BlackBerry users. The store is available immediately.

I think the decision to add apps is a big deal for RIMM, says Pete Najarian. It speaks to the future of wireless.

Goldman said to buy RIMM ahead of earnigns but if you do, you could get your faced ripped off, adds Guy Adami.

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TECH ONLY GAINER IN Q1

Of all the sectors in the S&P only tech closed in the black fir the first quarter.

S&P Sectors in Q1

Tech +4%
Materials -3%
Telecom -9%
HealthCare -9%
ConsDisc -9%
ConsStap 11%
S&PTotal -12%
Util -12%
Energy -12%
Indust -22%
Financials -30%

In tech, I’ve got my eye on Oracle , says Guy Adami. It seems like the stock still wants to go higher ontop of the move it already has.

Microsoft is currently going higher, adds Jeff Macke. If that can happen it’s a good time to get long stocks.

Look at Cree , counsels Pete Najarian. The options action in the stock suggests the stock could go higher.

Cree had a huge move up in the past 6 months, adds Guy Adami. It’s not a value trade but maybe someone is sniffing around and looking for a takeover.

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BIOTECH BASHED

Celgene shares fell sharply on Wednesday after the biotechnology company said first-quarter results will be lower than analysts expected due to the global economic downturn.

I don’t think Celgene anticipated the move at all, says Guy Adami. They said a lot of good things about the drugs they had in the pipeline yet the market took them out back and shot them. I’d buy it on the dip with a $36 stop.

I like it too, adds Pete Najarian.

Forget Celgene, counters Jeff macke. It closed down on bad news.

I expect to see more M&A in the entire space, muses Karen Finerman.

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CASINO ROYALE

Shares of casino stocks hit the jackpot on Wednesday, largely due to a note from JPMorgan, which said the Macau gaming market appeared to be doing better than expected. In other words, the results from Macau operations were not bad given current economic conditions.

I don’t understand how things can go from terrible to great in about a month, says Guy Adami. If you get into these stocks on the JPMorgan news you’re trading wrong.

This note smacks of being an April fools joke, bristles Jeff Macke.





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Trader disclosure: On Apr 1st, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (GS), (GE), (FAS), (WMT), (AAPL), (MOS); Macke Is Short (BRK.b): Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU): Finerman Owns (RIO): Finerman's Firm Owns (MSFT), (RIO): Finerman's Firm Is Short (IJR), (MDY), (SPY), (USO), (IWM), (BAC), (BBT), (WFC): Finerman's Firm Owns (BAC) Preferred: Finerman Owns (BAC) Preferred: Finerman's Firm Owns (WFC) Preferred; Finerman's Firm Is Short (BWA); Finerman's Firm Owns (TDC); Najarian Owns (AAPL) Call Spread; Najarian Owns (BNI) Call Spread; Najarian Owns (C) Call Spread; Najarian Owns (FAS) Call Spread; Najarian Owns (PALM) & (PALM) Calls; Najarian Owns (RIO) Calls; Najaria Owns (SWY) Calls; Najarian Owns (POT) Call Spread; Najarian Owns (XHB) Call Spread; Najarian Owns (CREE) Calls

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