Pros: S&P Resilience Could Signal Rally Intact

Fear of a nuclear catastrophe in Japan pounded stocks on Tuesday after a crippled reactor at the nuclear complex in Fukushima exploded and sent low levels of radiation floating toward Tokyo, prompting some people to flee the capital and others to stock up on essential supplies.

In the wake of these tragic developments, investors dumped stocks for government bonds and other perceived safe haven assets.

Are we on the brink of a whoosh lower? Although there are plenty of skeptics in the market, largely the Fast Money traders remain constructive.

What's the trade?

Instant Insights with Fast Money Traders

Trader Steve Cortes finds the resilience in the market on Tuesday to be noteworthy. Although stocks are negative, they’re off the lows. If stocks continue to bounce into the end of the day – "then I think the US market continues its lift higher." In other words, Cortes will take it as a big market ‘tell.’

Host Melissa Lee notes that 1275 has been a key level for chart watchers, "the Egypt bottom. So far that level seems to be support. And if that doesn’t hold the next level to watch is 1257, “that’s flat on year,” according to trader Steve Grasso.

Patty Edwards thinks this is a good time to start making a shopping list and thinking about adding to positions. She likes Plum Creek Timber; “timber will be needed for rebuilding,” she says. Edwards also suggests clean-up names such as Clean Harbors and EnergySolutions. “Some big contract is bound to come out of all this,” she says.

Jared Levy is also optimistic. He points to action in the Vix . Although it spiked he says “it should have spiked more.” As a result he too thinks it’s time to make a shopping list. “Take a hard look at P/E ratios,” he says. “Select names with cheap valuations and holding their 50-day moving averages.” Mastercard , he thinks may be worth a look.

It’s unusual for the Fast traders to all be in agreement, but they are. Joe Terranova is selectively bullish and suggests only looking at stocks that have already "taken the pain." He likes long Freeport McMoRan and Potash . And, he cautions investors to stay away from Apple for the time being. “Apple hasn’t take the pain,” he says. Terranova also adds this is a traders market, not a buy and hold market.

If you're looking for a currency trade Cortes suggsets long US dollar against the Aussie. "In times of turbulence I think the dollar remains the (world's) reserve currency and the overnight action proved that."

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JAPAN IMPACT: INDUSTRIALS HIT HARD

As we mentioned above, fear of a nuclear catastrophe in Japan was very much behind the sell-off with nuclear infrastructure stocks taking a hard hit.

Is this a case of hold your breath and buy? Or run in the other direction?

Playing nuclear right now is far too risky for Joe Terranova. "There’s way too much uncertainty now to step in," he says.

Trader Steve Cortes thinks the trade is longExelon. "It’s a nuclear utility that I think it’s been unfairly punished," he says.

Jared Levy suggsets rotating into alternative energy. In the wake of events, "I think the world will take a closer look at nuclear. I don’t think it’s going away, but we may see greater interest in alternative fuel," he explains. For a play Levy uggsets putting First Solar on your radar.

On a related note, if events have made you bearish on industrial metals, Patt Edwards says no need. "Hold onto them," he says. "I don’t think Japan fall out will be as awful as projections suggset."

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JAPAN IMPACT: OIL

The price of oil dropped sharply Tuesday as events in Japan triggered global demand fears.

What's the trade?

Joe Terranova remains bullish energy equties. Although he concedes events in Japan will likely trigger demand destruction he still likes long position in Exxon and CVE .

Patty Edwards is also an energy bull. "I love the energy names," she says. If nuclear comes under scrutiny she expects coal, nat gas and oil will all benefit.

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Trader disclosure: On Mar. 15, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Joe Terranova Owns (XOM), (CVE), (IBM), (DIS), (MCD), (VRTS), (C), (GS), (PNC), (USB), (JPM), (UPL), (ABT), (MS), (PBR), (BAX), (TEVA), (BTU), (CNX), (CVI), (RSX), (SU), (CNQ) and (POT).

STEVE CORTES
Cortes Is Short (C)
Cortes Is Short Silver
Cortes Is Short Gold
Cortes Is Long (SDY), Is Short (SPY)
Cortes Owns (EXC)
Cortes Is Long U.S. Dollar
Cortes Is Long U.S. Dollar vs. Australian Dollar, Canadian Dollar, Euro

JOE TERRANOVA
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (LPHI)
Virtus Investment Partners Owns More Than 1% Of (NCRI)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of (DOM)

PATTY EDWARDS
Edwards Owns (AAPL) For Clients
Edwards Owns (EXC) For Clients
Edwards Owns (GE) For Clients
Edwards Owns (GLD) For Clients
Edwards Owns (GOOG) For Clients
Edwards Owns (MSFT) For Clients
Edwards Owns (XLB) For Clients
Edwards Owns (QQQQ) For Clients
Edwards Owns (SPY) For Clients
Edwards Owns (PCL) For Clients
Edwards Owns (QCOM) For Clients


JARED LEVY
Accounts Managed By Levy Have A Bullish Options Position In (AAPL)
Accounts Managed By Levy Have A Short Options Position In (GE)
Accounts Managed By Levy Have A Bullish Options Position In (GOOG)
Accounts Managed By Levy Have A Long Options Position In (OIH)
Accounts Managed By Levy Have A Short Options Position In (QQQQ)
Accounts Managed By Levy Have A Long Options Position In (USO)
Accounts Managed By Levy Have A Long Options Position In (DBA)
Accounts Managed By Levy Have Long And Short Options Positions In S&P 500
Accounts Managed By Levy Have A Short Options Position In Crude Oil
Accounts Managed By Levy Are Long (MA) Through Options
Accounts Managed By Levy Are Long (FSLR) Through Options


ROMIT SHAH
Nomura Securities International Is A Market Maker In (INTC)
Nomura Securities International Is A Market Maker In (AMD)
Nomura Securities International Is A Market Maker In (TXN)
Nomura Securities International Is A Market Maker In (BRCM)
Nomura Securities International Is A Market Maker In (QCOM)

Comcast Is The Parent Company Of CNBC
Comcast Is The Parent Company Of NBCUniversal
GE Owns 49% Of NBCUniversal
GE Owns 49% Of CNBC



CNBC.com with wires.