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Fast Money

Dow Back to 8,000

If the Dow is powering it’s way back to 8,000, what’s the best way to ride this bear market bounce?

Many traders (and viewers) still have their doubts about whether this is "the" bottom, but that is not stopping them from placing strategic bets to benefit from this bear-market bounce. In his note Wednesday morning, strategic investor Dennis Gartman targeted the 7,800 to 8,000 range as a potential high for the Dow average.

"There really is a large sum of money left upon the sidelines and there are huge short positions that must be unwound," wrote Dennis, in the widely followed Gartman Letter.

If that sounds a tad familiar it’s because Fast Money producer John Melloy told you in his blog – but it warrants repeating.

" The next couple of days should be interesting," adds Guy Adami. "If we fail at 741 and go back to the low and hold those lows – there’s a good chance the S&P trades to 900."

So, what’s the best way to play?

I’d trade some combination of tech, materials and industrials, counsels Zach Karabell.

I would be short the VIX, counsels Karen Finerman.

There are enough catalysts for the financials that they should still have a lot more upside, says Pete Najarian. I'd look at JP Morgan going forwad.

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Trader disclosure: On Mar. 11th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (GDX), (MSFT); Najarian Owns (COF) Call Spread, (FCX) Call Spread, (GS) Call Spread, (PCU) Call Spread, (X) Call Spread, (XHB) Call Spread, (GLD) Put Spread; Najarian Owns (MS) & (MS) Calls; Karabell Owns (AAPL), (BHP), (FCX), (FXI), (GOOG), (GLD), (GE), (JPM); Finerman's Firm Owns (MSFT); Finerman's Firm Owns (DNA) & (DNA) Calls; Finerman's Firm Owns (WFC) Preferred; Finerman's Firm Own (RIG); Finerman Owns (WFC) Preferred; Finerman's Firm Is Short (BBT), (IYR), (IJR), (IWM), (MDY), (SPY), (USO)