Where’s the Value In the Market?

As stocks climbed 1 percent midday, the CNBC "Fast Money" traders revealed Tuesday where they're looking next.

"I think right now having broken out on the 10-year to a new high for the year, I'm taking my TBT long position from 100 percent long last week to 25 percent long," Joe Terranova of Virtus Investment Partners said.

The Dow Jones Industrial Average spiked more than 200 points before paring back some gains. The S&P 500 and the Nasdaq were up more than 1 percent each. The CBOE Volatility Index, widely considered the best gauge of fear in the market, traded below 14.

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Terranova said that he was looking to Institute for Supply Management and employment data out next week.

"I think rates are going to tell you what you want to do in the equities market itself, and that has yet to be determined based on those reports," he added.

Terranova's long positions included Goldman Sachs and American Express.

"There's plenty of value to be had," Stephen Weiss of Short Hills Capital said, adding that plenty of sectors had room to run.

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Citigroup, he added, was "still far, far off its highs," Weiss also said.

Weiss said that he also liked Rockwood Holdings, Community Health and SodaStream.

"You're now getting psychology in Europe that says, 'You know what? Having all this fiscal constraint is not a good thing. Let's go toward growth.' That's just going to drive values around the world higher."

Simon Baker of Baker Avenue Asset Management said that staying in cash was not the best idea.

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"Scared money's not going to make money in this market," he added.

Baker said the winning trade was "clearly cyclicals over staples," backing automaker stocks General Motors and Ford for gains.

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Trader disclosure: On May 28, 2013, 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 is long VRTS; Joe Terranova is long SJM; Joe Terranova is long AAPL; Joe Terranova is long SPLK; Joe Terranova is long TBT; Joe Terranova is long SWN; Steve Weiss is long C; Steve Weiss is long BAC; Steve Weiss is long F; JJ Kinahan is long AAPL; JJ Kinahan is long BAC; JJ Kinahan is long C; JJ Kinahan is long CSCO; JJ Kinahan is short SBUX; JJ Kinahan is long FB; JJ Kinahan is long MSFT; JJ Kinahan is long F; JJ Kinahan is short SPY on OPTIONS; Simon Baker is long AAPL; Simon Baker is long C; Simon Baker is long CSCO; Simon Baker is long YHOO; Simon Baker is long MSFT; Simon Baker is long GOOG; Simon Baker is long F; Simon Baker is long MRK; Simon Baker is long EXC.