And recent gains in commodities prices have boosted raw materials producers and the shipping firms that transport their goods. Australia's BHP Billiton, the world's largest mining company made gains on Monday as did DryShips.
But what's past is past. What will continue working?
According to Joe Terranova both healthcare and technology still look good!
He thinks Apple , IBM and Google are all names to watch because they "reported earnings surprises.” He takes that to mean they’re gaining traction. “Those names are all working.”
And in healthcare he likes playing SPDR S&P Biotech and Amgen . “There’s a lot of cash in the Pharma world,” he says, “and biotech is probably where they will spend it.”
And if you’re looking for an ag trade Terranova says consider a pairs trade, “put on the ag ETF on the long side and the energy ETF on the short side.”
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Trader disclosure: On Feb. 9th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders;Seymour Owns (MT), (BAC), (EEM), (FCX), (VIP), (BIDU); Seymour's Firm Owns (VIP); Macke Owns (MOS), (TM), (SDS), (AAPL), (BAC), (DIS); Najarian Owns (FCX) & (FCX) Calls; Najarian Owns (MT) Calls, (GS) Calls; Najarian Owns (MSFT) & (MSFT) Short Calls; Najarian Owns (MS) & (MS) Short Calls; Najarian Owns (CAT) Call Spread, (ENER) Call Spread, (EEM) Call Spread, (GDX) Call Spread, (MOS) Call Spread; Najarian Owns (GE) Puts; Finerman's Firm Owns (MSFT), (PM), (RIG); Finerman's Firm Owns (DNA) & (DNA) Calls; Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (USO)
Terranova Owns (AMGN), (DIS), (XBI); Terranova Owns (IBM) Calls