Best Way To Play Bounce?

Doug Kass is good. He told you on Monday the market was due to reverse. Now, how do you game the bounce?

The S&Pis making a bottom right there, right now. That’s what celebrated investor Doug Kass has been insisting for about the past week. And he told us on Monday’s show that “I see the bottoming process as commencing now!” (Click here to read that post.)

That guy is good.

Just look at the action Tuesday in the Dow and S&P. Now, that’s not to say we’ve just started the next bull market – but it could well mean the we’re not going any lower.

So what’s the best way to play the comeback?

Fast Money trader Joe Terranova thinks now is the time to look at oil. Even if you don’t agree with Kass that the market has hit bottom, Terranova argues that oil and commodities are poised to profit in this environment.

“Commodities have stabilized -- the commodities market seems to have bottomed back in January,” he says. "In the space I like Exxon Mobil , ConocoPhillips and Hess ."

Tim Seymour also likes the space. "If you adjust for inflation commodities are cheaper now than they were 20 years ago," he says. "I think the play is copper and I’m playing it with Teck Cominco , which is based in Peru.

And in case you’re wondering what Terranova is looking at outside commodities he says, “the only financial I’d touch is Morgan Stanley . And if you’re looking for a fast beta type name, look at Wynn.”

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Trader disclosure: On Mar. 10th, 2009, 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); Finerman's Firm Owns (MSFT); Finerman's Firm Owns (DNA) & (DNA) Calls; Finerman's Firm Is Short (BBT); Finerman's Firm Own (RIG); Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (USO); Syemour Owns (AA), (BIDU), (EEM), (FXI), (TTM), (BAC), (TCK), (RSX); Karabell Owns (AAPL), (BHP), (FCX), (FXI), (GOOG), (GLD), (GE), (JPM)

Terranova Owns (DIS), (XOM), (X), (BP), (IBM), (INTC), (JPM); Terranova Owns MACI Oil Futures