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Ride The Geithner Gallup

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The market loved what it heard on Monday from the Treasury with the Dow posting triple digit gains.

But it wasn't just stocks that were higher -- bond yields came down, the dollar was lower (which helps exports) and commodity prices were going higher. “Folks this is what it typically looks like when the market senses a recovery is in the offing,” says CNBC’s Bill Griffeth on CNBC's Closing Bell.

“We’re still going to have job losses and companies will still report lower earnings but the market is starting to look past that now," he adds.

What’s the best way to play the comeback?

Jeff Macke

“I’m digging this rally and I’m riding it,” replies Jeff Macke. "I don’t believe in triple bottoms or triple tops. When we broke above 805 on the S&P, a point of resistance, it was time to get long."

Macke suggests looking at Goldman and best of breed banks as well as Mosaic and Potash and any stock that benefits from the weak dollar.

However Macke does have a word of caution. “If the S&P 500 closes below 800 get out -- but until that happens I’d be long stocks.”

Joe Terranova

“I think if you’re already long there’s limited upside coming,” counters Joe Terranova. “The S&P could gravitate to 900 but at that point I think you have to be a seller. I think the S&P could roll back and perhaps test 740.”

Pete Najarian

“If you have a long-term horizon, I’d continue to allocate money into the market,” says Najarian. Dollar cost average your way in and "don't try and time this whole thing out."

You can find this conversation at the end of the Word On The Street video.


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Trader disclosure: On Mar. 23rd, 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), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman's Firm Owns (MSFT), (RIG), (AXYS); Finerman's Firm Is Short (WFC), (BBT); Finerman's Firm Owns (WFC) Preferred; Finerman's Firm Owns (DNA) Call Spread; Finerman's Firm Owns (BAC) Preferred; Macke Owns (GE), (AAPL), (GS), (MS), (POT), (MOS); Macke Is Short (BRK.b); Najarian Owns (PALM) Stock & (PALM) Calls; Najarian Owns (SWY) Calls; Najarian Owns (C) Call Spread, (GS) Call Spread, (GD) Call Spread, (MS) Call Spread, (POT) Call Spread, (TGT) Call Spread, (XHB) Call Spread

Terranova Owns (DIS) & (DIS) Calls;Terranova Owns (AMGN) & (AMGN) Calls; Terranova Owns (COP) Calls; Terranova Owns (HESS) & (HESS) Calls; Terranova Owns (KCE), (FXC), (XBI), (BRCM), (WYNN), (INTC), (DELL), (XOM), (IBM), (POT), (X), (JPM)

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