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It seems that all the market wants to do is climb higher? How much longer can it keep that up?

Wednesday’s market action might hold the secret. The S&P 500 marched right into 870 – a previous point of technical resistance – and never looked back.

By the close the S&P had marked its highest finish since January. The gains gave the bulls new confidence that the worst is over and real strength has returned to the overall market.

Who can blame them - the fundamentals look to be on their side, too. The Federal Reserve says the economic outlook has improved modestly since its last meeting in March.

Another positive development comes in the form of recent GDP data, which looks bearish at first glance – until you dig down. Although the headline number shows a sharp contraction, GDP data also shows a rise in consumer spending and a decline in inventories - two signals that are bullish.

"What everybody is hanging their hat on is this inventory draw, and the expectation that inventories are that far down that the next thing that's going to happen is that you're going to have to build inventories and we're going to have start manufacturing," explains Paul Nolte of Hinsdale Associates.

Are we on the brink of the next bull market? And if so, how should you trade? We asked the Fast Money gang as well as strategic investor Dennis Gartmen and Oppenheimer chief market technician Cater Worth.

Worth says patterns in the S&P suggest this is a very important moment for the market. "I expect the S&P to get stuck here, However that could ultimately be bullish because if another 3 to 4 weeks can elapse and the S&P holds its levels the smoothing mechanism will go flat. And if the smoothing mechanism goes flat Oppenheimer will make a bull market call."




Dennis Gartman

Gartman says not to fight this market. "I would own aluminum, copper and the kinds of things that if you drop on your foot they hurt. Or take a look at the Materials SPDR ."

Jeff Macke

Macke is skepitcal that the market has much more upside however he still sees opportunity. "I’d buy financials and I wouldn’t sell them until they break their current uptrend. You’ve got the government on your side. Make yourself a basket and make sure it includes Goldman Sachs and Wells Fargo ."

Pete Najarian

Najarian is mixed on the market but even if it pulls back he's longer term bullish because the S&P is making higher lows. "I’m a believer in the engineering stocks, he says I’d look at Shaw Group , McDermott and Fluor. "

Tim Seymour

Seymour is cautious however he says, "I think the oil services names still have a long way to go."

Guy Adami

Guy Adami thinks this is still a stock pickers market. "IBM is on fire and I think it stays on fire."



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Trader disclosure: On Apr. 29th, 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); Seymour Owns (AAPL), (BAC), (EEM), (FXI), (PBR), (F); Seymour Is Short (X); Macke Owns (LVS), (WYNN), (GE), (SDS), (AAPL), (WMT); Najarian Owns (BX) Call Spread; Najarian Owns (INTC) Call Spread; Najarian Owns (MS) & (MS) Calls; Najarian Owns (PALM) & (PALM) Calls; Najarian Owns (RHT) Calls; Najarian Owns (VAR) Call Spread; Najarian Owns (XHB) Cal Spread; Najarian Owns (XLB) Call Spread; Najarian Owns (BYD) Calls

Gartman Owns (FCX), (DRYS), (AAPL), (RIMM)