Jump on Tech Rally?

Chatter on the Street was all about tech Friday after stellar earnings out of Oracle and RIM provided bulls with the tailwind needed to push the Nasdaq to a new 52 week high.

What’s the trade?

Although tech is red hot, I think there’s still time to hop on the rally, says Jon Najarian. Both Oracle and RIM look like they have room to run.

There's still opportunity, adds Guy Adami. Despite trading at 10-year highs, Oracle may have room up to $35.

I expect Oracle to trade to $39 in 2011, says Joe Terranova. However Oracle’s strength reminds me that there's a divide in tech. I’m cautious of names like Cisco , Adobe and even Microsoft -- companies that are not showing strong growth.

In this space, I’m bullish HP, says Karen Finerman. The bar is very low and at 9 times, I think it’s a value.

Read More:

> Fast Gang Trades Oracle, RIM Post Earnings

-----------

RISING RATES -- FRIEND OR FOE

Rates hit their highest level in 6 months this week - but are they going higher for the right reasons?

As you may know, yields have spiked since President Obama struck a deal with Republicans to extend tax cuts and introduce some new ones.

Brian Kelly thinks the move is a sign that the economy is improving but Karen Finerman worries that the sharp rise in rates could stymie the housing market.

Who makes the better argument? Watch the video now and decide for yourself!

-----------

BREAKING NEWS: SARA LEE

Sara Lee is considering selling itself to Brazilian meat producer JBS the Wall Street Journal reported on its website on Friday, citing people familiar with the matter.

JBS approached Sara Lee, and discussions between the companies have been on and off over several months, the Journal reported, citing these sources. Sara Lee has been considering JBS' offer more seriously lately, according to the Journal.

A Sara Lee spokesman said the company "does not comment on rumors or speculation." JBS could not be reached.

Sara Lee is also considering breaking up its core meats and beverages businesses and put them up for sale, the people said. The meats business, which includes the Hillshire Farm and Jimmy Dean brands, could fetch interest from rivals such as Smithfield, according to the people familiar with the matter.

What should you make of it?

The report doesn't surprise me, says Karen Finerman, but KKR was rumored to be a buyer too. If there's an auction it could be heated.

______________________________________________________
Got something to to say? Send us an e-mail at [e-mail] and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our Web site send those e-mails to [e-mail].

Trader disclosure: On December 17, 2010, following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Jon Najarian owns (MEE) call spreads; Jon Najarian owns (M) calls; Jon Najarian owns (AKS) call spreads; Jon Najarian owns (JOE) call spreads; Jon Najarian owns (C); Jon Najarian owns (CSCO); Jon Najarian owns (F), is short (F) calls; Jon Najarian owns (GS), is short (GS) calls; Jon Najarian owns (GLD) put spreads; Jon Najarian owns (NKE), is short (NKE) calls; Jon Najarian owns (ORCL), is short (ORCL) calls; Adami owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTY); Adami's wife works at (MRK); Finerman's firm is short (IJR); Finerman's firm is short (MDY); Finerman's firm is short (SPY); Finerman's firm is short (IWM); Finerman's firm is long S&P puts; Finerman's firm is long Russell 2000 puts; Finerman owns (AAPL); Finerman's firm owns (ARO); Finerman owns (BAC); Finerman's firm owns (BBY); Finerman owns (GOOG); Finerman's firm owns (JPM) and (JPM) leaps;’ Finerman owns (JPM); Finerman owns (MSFT); Finerman's firm owns (MSFT); Terranova owns (CRM), (VRTS), (C), (UPL), (PEP), (GS), (OXY), (NKE); Terranova owns (GLD) puts

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (ALK)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EPR)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (LPHI)
Virtus Investment Partners Owns More Than 1% Of (MGRC)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of (CLB)
Virtus Investment Partners Owns More Than 1% Of (DRYS)

For Brian Kelly
Accounts Managed By Kanundrum Capital Own (GDXJ) straddles
Accounts Managed By Kanundrum Capital Own (SLV)
Accounts Managed By Kanundrum Capital Own (IPI)
Accounts Managed By Kanundrum Capital Own (QCOM)
Accounts Managed By Kanundrum Capital Own (FCX)
Accounts Managed By Kanundrum Capital Own (TBT) calls
Accounts Managed By Kanundrum Capital Own (ANDE)
Accounts Managed By Kanundrum Capital Own USD
Accounts Managed By Kanundrum Capital Own (WMR)
Accounts Managed By Kanundrum Capital Own (WFC)
Accounts Managed By Kanundrum Capital Own (JPM)
Accounts Managed By Kanundrum Capital Own (BBT)
Accounts Managed By Kanundrum Capital Own (JEF)
Accounts Managed By Kanundrum Capital Are Short The Euro
Accounts Managed By Kanundrum Capital Are Short The Yen

For Anthony Scaramucci
Scaramucci and Skybridge Capital own (COH)
Scaramucci and Skybridge Capital own (NG)
Scaramucci and Skybridge Capital own (PFE)
Scaramucci and Skybridge Capital own (MO)

For David Bank
RBC Capital Markets Provides And In Past 12 Mos. Provided (TWX), (DIS) With Non-Investment Banking Securities-Related Services

For Brian Stutland
* No disclosures

MOSHE ORENBUCH SOT
Credit Suisse Securities Is A Market Maker In (MA), (V)
(MA) Is Or In Past 12 Mos. Was An Investment Banking Client Of Credit Suisse
Credit Suisse Expects To Receive/Seek Inv. Bank. Comp. From (MA), (V) In Next 3 Mos.
Credit Suisse Owns 1% Or More Of (V)

CNBC.com and wires