Fast Money Recap May 30

S&P 500's record breaking climb, is this just a number or there are more meaningful implications? According to Eric Bolling, its not time for a correction yet, S&P P/E is cheap, but he hopes to see a correction soon. Pete Najarian said XLF has been strong, financials have been winners trading towards 52 week high including GS, MER, LEH, AXP, BAC and C. They are printing money along with exchanges, because this is still an untapped area. Trading in China is strong, some numbers show 250,000 to 300,000 account openings a day. Jeff Macke said that these sectors generally lag but they are climbing higher and bears are getting completely annhilated. There probably won't be a healthy correction and it will keep going higher until the bubble will burst. A strong market bear Doug Kass has lately turned bullish and this is being considered a sign of the upcoming upside. Today the market was down till FOMC minutes came out saying Q3 and Q4 are going to be good. The market continues to look for reasons to buy with breakouts in GOOG, AAPL and GS.

Since 2002 XLY (Energy) is up 207%, XLU (Utilities) is up 172%, XLB (Materials) is up 144% and XLK (Tech) is up 122%. The first 3 are still buy. Pete Najarian added OIH for those who want to get oil services exposure.

Best way to trade China could be GSOL, BIDU and CHL. Volitility has come down a lot in these stocks causing the options to be really cheap. The puts on these stocks could be used to hedge risk in Chinese market.

Macke thinks AAPL is going higher to $130, while according to Najarian Morgan Stanley has set target of $150. According to Adami there will be consolidation in the retail investment firms to 2 to 3 players. Najarian suggested that this is apparent from options activity in AMTD, ETFC and OXPS. About GS Adami said that it is set to earn $26 this year and with 10x forward earnings has a target of $260. Najarian considers DNA very cheap and also likes AMLN because diabetes is not going away. Bolling still likes TSO and POT

Final trades are MSFT and NTDOY.PK for the digital revolution, CBH, which has unusual call volume, EMC, which is up past few days despite other network storage like NTAP moving down and BUCY which is a minig stock.