Fast Money Traders Share Their Picks After Tuesday's Rally

On CNBC's Fast Money, Brian Kelly said he has a long position in iShares Silver Trust (ETF) SLV and SPDR Gold Trust (ETF) GLD.

He thinks the best way to trade the current market is by taking a short position in bonds. He wants to do that by purchasing ProShares UltraShort Lehman 20+ Yr(ETF) TBT. Kelly revealed he has a long position in SPDR S&P Biotech (ETF) XBI. He bought the break out and he is planning to use this week's low as a stop loss.

Guy Adami said iShares NASDAQ Biotechnology Index (ETF) IBB has disappointed recently, but he thinks it has a lot of upside going forward.