'Fast Money' Recap: Still Skeptical

Dylan Ratigan started CNBC's "Fast Money" show Monday night with a discussion of the 1,000-point rally in the Dow today. He mentioned that the last time we had a "rally this big" was in March of 1933. Karen Finerman said the rally was "extraordinary to the upside," but it brings us back to where we were on Wednesday at lunchtime.

Tim Seymour said he was covering stocks short on Friday, but "today's move was without any volume." He says he "isn't convinced" and you don't "put in a bottom on a Friday." Jeff Macke pointed out that the "the fat cats are coming up with another scam for America," but if you're smart "you threw up all your stocks at the end of the day."

Ratigan mentioned that Morgan Stanley(MS Quote) soared 80% after making a deal that involves a $9 billion equity stake from Mitsubishi-UFJ. Guy Adami says Morgan somehow managed to get out of the "death spiral" that Lehman Brothers and Bear Stearns couldn't avoid. Macke said the deal is dilutive to Morgan's shareholders.

Ratigan asked the traders if they think we will see a validation in the credit markets on Tuesday for the stock market rally. Finerman said yes, and "expect a one-day bounce in the credit markets." Seymour mentioned that "Europe jumped ahead of the U.S." and it will trade much better as credit spreads come in.

Seymour went on to say "we will have some follow-through on Tuesday," but investors should look to fade it. Adami pointed out that most financial stocks underperformed today and material stocks did well. He says "as trading vehicles, you've gotten your gains with Freeport-McMoRan(FCX Quote) and U.S. Steel(X Quote). Seymour says "emerging markets turned harder than anything else," and they will rally the most.