'Fast Money': Market Shrugs Off Bad News

The Dow Jones Industrial Average surged past 8,000 Friday as it shook off another woeful jobless report.

The Dow rose 39.51, or 0.50%, to 8,017.59, while the S&P 500 rose 7.88, or 0.94%, to 842.26. The Nasdaq added 19.24, or 1.20%, to 1,621.87.

Melissa Lee, the moderator of CNBC's "Fast Money" TV show, put some historical perspective on the rally, saying it's the best four-week winning streak since July 1938. She asked the panel to comment on the forces behind the upswing.

Tim Seymour said the "guys are afraid to be short" during this run.

Karen Finerman said the fear really "is not to go long." She said people don't want to left on the sidelines with the market setting its sight on breaking even for the year. "I'm actually a little afraid to jump in here because the run has been so dramatic. I wouldn't be surprised to see a sell-off."

Joe Terranova sensed some investor panic from those who started to chase the stocks up to 840 after making the mistake of thinking it was heading to 740.

Finerman said she doesn't know what's really going on with the volatility index, which remains high. She wondered whether it might be due to the debt market being in some disarray or a disbelief in the rally. "I think it's an indicator that there is potentially fear out there," she said.

Seymour said the VIX, which fell to 39.70 today, might be trending down after breaking through its 200-day moving average.