'Fast Money' Recap: Taking Some Profits

The markets rallied Wednesday despite a disturbing contraction in economic growth in the first quarter and fears of a swine flu pandemic.

The Dow Jones Industrial Average jumped 168.78, or 2.1%, to 8,185.78, while the S&P 500 rose 18.48, or 2.16%, to 873.64. The Nasdaq added 38.13, or 2.28%, to 1,711.94.

Melissa Lee, the moderator of CNBC's "Fast Money" TV show, said the markets displayed some resiliency that was supported by a jump in bank shares.

Guy Adami said the Gross Domestic Product report, which showed the U.S. economy declined at a 6.1% rate in the first quarter, was not enough to scare anybody. He said it's time to take some profits with the S&P at the 870 level.

Jeff Macke said the S&P didn't break out as it closed below the Jan. 28 high of 874.

Pete Najarian offered a word of caution. "It's almost too easy now. There's bad news and people are still buying," he said. Najarian added that the people jumping into the markets may not be buyers but people marking up their books at the end of the month.

Tim Seymour also was cautious, saying the markets in the past three Fed meetings rallied an average of 2.5%, only to give back two-thirds of that amount in the next couple of days.

Lee said bank stocks, including Bank of America (BAC Quote), JPMorgan Chase(JPM Quote) and Citigroup (C Quote) were all higher and wondered whether the rally will continue through Monday, when the stress test results are released.