'Fast Money' Recap: Buying in May?

The S&P posted its best month in April since 2000 as the markets had a mixed trading session on Thursday.

The Dow Jones Industrial Average fell 17.16, or 0.22%, to 8,168.12, while the S&P 500 declined 0.83, or 0.10%, to 872.81. The Nasdaq rose 5.36, or 0.31%, to 1,717.30.

Melissa Lee, the moderator of the CNBC's "Fast Money" TV show, asked the trading panel if the market took a turn to the south after the Chrysler bankruptcy announcement at noon.

Karen Finerman didn't think so, calling the filing a "complete non-event."

Tim Seymour said the auto names actually had a good day, but he pointed out there was some disappointing economic data, with personal income down three out of the past four months and a lack of improvement in jobless claims.

Jeff Macke said the sell-off came because the stocks got ahead of themselves after hitting the 875 resistance level.

Pete Najarian said what triggered the turnaround was that people wanted an excuse to sell.

Seymour said May typically is a difficult month, but he thinks it may be different this time around because he's seeing a desire among investors to get into the market once they get some confirmation of a rally.

Finerman said April was an enormous month for equities but much less so for fixed income. Having said that, she said today's so-called sell-off might have been more about a bit of rebalancing out of equities.

Lee shifted the discussion to the day's biggest business story: the filing by Chrysler for bankruptcy. CNBC auto reporter Phil Lebeau said the filing doesn't bode well for the bondholders of General Motors(GM Quote). "Obama intends to play hardball with them," he said.