'Fast Money' Recap: Buying in May?

Lebeau said he was stupefied that GM stock rose today because the stock is going to be wiped out in a bankruptcy.

He also said the fate of the auto parts makers is far from clear as a result of the government-led restructuring of the auto industry.

However, Tim Manganello, chairman and CEO of Borgwarner(BWA Quote) said he didn't think the Chrysler bankruptcy filing would have an impact on his company.

He said Chrysler represents about 3.5% of its sales, adding the company has plenty of liquidity and can compensate for the loss in sales with a pickup in business elsewhere.

Lee asked the panel to reflect on the earnings season and how many companies have been beating Street estimates. Seymour said many companies have done it through cost-cutting and beating a low bar.

Finerman said there are some companies like Flowserve(FLS Quote) that have actually produced some "good solid" numbers. She said Flowserve had earnings that were 13% higher than what the Street expected as well as evidence of "real demand" and "good backlog."

Seymour said he still likes Exxon Mobil(XOM Quote) despite its disappointing earnings. He said the oil giant is increasing its capital expenditures and is well-positioned to do well once the economy turns around.

Lee asked the panel for some downside-protection ideas after a robust April. Najarian said he's seen heavy activity in downside puts in the Industrial SPDR(XLI Quote) from some people who want to have some protection in place in May.

He said the same downside put strategy is being employed with the Discretionary SPDR(XLY Quote) which 55,000 downside puts purchased Wednesday.