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'Fast Money' Recap: Does the Rally Have Legs?

Stocks in this article: BHP RTP VALE

Becky Hathway, a CNBC reporter who attended the Berkshire Hathaway annual meeting over the weekend, said Warren Buffett doesn't believe "we are nearing a bottom yet." However, Buffett said that doesn't mean investors should be buying in this stock market, she said.

Rich Greenfield, an analyst with Pali Research, was brought in to comment on Walt Disney (DIS), which reports earnings on Tuesday.

Greenfield said it will be a tough quarter for Disney which has been affected by severe discounting to fill the theme parks, pressure of a writers' strike and poor local TV business.

Greenfield said he's shorting the stock on the belief that Disney's earnings will be down next year. Indeed, he believes the the stock could retrace down to its prior lows.

Lee invited Gregg Fisher, CIO of Gernstein Fisher, to talk about the value of diversification in today's market. Fisher said he would look at gold, commodities, emerging markets, foreign currencies and water as diversification themes for portfolios.

In the "Fast and Furious" segment, Dan Fitzpatrick said he believes Foundation Coal (FCL) could be a break-out coal stock. He acknowledge the stocks in this space are overbought but he believes there is still some upside.

Adami noted that there is chatter that Apple (AAPL) is eyeing Electronic Arts (ERTS) as a takeover target.

Finerman read a letter she penned to George Economu, CEO of Dryships (DRYS) in which she criticized the company's excessive debt problems and a serious credibility problem, in which she accused the CEO of self-dealing when Dryships made a $160 million deal with Craig Marine, a company Economu controls.

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