'Fast Money' Recap: A Difficult Market to Read

The market found relief Thursday from a strong demand for 7-year notes that eased concerns about the government's borrowing costs.

The Dow Jones Industrial Average added 103.78, or 1.25%, to 8,403.80, while the S&P 500 rose 13.77, or 1.54%, to 906.83. The Nasdaq climbed 20.71, or 1.2%, to 1,751.79.

Guy Adami said on CNBC's "Fast Money" TV show that it was hard to embrace the rally even though today's Treasury auction went better than expected.

Karen Finerman said she had no idea why the market went up today. She said two factors will play on the market going forward: employment and Treasury issues, especially the 10- and 30-year note auctions on June 10 and 11.

Joe Terranova agreed, saying if the market can get pass the auctions in good shape and remain above 900, investors sitting on the sidelines at some point will move into the marketplace.

Pete Najarian said the market continues to hover around 900 with the VIX right where it should be at 31.5.

Melissa Lee, the moderator of the show, asked the panel about the implications of crude heading north of $65 a barrel. The comments were mixed. Terranova said the rise of oil to $65 to $70 is better than oil at $25 to $30, when there was worry about deflation and an economic Armageddon.

Najarian, though, said oil over $60 is a major problem because it will eat into personal savings and force people to pay more for gas.