'Fast Money' Recap: Market: Sideways or Up?

The markets climbed Monday despite some pessimism whether there was any momentum behind it.

The Dow Jones Industrial Average rose 90.99, or 1.08% to 8,529.38, while the S&P 500 added 8.33, or 0.91%, to 927.23. The Nasdaq was up 5.84, or 0.32%, to 1,844.06.

Tim Seymour said on CNBC's "Fast Money" TV show that today's runup was more than just "wishful thinking" and "window dressing." He alluded to a 5.9 % increase in industrial production in Japan and a rise in consumer confidence in Europe.

Guy Adami was a little more pessimistic, saying the transports didn't participate while the rails were lower. "I just can't embrace this rally right here," he said.

Karen Finerman said the market is moving sideway until there is some real data, which, she said, would be earnings. She said the earnings and forecasts will provide a real clue as to where the economy is heading.

Joe Terranova said the market looks like a replay of 2003 where the it is heading higher and higher.

Adami said there have been huge trading opportunities in this market, noting that Potash(POT Quote) and Apple(AAPL Quote) were up today.

Melissa Lee shifted the discussion to oil, which was up today, on reports that China was increasing its oil reserves by 160% over the next five years and more unrest in Nigeria.

Terranova said oil is the poster child for investors taking risk, with oil up 44% for the quarter despite horrific fundamentals. He said he thinks investors will want more exposure to oil in the next quarter.