'Fast Money' Recap: Tech Rally Slowing?

The markets continued to rally higher Thursday with the help of tech stocks and a forecast from a famed economist that the worst is over.

The Dow Jones Industrial Average jumped 95.61, or 1.11%, to 8,711.82, while the S&P 500 added 8.06, or 0.86%, to 940.74. The Nasdaq rose 22.12, or 1.19%, to 1,885.03.

Tim Seymour said on CNBC's "Fast Money" TV show that IBM(IBM Quote) was a little lackluster in after-hours trading despite an impressive earnings report. He said that shows that some of these names are getting tired.

Both Karen Finerman and Jared Levy, though, disagreed, saying that Big Blue's guidance was impressive.

Seymour said he was a little worried that Google(GOOG Quote), which was down in afterhours trading after a good top line in its earnings and encouraging guidance, isn't showing the kind of momentum to take it to the next level.

Jim Goldman, a CNBC reporter who sat on in the Google conference call, said its CEO Eric Schmidt said business is stabilizing with large advertisers returning to the fold. He also said the search giant sees big opportunities in mobile.

Terranova sees the momentum players leaving Google, causing a sell-off and offering an tremendous opportunity for investors to pick it up on a pullback.

Shifting to JPMorgan Chase(JPM Quote), which was down 13 cents despite reporting a 36% profit increase, down 13 cents, Finerman said what was interesting to her about JPMorgan's conference call was what it said about credit losses and continuing credit losses.