'Fast Money' Recap: Dealing With a Freight Train

NEW YORK (TheStreet) -- The markets soared on a broad-based rally Friday that saw the Dow Jones Industrial Average reach a high for the year.

The Dow jumped 155.91, or 01.67%, to 9505.96, while the S&P 500 rose 10.76, or 1.86%, to 1026.13. The Nasdaq added 31.68, or 1.59%, to 2020.90.

Steve Grasso said on CNBC's "Fast Money" TV show that people were "scratching their heads" over what is happening in the market. He said the shorts have been betting on the market to "come in" and that "bet hasn't worked." He also said that fact that today is options expiration day accounted for the extreme volumes.

Guy Adami said he's been more "wrong than the Mets' medical staff" in the past week with his predictions that the market would be heading down. However, he stuck to his prediction that the market is headed for a "big fall" while admitting today was "a slap in the face for me."

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Joe Terranova said the rally is all about people being underinvested and asset allocation by mutual funds. However, he said that if the S&P slips to 975, people should head to the sidelines.

Karen Finerman was surprised by the strength of the rally, adding stocks have already priced in a sharp recovery. As a hedge fund manager, she expressed her skepticism about the rally but said it's hard not to be in the market when it is heading "straight up."