'Fast Money' Recap: A Deceptive Rally

NEW YORK (TheStreet) -- The markets moved higher Tuesday on encouraging housing and consumer confidence data.

The Dow Jones Industrial Average rose 30.01, or 0.32%, to 9539.29, while the S&P 500 rose 2.44, or 0.24%, to 1028. The Nasdaq added 6.25, or 0.31%, to 2024.23.

Guy Adami, who has been troubled about the direction of the market, said on CNBC's "Fast Money" TV show that it still looks bearish and sees it heading a lot lower this week and earlier next week.

Steve Cortes agreed. He said the housing data looks troubling because most of the gains are at the low-end of the housing market while the the high-end is still struggling because the jumbo loan market is not functioning.

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

Pete Najarian, the optimist, said today's market was impressive, ending on a "positive" note after coming off the highs of the day with some profit-taking.

Joe Terranova said it's telling that the market didn't move higher even though President Obama did his best to talk the market higher with his comments on the reappointment of Fed chairman Ben Bernanke and the encouraging housing and consumer confidence numbers.

Cortes said he couldn't reconcile the difference between the SPDR S&P Homebuilders ETF(XHB Quote) hitting a 10-month high with a chart showing lumber returning to its March lows.

Najarian said the index is made of more than just homebuilders. He said it includes other components, including retailers.

Shifting to a report that showed a small uptick in housing prices, Terranova said the data was further confirmation that the "housing bubble unwind" has reached the bottom.