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'Fast Money' Recap: Market Guessing Game

NEW YORK ( TheStreet) -- The markets rallied Thursday on encouraging economic data.

The Dow Jones Industrial Average soared 123.13, or 0.96%, to 12,904.08. The S&P gained 44.07, or 1.10%, to 1358.04. The Nasdaq added 44.02, or 1.51% to 2959.85.

The trading panel on CNBC's "Fast Money" TV show were divided on their opinions on where the markets are heading after today's rally.

Steve Grasso said the S&P, which has had trouble breaking 1356, looks poised to go above 1400. He said the key technical points to watch for will be 1370 on the way up and 1333 on the way down.

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

Keith McCullough, who shorted the S&P at 1357, thinks the market will be dragged down by an economic slowdown from rising oil prices, higher base material costs and a declining dollar.

Tim Seymour, though, said the market looks healthy. He said he was encouraged by today's jobless claims results as well as the European Central Bank's move to exchange Greek bonds. He said he is also seeing a rotation in the market to material stocks.

Guy Adami said it was a mistake for many to consider Apple (AAPL) as a proxy for the market. He said the bulls will have to prove themselves to move above 1370, which he said has been hard to break though.

Steve Grasso said the market "could fall off the cliff" the next couple of months, as it tests 1257 and maybe 1200, to the downside. He said Europe could slip into a depression.

Melissa Lee, the moderator of the show, shifted the discussion to Microsoft (MSFT - Get Report), which hit a four-year high today.

Adami said today's 4.26% move was huge but cautioned against chasing the stock, saying it would be a "monumental mistake."

Adam Holt, a software analyst for Morgan Stanley, said the stock could run another $5 to $6. He said there were a number of catalysts driving the stock, including a possible rebalancing of the S&P to raise Microsoft's weighting to 2% from 1.8% as well as the potential success of Windows 8, improved margins, better cash distribution and an improved PC market outlook.

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