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'Fast Money' Recap: S&P 1700?

NEW YORK ( TheStreet) -- The markets rallied Thursday on some encouraging jobless claims data.

The Dow Jones Industrial Average added 28.23, or 0.22%, to 12,980.30. The S&P 500 gained 8.84, or 0.65%, to 1374.52. The Nasdaq rose 22.08, or 0.74%, to 2988.97.

Joe Terranova said on CNBC's "Fast Money" TV show that he didn't make too much of the whipsaw action in oil after unconfirmed reports of a pipeline explosion in Saudi Arabia. Brent crude shot up to $128 a barrel, while the WTI rose to $109 a barrel.

Brian Kelly agreed, noting the stock market did not pay any attention to the rise in oil prices. "It was hard to hit the sell button when the rest of the data was decent," he said.

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

Tim Seymour, though, remained concerned about the high price of oil, saying it can't be OK for the global economy when oil is at $130 a barrel.

Guy Adami said he sees the market rising higher until it reaches a blow-off top soon, a situation that the bears and bulls may want.

Melissa Lee, the moderator of the show, turned the panel's attention to two bullish forecasts for the S&P, one by Birinyi Associates that sees the index soaring to 1700 sometime this year and the other by UBS that sees it going to 1475 by year's end.

The Birinyi forecast is based on such factors as a strengthening economy, healthy manufacturing and construction trends, strong car sales in the early part of the year and a strong pickup in hiring by large companies.

Joe Terranova said he felt the forecast was a big stretched. He said oil has fundamental challenges and that he is still short gold and silver futures. Adami disagreed, saying he still thinks gold and silver will head higher.

Kelly said he was cautious in gold after the Fed and ECB indicated they were reticent to entertain more quantitative easing.

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