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TheStreet Open House

'Fast Money' Recap: A Rally With Legs

NEW YORK ( TheStreet) -- The S&P 500 and Dow Jones Industrial Average made all-time highs on Thursday as investors digested Wednesday's FOMC announcement and economic data.

After a record-setting day, Guy Adami said on CNBC's "Fast Money" TV show that he thinks the rally will continue. He added that the markets closed at the daily highs with no signs of slowing down and could run another 20 to 30 points.

Karen Finerman said that data and price action support the bullish case and it's okay to stay long the market. However, she added that she's hedging her positions.

Brian Kelly also noted that interest rates rose Thursday, which is usually bad for stocks. However, he said you can't fight the bullish price action and thinks the S&P 500 could get to 1,750.

Jon Najarian thinks investors need to start putting money to work on the long side. He added the economic numbers are good and that there are a lot of reasons to believe they'll continue to improve.

American International Group (AIG) reported earnings and Finerman said this was the quarter investors were awaiting. With the initiation of a stock buyback program, new dividend and strong quarterly results, she says to add to existing positions rather than sell them.

Najarian said AIG and Apple (AAPL) are a few of the stocks out there that still remain cheap while the market makes new highs.

LinkedIn (LNKD) reported strong earnings results, and Adami said Friday is not the day to chase it. He thinks investors should have bought the previous pullback and should wait for one again.

OpenTable (OPEN) was selling off in the after-hours session on its earnings results. Kelly said investors might want to look at getting long near the 100-day moving average after waiting a day or two.

Despite the poor guidance, Najarian said that he's interesting in trading OpenTable because the high short interest could drive a short-covering rally fairly quickly on Friday.

Yelp (YELP) was the first stock on the show's "Top Trades" segment. Yelp traded higher by 23% after beating earnings estimates. Najarian said the high short interest also helped fuel the rally.

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