) -- The markets rallied again Wednesday on some encouraging jobs data.


Dow Jones Industrial Average

jumped 71.60, or o.58%, to 12,350.61. The

S&P 500

gained 8.82, or 0.67%, to 1,328.26. The


added 19.90, or 0.72%, to 2,776.79.

Despite today's rally, Brian Kelly said on


's "Fast Money" show said he was not excited by the jump in the Dow toward record territory. He said he looks at the S&P more and sees 1,333 as a key resistance level for a market that he believes "looks tired."

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

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Tim Seymour had an upbeat view of the market, pointing to macro data and the health of the consumer.

Joe Terranova agreed, saying the market is closing out its best quarter since 1998. He said there are potential risks with the Chicago PMI report, Friday's jobs report, U.S. ISM report, and China's PMI report on the docket. He said the market could break to the upside if Friday's jobs report turns out to be good.

J.J. K kinahan said the S&P is approaching a key resistance level with many feeling that the market will start to sell off.

Melissa Lee, the moderator of the show, referred to a press release that said that David Sokol, chairman of

Berkshire Hathaway

(BRK.B) - Get Report

, had resigned.

She said

Warren Buffett

announced the resignation, adding Sokol was not pressured to resign. However, she noted the release also said that Sokol had bought 96,000 shares of



in January before he approached Buffett with the idea of buying the company.

She said Buffett said that information had nothing to do with the resignation. Rather, the release attributed the resignation to Sokol's desire to attend to his family's financial affairs.


business reporter Becky Quick said she was stunned by the news because Sokol was regarded as the successor to Buffett as CEO. Quick said it was important to note that Buffett was coming forward to tell all the details he knew.

Whitney Tilson, managing partner of T2 Partners, said the announcement came as a big surprise and disappointment because Sokol was highly regarded as a manager. He said the company remains in great shape because Buffett can still do the job for another five to 10 years.

He said there is a buying opportunity in the stock if it pulls back more than 1%. Berkshire Hathway occupies the largest position in his company's portfolio.

Lee brought in Citi analyst Mark Mahaney to comment on


(AMZN) - Get Report

move to set up a cloud-based music service. He said it was a nice way to gain market share.

Mahaney said another high flier,


, can go higher because it has demonstrated sustainable earnings power and high growth in the international markets.

Terranova expressed concerns about


(AAPL) - Get Report

, which was down today on worries about shipment delays in iPhone 5 and its new operating system as a result of supply disruptions caused by Japan's natural and nuclear disasters.

Lee said President Obama's speech calling for an end to U.S. dependence on oil sent natural gas names higher. Kelly said he liked

Clean Energy Fuels

(CLNE) - Get Report

as a trade because the company delivers natural gas and converts vehicles into natural-gas burning ones. Adami said he liked


(APA) - Get Report

, while Terranova went with Canadian names like


(SU) - Get Report


Canadian Natural Resources

(CNQ) - Get Report


With the Dow surging to a new high, Lee referred to a number of stocks that hit 52-week highs today. Adami said he particularly like


(HON) - Get Report



(CSX) - Get Report


Terranova said the price action on


(KO) - Get Report


Panera Bread


shows the consumer is in good shape and contributing to the recovery.

Lee brought in David Amsellem, senior research analyst for Piper Jaffray to evaluate

Valeant Pharma



$5.7 billion bid for




Amsellem said Cephalon shareholders are looking at the best bid they can get. He said Cephalon is suffering from declining revenues and is involved in high-risk R&D.

He said it's a good deal for Valeant because it can take advantage of cost savings from taking over Cephalon's R&D infrastructure as well as its revenue stream and high-margin products. He said he would be a buyer of Valeant shares.

Did the


overreact in denying some banks the chance to hike their dividends? Jesse Singer,

New York Time

s Dealbook columnist, said the Fed should have blocked all the banks from raising dividends. He said the banks are leaving the economy vulnerable by not shoring up their capital to higher levels.

In the final trade, Kinahan said he would buy


(MOS) - Get Report

on weakness. Seymour said to stick with the


(VALE) - Get Report

trade. Adami liked


(VLO) - Get Report

. Kelly liked

SPDR Gold Trust

(GLD) - Get Report

. And Terranova said he would short

CF Industries

(CF) - Get Report

depending upon Friday's corn report.

--Written by David Tong in San Francisco.

To contact the writer of this article, click here:

David Tong


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To watch replays of Cramer's video segments, visit the Mad Money page on CNBC


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