The markets surged Monday in response to the Treasury's plan to deal with toxic assets.

The Dow Jones Industrial jumped 497.48, or 6.48%, to 7,777.86, while the S&P 500 rose 54.38, or 7.08%, to 822.92. The Nasdaq leapt 98.50, or 6.76%, to 1,555.77.

Dylan Ratigan, the moderator of CNBC's "Fast Money" TV show, asked the panel for their reaction to the rally, and the response was mixed.

Karen Finerman was skeptical, saying it was "the flip side of fear." "It's just people on the sidelines saying 'I can't miss the boat,' " she said. "I find it a very difficult market to trade."

Pete Najarian agreed, although he found the rally "exhilarating" and "broad-based."

Jeff Macke, though, disagreed with both of them, saying it was a "7% rally" and they should "enjoy" it. "Once we broke through 805 (in the S&P), it was off to the races," he said. "It's a good trader's market."

Guy Adami said today's action sets up nicely for a move to 900. He said the market might go sideways Tuesday but he reminded the panel that the internals of the 300-point rally last Tuesday were the best he's seen in a year. He believes the S&P will hit 900 by the end of the week or early next week.

Najarian said he still thinks it's a trader's market until the VIX dips below 40 for an extended period. The volatility index ended today at 43.

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