The markets bounced back Tuesday, capping the best month for the Dow Jones Industrial Average in six years.
The Dow added 86.90, or 1.16%, to 760.92, while the S&P 500 rose 10.34, or 1.31, to 797.87. The Nasdaq jumped 26.79, or 1.78%, to 1,528.39. Guy Adami said on CNBC's "Fast Money" TV show that he was a bit mystified by today's action. He found the rally encouraging but he thought the sell-off from Monday would continue. Tim Seymour said there was a feeling that people want to be long going into the quarter despite discouraging news in the housing and banking sectors. Pete Najarian said uncertainly still hangs over the markets, with no one really having an idea what's going to happen in the next couple of weeks. Melissa Lee, the moderator of the show, shifted the discussion to the financials which rebounded from Monday. Adami called the upward move on light volume by stocks such as JP Morgan Chase ( JPM) and Citigroup ( C) a "lot of window dressing." He said he would take profits here and looked for the financials to head lower. Lee pointed out how John Mack, CEO of Morgan Stanley ( MS) said in an internal conference call that 2009 would be a difficult year. She said that statement came on top of statements from JPMorgan and Bank of America ( BAC) that March would not turn out as good as January and February. Najarian said Mack was simply putting out a message to be "smart" and "cautious" in this sector.