NEW YORK ( TheStreet) --

The markets staged an impressive rally Thursday but closed on a worrisome note.

The Dow Jones Industrial Average jumped 83.74, or 0.92%, to 9154.46, while the S&P 500 rose 11.60, or 1.19%, to 986.75. The Nasdaq rose 16.54, or 0.84%, to 1984.74.

Erin Burnett , the moderator of CNBC's "Fast Money" TV show, said the markets hit new highs but showed some weaknesses at the close.

Joe Terranova was worried about a significant reversal by many stocks that opened on 10-month highs but did not close on their highs. He said that action hints at a pullback, especially with unemployment numbers coming next week.

Tim Seymour disagreed, saying the flow of encouraging earnings and data flows suggest the rally will continue. "Fundamentally, I don't see what's going to stop this," he said.

For a breakout of stocks from a recent "Fast Money" show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

But Guy Adami said the close wasn't encouraging. Karen Finerman said she was a seller today, adding there was a lot of things that were "frothy."

Seymour rejoined the debate. "You can't be too cute with this tape. The pullbacks have been shallow. If you tried to over-trade this thing, you'll get screwed," he said.

Adami said the 5% jump in crude today after being down the day before caught him completely off guard. "It must be an asset allocation," he said, adding he still thinks crude is heading down to $58 a barrel.

Seymour said the numbers on Exxon Mobil ( XOM) were not surprising. He said what was discouraging was the decline in production.

Adami said Schlumberger ( SLB) becomes a value play below $50 and is probably headed there again.

Burnett said General Electric ( GE) was a big gainer today, up 7%, and asked the panel if they would be a seller of the stock.

Adami said $13 is the right price for the stock at this point because GE's infrastructure business alone is worth that amount.

Shifting to the financial sector, Finerman said she liked Bank of America ( BAC) for its potential earnings power, once it strips away some of its loan-loss provisions.

Adami said Mastercard ( MA) has enjoyed an explosive runup but now seems "a bit long in the tooth."

Seymour said he understood what Adami was saying from a trading perspective but he said fundamentally, Mastercard's impressive revenue growth in the past quarter demonstrates a secular trend toward the use of credit cards.

Walt Disney ( DIS) was down 4% in after-hours trading. Terranova said that with declines in theme park revenue and ad revenue from its cable TV network, the company needs to diversify and move into online content. "Until you hear that plan, don't buy Disney," he said.

Peter Schiff, president of Euro Pacific Capital and a noted bear, said he still thinks "we are in a bear market and it's going to last for a long time."

He cited today as a example of a bear market rally. He said the overseas markets have been rallying much more than it has in the U.S. "It's not even close," he said.

He said the best trade is to get out of the U.S. and out of cash and bonds. He said with a weak dollar, U.S. stocks will not deliver real inflation adjustive positive returns for the next five years.

He said he's enjoying his best year ever because he's long on China and natural resources. He said the underlying problems that he said he correctly identified a few years ago have gotten worse, in large part to the government's meddling with the economy.

Finerman said she doesn't take too much stock in the upcoming GDP report because she believes equities are forward looking.

Clay Jones, CEO of Rockwell Collins ( COL), came on the show. The company's shares jumped 6% today on better- than- expected profits.

He expects better days ahead but admitted it's hard to call just when it's going to happen. He said it looks like the rate of decline in the business jet business is slowing. He also said the major airline makers haven't reduced their production levels.

Adami called Rockwell a great company and was surprised no one has bought it yet. He thinks the valuation is "extraordinarily fair."

While the S&P is up 10% since the March low, the markets in China and Brazil are up 40% since January. However, Seymour said emerging-market companies aren't cheap, with Chinese companies trading at 30 times and Indian companies at 19 to 20 times.

He said the best place to trade is the cellular space. He said the corporate space in Brazil is undersubscribed in cellular.

Jack Hockma, CEO of Kaiser Aluminum ( KALU) appeared on the show. The company's shares were up 3% after reporting a 20% jump in aluminum prices during the quarter.

Hockema expects destocking to continue in the third quarter and sees aerospeace as a good long-term market.

Former New York Gov. Eliot Spitzer appeared on the show to talk about the dangers of high frequency trading.

Spitzer said he isn't opposed to technology but is against a system that allows "the big guys to get a look ahead of the market." He said that creates an unfair advantage that gives the inside track to a select few, creating a two-tier market.

According to Spitzer, the problem is the for-profit exchanges are selling this access to a select number while others can't get it. He said the Securities and Exchange Commission has said such access is permissible. He warned such access could lead to abuse with front runners providing information on deal flows to their clients.

He said one way to resolve the problem would be to ban it. The other way would be to provide equal access.

In the final trades, Seymour liked United States Natural Gas ( UNG) while Adami said to take profits on Ford ( F). Finerman said to sell Children's Place ( PLCE). Terranova said to get out of Amgen ( AMGN).

-- Written by David Tong in San Francisco

"Check out "'Fast Money'Portfolios of the Week" on Stockpickr every Thursday

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