NEW YORK ( TheStreet) -- The Dow Jones Industrial Average finished higher Thursday for the eighth consecutive trading session.

The Dow tacked on 45.40, or 0.42%, to 10,779.17, while the S&P 500 fell 0.39, or 0.03%, to 1,165.82. The Nasdaq was up 2.19, or 0.09%, to 2,391.28.

Tim Seymour said on CNBC's "Fast Money" TV show that his firm put shorts on and is cautious about the market at these levels for technical reasons.

Joe Terranova reiterated his belief that fundamentals are driving the markets and the April jobs report "will surprise everyone."

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 onTV

Karen Finerman said she took some profits off the table and wouldn't be surprised to see a 3% correction.

Melissa Lee noted that Palm ( PALM) was falling 12% in afterhours trading. Jon Najarian, who was on the conference call, said the company produced an earnings report that was about as "ugly" as he's seen in quite a while. Guy Adami said it looks like the stock is heading down to $1.50 as analysts have suggested.

Najarian said Palm's CFO said the company is starting to see a turn and blamed the decline in sales on salespeople who weren't trained to demonstrate their phone. Brian Kelly called that a terrible excuse.

Seymour said he would sell Nokia ( NOK - Get Report) after a recent rally and then buy it back.

Lee continued on the theme of key reversals in the market. Terranova said he couldn't subscribe to the idea of a market meltup. He noted the poor performance of Select Sector: Energy SPDR ( XLE) and commodities, adding the quality names aren't stepping up.

Seymour said a lot of high beta metal names like Allegheny Technologies ( ATI) have took a turn downward. And Terranova warned, "If you lose the consumer discretionary names, you're going to lose the entire tape."

Lee returned to the topic of inflation that was hotly discussed on Wednesday's show. Seymour said today's flat CPI numbers supported his views that inflation is not a problem in the U.S. economy.

Meanwhile, Peter Boockvar, an equity strategist for Miller Tabak, took the opposite view, noting an 8% spike in gasoline prices since the CPI survey. He also said asset inflation will create a distortion on pricing that will lead to a jump in consumer prices.

In this environment, the panelists said companies with pricing power will prevail. Adami said Home Depot ( HD - Get Report) fits that description. Terranova noted investors should be careful of the refiners, which he said don't have that pricing power. And Finerman said she liked Wal-Mart ( WMT) though she was more impressed with its purchasing power.

Steve Grasso said he sold shares of Visa ( V) and Tesoro ( TSO). He said everyone thought the "market would come in."

Still, Grasso said he thinks the markets are heading higher from here, with an assist from hedge funds which are covering their shorts and sending laggards higher.

Lee brought in Anthony Scaramucci, managing director of Skybridge Capital Management, to talk about the financials. He said Wall Street is "not dead" and is still recruiting the best and the brightest. He said the pressure on compensation will continue so long as there is TARP in the system.

He singled out Goldman Sachs as the best brand franchise with the best prop trading operations.

Shifting to the options desk, Najarian said there was unusually heavy options activity as a result of takeover chatter in Smithfield Foods ( SFD).

Adami said FedEx ( FDX) was getting a bit overextended after delivering a great quarter and guidance. Both he and Seymour doubted whether the company could hit those numbers.

Brian Stutland, president of Stutland Equities, said he was starting to see a breakout in Financial Select Sector SPDR ( XLF).

Adami said he liked Tiffany's ( TIF - Get Report), which is up 10% in the past month, into earnings but advised investors to get out of it if gets north of $50 after its earnings.

In the final trades, Seymour said he was selling Alcoa ( AA - Get Report). Adami said to buy Mylan ( MYL - Get Report), while Finerman liked TJX ( TJX - Get Report). Terranova said to sell United Natural Gas ( UNG - Get Report).

-- Written by David Tong in San Francisco

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