'Fast Money' Recap: Still in a Bull Market

NEW YORK (TheStreet) -- The S&P 500 tacked on more gains on Wednesday, closing up 0.52%. 

On CNBC's "Fast Money" TV show, Tim Seymour, managing partner of Triogem Asset Management, said the macro-economic data remain encouraging. 

Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital, said equities are still in a bull market. He added that earnings have been decent so far and that investor activism could increase in the first quarter. 

Steve Grasso, director of institutional sales at Stuart Frankel, said the financial sector is pushing the market higher and that most investors do not want to get in front the upward momentum from the short side.

Bank of America (BAC) beat on top- and bottom-line estimates. Jon Najarian, co-founder of optionmonster.com and trademonster.com, said the stock blew through its previous 52-week high on large volume and could hit $20 by the end of the first quarter. 

Seymour said the stock has more room to go because it only trades at 1.2 times price-to-tangible-book value. He added that rising interest rates should help increase profitability. 

Grasso pointed out that rising litigation costs are a concern but investors seem to be putting them in the "rear-view mirror." 

Scaramucci is more concerned with the fact that mortgage originations dropped by 50%. He added they would likely continue to fall as interest rates rise. However, he said small business lending should pick up this year and BAC has a solid long-term growth story. 

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