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Will the Rally Continue? Plus, Roubini at SALT Conference, Skilling to Walk

An informative and entertaining look at the must-see CNBC moments that will sharpen your business edge today, tomorrow and beyond. What follows is a look at some of the most compelling conversations and noteworthy moments broadcast on CNBC on Wednesday, May 8.

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Take Me Higher

With Tuesday's first Dow close over the 15,000 milestone, many are wondering whether the rally can continue and for how long?

CNBC's "Squawk Box" brought together a number of opinions on that end.

Paul Schatz, market strategist and president at Heritage Capital, warned that corporate earnings haven't been great and yet stocks continue to climb. He thinks the Federal Reserve's asset-buying program is what's really driving stocks higher.

David Spika, senior vice president and senior portfolio specialist at The Westwood Funds, took a similar view.

"In our mind, it's really tough not to be bullish today. Obviously what the Fed is doing here, what [the BOJ] is doing in Japan.They're forcing money into the equity market. The only place to get any realyield or return opportunity is in the equity market," Spika said.

"Long term this is a bull market. It's the fifth strongest and sixth longest of all-time. We're steadily putting money to work,"said Paul Hickey, co-founder of Bespoke Investment Group. "In the very short term, we'd be maybe a little cautious. We have seasonality—eight out of the last 10 years the first half of May has been down. The market is over bought right now."

The Doctor Is In … Dr. Doom, That Is

The 2013 SkyBridge Alternatives Conference is underway in Las Vegas.

Don't know what that is? OK, well, maybe you've heard it referred to as the SALT Conference.

Whatever you call it, CNBC dedicated considerable coverage to the conference, which brings some of the sharpest minds to discuss the gamut of issues affecting the stock market and economy alike. One of the more notable attendees is the famously gloomy economist Nouriel Roubini.

"Roubini is what you'd call a happy pessimist -- and a rock star. People here flocking around him. #SALT2013," tweeted CNBC reporter Jeff Cox from the event.

On CNBC's "Fast Money Halftime Report," Roubini told reporter Scott Wapner that the stock market will likely continue to rally in the near-term, only to "crash" shortly thereafter.

"Dr. Doom" noted three headwinds facing the market, 1) the European debt crisis has not been resolved, 2) the global economy is likely to slow, as China's economy is cooling, 3) geopolitical risk continues to rise as U.S.-Iran negotiations "have gone nowhere."

Roubini said the Federal Reserve's bond-buying program is pushing the markets higher, but he thinks it will ultimately lead to the "nasty boom and bubble."

Enron CEO Jeff Skilling to Walk

We had some breaking news midday: Former Enron CEO Jeffrey Skilling will be released from prison in 2017—more than 10 years early—under a proposed sentencing agreement submitted to a judge in Houston, CNBC's Scott Cohn reported on "Power Lunch."

"Most importantly for the victims of the Enron collapse, some $40 million in restitution that he was ordered to forfeit will now be freed up for distribution to the victims," Cohn reported.

Market Insider with Patti Domm