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Stocks Turn, Rally—So Now What?

Stocks closed higher Thursday, but is the rally out of steam or just beginning? The "Fast Money" pros weighed in.

"What you saw this morning, all the bad news came out there: The Nikkei down 6 percent. You had the yen falling apart. You had Europe falling apart. You had DuPont come out with a warning. And the market just wouldn't go down," Brian Kelly of Brian Kelly Capital said on CNBC. "When all the bad news comes out and the markets don't go down, BK covers."

The Dow Jones Industrial Average soared 180.85 points, or 1.21 percent, to finish at 15,176.08. The S&P 500 jumped 23.84 points, or 1.48 percent, to close at 1,636.36. And the Nasdaq rallied 44.94 points, or 1.32 percent, to end at 3,445.37.

(Read More: Stocks Rally 1% to End Near Session Highs, Dow Spikes Nearly 200; Vix Skids 11%)

Kelly said that he didn't believe the United States was the best investment out there.

"I think there's probably better places to be in the world at this point in time," he said, adding that he had covered most of his equity shorts and was long TLT, the 20-year U.S. Treasuries exchange-traded fund.

Kelly said that the S&P 500 would likely retest its May 22 highs around 1,660, noting that the Federal Open Market Committee would be meeting Wednesday.

(Read More: Not All Bonds Are Created Equal: Pro)

"There's really not a lot of news until then, so you could one of these vacuums up," he added.

StockMonster's Guy Adami also liked the TLT and said that the broader market could see continued gains.

"Now, technically, you should have another 25, 30 handles, I think, to the upside in the S&P from here," he added.

(Read More: Don't Focus on Volatility: Strategist)

Karen Finerman of Metropolitan Capital Advisors said that she had been "sort of bearish."

"What was happening in Japan, I think, is still a macro event that's really scary," she added. "I'm surprised by this move, actually."

Trader disclosure: On June 13, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; Brian Kelly is long TLT; Brian Kelly is long Treasuries; Brian Kelly is long Australian dollar; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is long SPY; Karen Finerman is long MDY PUTS; Jon Najarian is long INTC; Jon Najarian is long WMT; Jon Najarian is long BBRY; Jon Najarian is long MSFT; Jon Najarian is long DIS; Jon Najarian is long DDD; Jon Najarian is long FNSR; Jon Najarian is long NTAP; Jon Najarian is long OC; Jon Najarian is long TMO; Jon Najarian is short GLD PUTS.

Symbol
Price
 
Change
%Change
NIKKEI
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DD
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ISH BAR 20YTB
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S&P 500
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