A new confirmed case of Ebola in New York failed to put a damper on stocks, which posted their best week all year on strong earnings, but Private Advisor Group's Guy Adami said Friday that the momentum could be running out of steam.
"I thought it would stop at 1,904. Clearly, I was wrong," he said, citing the previous support level in the recent S&P 500 selloff. "Nineteen-seventy was support on the way down, should now be resistance on the way up."
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On CNBC's "Fast Money," Adami also said that Yahoo "wants to go to $45."
Amazon shares, which sold off earlier in the week on worse-than-expected quarterly earnings, could put in a short-term bottom, he added.
"I think this bounce gets from $285 to $315, $320," Adami added.
OptionMonster's Pete Najarian said that fundamentals were the market's current focus after strong earnings from the likes of Microsoft and Procter & Gamble.
"The pops that we've gotten out of these has been extremely fast, I think faster than anyone expected," he said.
Najarian added that he had bought shares of financial names JPMorgan, Goldman Sachs, Morgan Stanley, Bank of America and Citigroup in recent days, adding to existing positions.
On the airlines, he said he had been "doubling up, tripling up" on stocks.
Tim Seymour of Triogem Asset Management was less bullish on the airlines sector, financials and energy.
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"I would be a seller of the XLE. I would be a seller of the OIH," he said. "These are places where I think you've had great snapback rallies."
Citing the 4 percent gain in Delta stock, Seymour also said he wasn't a buyer because the run might be over. "I'm not saying that they're broken."
Brian Kelly of Brian Kelly Capital said that he had sold shares of into the rally but remained short much of Europe and Asia.
Reiterating his characterization of the market's run-up as "a Peter Pan rally," Kelly also acknowledged, "The biggest rallies happen within bear markets."
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Regardless of whether investors are bullish or bearish, he urged: "Take some profits."
Trader disclosure: On Oct. 17, 2014, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Brian Kelly is long US dollar, IWM puts, BTC, DXJ, EWC, EWH, EWW, SPY, BBRY calls, CTRL calls, TLT, GLD, GDX, SLV, SWC, he is short EWA, EWG, EWQ, EWY, EWZ, British Pound, Euro, Yen, Australia Dollar, Swiss Franc; Pete Najarian is long AAPL, BAC, BMY, KKR, LLY, BP, DISCA, PEP, GE, PFE, INTC, TEVA, TGT, he is long calls AA, AAL, AAPL, BABA, C, DAL, DOW, DD, EBAY, EMC, F, FL, GLW, GNRC, GS, GT, HPQ, JBLU, JPM, KKR, MGM, MS, MTW, PFE, QEP, SLV, SPLS, S, TOL, WFT, YHOO, XLF, ZION, he bought F calls today; Steve Grasso is long AAPL, CLVS, EVGN, GDX, IMMR, KBH, MHY, MJNA, NVIV, POT, SO, TWTR, YHOO, FB, GOOGL, TMUS, MBLY the firm is long ABX, MSFT, YHOO, APC, XLE, MS, GE; Tim Seymour is long AAPL, BAC, CCU, BX, F, GE, GM, INTC, KNDI; Tim Seymour's firm is long BABA, BIDU, NKE, NOK, TSL, DSKY.