"The fact that we've rallied from 1,820 to 1,960 before the selloff in the S&P over basically over a four-, five-day trading period is probably too much, too fast," Guy Adami of Private Advisor Group said. "1,970, which was support, should become resistance if, in fact, we get there."
Adami noted that Celgene, as well as defense names, had hit all-time highs.
"There are still parts of the market that are very interesting," he said. "To me, that's what I was looking at today."
The S&P 500 closed at 1,950.82, up 1.23 percent, while the gained 1.32 percent to end the day at 16,677.90.
Adami also noted American Airlines trading near its $40 September high again after having declined to $28.50 in the recent market selloff.
"It says for the broader market, after a rally like this, you have to be careful," he said. "I think you have to be very careful if you think it's going straight back to its old highs."
"I love how Amazon is getting down to these critical levels," he said, citing a key level of $285. "It gets interesting down here, but I do still question ... why you would want to own a company that's losing more money faster now than a company that's making money with a different business model."
Karen Finerman of Metropolitan Capital Advisors said that she viewed favorably, although she didn't buy much.
"I like the banks here, even with them having rallied a little bit," she said. "I still think that they were way overdone when we had that severe bond move."
Trader disclosure: On Oct. 23, 2014, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long AAPL, BAC, F, GE, GM, INTC, JCP, LO, SINA, DIS, IWM puts, QID; Tim Seymour's firm is long BABA, BIDU, CCU, DSKY, KNDI, NKE, NOK, KO, TSL, VIP; Karen Finerman is long BAC, C, GM, GOOG, GOOGL, M, she is short SPY; Karen Finerman's firm is long AAPL, BAC, BAC, PLCE, C, CMLS, GOOG, GOOGL, M, MTW, SUNE, DIS, the firm is long calls C, BAC, MTW, the firm is short SPY, AAPL calls, DIS calls; Karen Finerman is on the board of GrafTech International; Jon Najarian is long AAL, AMAT, AGO, AMBC, APC, CBS, CVS, DRYS, EOG, EXC, FRO, GS, HCN, MS, MSFT, NBR, RFMD, SLXP, TNP, TWX, UH, WAG, WMB, XOP, he is long calls PRU, he is short AMZN; Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck; Pete Najarian is long BABA, AAPL, DVN, DISCA, BP, GE, PEP, TEVA, BM, KKR, LLY, PFE, TGT, INTC, MRK,DYNEG, he is long calls AA, DAL, DD, EMC, EUO, F, FL, GPS, GS, GNRC, GT, HPQ, INTC, JPM, KKR, MGM, MS, MTW, NTAP, PFE, S, UA, UAL, SPY, SPLS, YHOO; Jon Najarian is long AAL, AGO, AMBC, APC, CBS, CVS, DRYS, EOG, EXC, FRO, GS, HCN, MS, RFMD, SLXP, TNP, TWX, UH, WAG, WMB, XOP; Mike Murphy is long AAPL, BAC, BWP, C, DAL, FB, GBX, HTZ, JBLU, KMI, MJ, NRK, PSEC, SDRL, SUNE, TWX, UA, WFM, he is long calls FEYE; Stephanie Link is long AAPL, AIG, AXP, BAC, CI, DOW, ESV, ETN, FB, GE, GM, GOOGL, GS, JNJ, KMI, LEA, M, MCD, MSFT, PNRA, PVH, SBUX, STI, UTX, VALE, TWTR, WAG;
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