A four-day gain in the S&P 500 greeted investors ahead of Thanksgiving, but the rally might not have much room to run, the CNBC "Fast Money" pros said Wednesday.
Brian Kelly of Shelter Harbor Capital said that crude oil prices wasn't buying the cease-fire between Israel and Hamas — and he argued that Iran could still be emboldened to interject itself into the dispute.
"Oil reversed and closed higher today," he said. "The oil market doesn't believe this is over."
EmergingMoney.com's Tim Seymour added Syria to the mix.
"That whole part of the world is still unbelievably volatile," he said.
Seymour also said that the market was running into its resistance level. Add to that the shaky cease-fire, as well as the looming threat of the so-called "fiscal cliff," and there was still plenty of uncertainty ahead.
The "fiscal cliff" would trigger automatic federal spending cuts on Jan. 1 and see the expiration of the Bush tax cuts if lawmakers in Washington fail to agree on a budget deal.
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"I think you have to wait for real news," he said. "If those are the things that had you rallying, I would be cautious."
Drakon Capital's Guy Adami warned: "Don't short crude going into Thanksgiving."
"I think you can trade from the long side," he added. "I think the rally going to be short-lived."
Trader disclosure: On Nov. 21, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long CLF; Steve Grasso is long F; Steve Grasso is long GOOG; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long NVIV; Steve Grasso is long P; Steve Grasso is long S; Steve Grasso is long WYNN; Steve Grasso is long GDX; Brian Kelly is long QQQ; Brian Kelly is long XLK; Brian Kelly is long BOIL; Brian Kelly is long NAT GAS; Brian Kelly is long JJG; Brian Kelly is long GLD; Brian Kelly is long SLV; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long SBUX; Tim Seymour is long RIO; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU.
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