An extended government shutdown could bring about added monetary easing, Brian Kelly of Brian Kelly Capital said Tuesday.
"The longer the shutdown goes, the more economic data is done, the more the Federal Reserve will print money," he said on the first day of the government shutdown, which took effect as Congress failed to pass a funding bill.
On CNBC's "Fast Money," Kelly said that the Fed could ramp up its $85 billion-per-month stimulus program — the opposite of tapering.
"Whether it's effective or not doesn't really matter to the market, and it doesn't really matter to the Federal Reserve," he said. "I mean, they've shown already if they can get a half a percent of GDP, that's fantastic. I actually think if you get a three- or four-week shutdown, you end up with a Fed flare."
Citing the most recent government shutdown, Jim Lebenthal of Lebenthal Asset Management brushed off the most dire predictions and saw potential opportunity.
"All of these talks about how GDP is going to go down, I don't buy it because really all it meant is people took some vacation days," he said. "They were paid later. It's a lot ado about nothing.
"But the one thing we have to think about here is, this is probably going to go on longer than it did in the mid-'90s because these two sides are so far apart that there's nowhere in the middle here. So, you've got a few days for this to play out, and I think the market's going to go down, and that's the time to buy."
(Read more: Get cautious on stocks: Strategist)
StockMonster's Guy Adami said that it was crucial to watch the trading range in the S&P 500.