Despite news that Congress might be approaching a deal to avert a default on U.S. debt, any rejoicing by the stock market would be premature, Tim Seymour of EmergingMoney.com said Thursday.
"Yeah, there's a deal in the works, but, I mean, save the Champagne, because even if this deal gets done, where are we going to be in a month?" he asked.
On CNBC's "Fast Money," Seymour said it wasn't time to buy.
"Ultimately, all of this is a distraction. ... I don't think this is a reason to necessarily go in and buy equities en masse," he said. "At the same time, we are not going to default. And I think that the government shutdown—unless this lasts 2½ years and not 2½ weeks—is not the issue that people are making it out to be."
Emerging markets, he added, had "room to run."
Stuart Frankel's Steve Grasso took the opposite position.