"The IPO market is a barometer of market strength, it's not the other way around," Hogan said.
Traders, of course, cannot help but compare the social networking company's debut to that of rival Facebook, whose initial offering in May, 2012, was foiled by technical problems at Nasdaq and over aggressive pricing. Facebook also came to market at a time when Europe was spooking investors.
"A lot of people are calling it a top, or a bubble, but we're still a lot lower than where we were in the late 90s," said Justin Walters, co-founder of Bespoke. "I think this is more a return to normalcy. This is a healthy IPO market. It's all based on supply and demand. I think the fact that Twitter's going on the NYSE has people more at ease."
(Read more: As Twitter IPO prices, poll says it's not worth hype)
Twitter is taking a more conservative approach than its social media rival. Facebook's offering was surrounded by hype and its stock ended up trading below its offer price for months. "The market conditions are much more conducive for this IPO for sure, but the pricing is very different too. They're not trying to get every nickel out of this that they can," said Bob Doll, chief equity strategist at Nuveen Asset Management. "The management of Twitter is very aware of that. Leave some of it. Don't take it all. It will help you in the long run."
But traders say as the company's offering range has been raised, there's less opportunity for the stock to pop on the open. Twitter's offering price is now expected between $23 and $25, and traders say it would not be a surprise to see the range raised. The average first day pop for an IPO this year is 17 percent, the highest in years, and well above last year's 14 percent and 2011's 10 percent, according to Renaissance.