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Pros: Buy the Market? You’re Too Late!

The S&P surged on Tuesday bolstered by chatter that President Obama and Speaker Boehner were inching closer to a deal to bridge the "fiscal cliff."

The gains followed a steep rally on Monday, which lifted the S&P 500 to its highest point in nearly two months.

As encouraging as developments sound, if you're about to establish a position in the market as you breathe a sigh of relief – two pros say don't bother. You're late.

Top trader Joe Terranova, chief market strategist for Virtus, said it's a sell the news event. "The time to buy was a couple weeks ago, not now."

After the broadcast Terranova told us additional gains in the market must now be driven by another catalyst - such as a sharp rotation out of Treasurys and into equities - otherwise he thinks stocks have topped out.

Stephen Weiss, managing partner at Short Hills Capital, shared the sentiment. He said playing these headlines was getting old. "Sure we could get another day or two of gains, but pros are getting ready to take money off the table," he said. "Not put it to work."

Trader Mike Murphy, founder and managing partner at Rosecliff Capital, however sees the market a little differently. He's focused on technicals – and as the S&P 500 advanced it broke above key levels of resistance. Murphy doesn't see any reason for that to stop. "Watch 1450, he said. If we break above 1450 I think the next stop is 1470."

Jon Najarian, co-founder OptionMonster.com, is also bullish. "Money is flowing into banks," he said. The financial sector had been the market's Achilles Heel. "I'm seeing unusually strong call buying in the sector," he added, implying that big money expects the sector to advance further. And if financials advance, Najarian believes the market will too.

Trader disclosure: On December 18, 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 Weiss is long YUM; Steve Weiss is long QCOM; Steve Weiss is long HK; Steve Weiss is long BAC; Steve Weiss is long JPM; Steve Weiss is long C; Joe Terranova is long VRTS; Joe Terranova is long TJX; Joe Terranova is long AAPL; Joe Terranova is long YUM; Joe Terranova is long SWN; Joe Terranova is long GLW; Joe Terranova is long DELL; Joe Terranova is long VZ; Joe Terranova is long XOM; Mike Murphy is long AAPL; Mike Murphy is long TGT; Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long call spreads in AAPL; Jon Najarian is long call spreads in JPM; Jon Najarian is long call spreads in GS; Jon Najarian is long call spreads in FB; Jon Najarian is long call spreads in WFC; Jon Najarian is long call spreads in BAC; Jon Najarian is long call spreads in MS; Jon Najarian is long call spreads in ELN; Jon Najarian is long call spreads in APA; Jon Najarian is long call spreads in DVN; Jon Najarian is short puts in GLD; Jon Najarian is short puts in AGQ

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