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Stock Rally ‘Not Confirming’: Brian Kelly

Wednesday, 30 Jan 2013 | 12:31 PM ET
Stock Rally 'Not Confirming': Brian Kelly
Not all asset classes are confirming the run-up in stocks, Shelter Harbor Capital's Brian Kelly says.

Not all asset classes are confirming the run-up in the S&P 500, Shelter Harbor Capital's Brian Kelly said Wednesday on CNBC.

"If you look at other asset classes, they're not confirming this move in the U.S. stock market. We're up 5, 6 percent. It makes prudent sense," he said. "But look at the Australian dollar weaker today, New Zealand dollar weaker today, even Italy — Italy's stock market down 2 percent. "

On "Fast Money," Kelly urged a bit of caution.

"You've got to watch out for these things," he said. "I'm not saying the world's coming apart. But certainly if you're up, take some profit."

OptionMonster's Pete Najarian said he liked the broad-based nature of stock market gains, but added that it was time to take risk off the table.

Options, he added, were the way to go in order to gain exposure to continued higher prices.

As long as the VIX was low, Risk Reversal's Enis Taner said, "people can drive with the safety and protection behind them."

(Read More: Stocks Headed Higher, Guy Adami Says)

A rise in the volatility index could mean a pull-back of 1 or 2 percent, he added.

"Having said that, with the market above 1,500, I would be more discerning," Taner said. "I like health care and energy. Those are more value-type sectors here. I wouldn't chase the high-end growth stuff."

Trader disclosure: On Jan. 30, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Pete Najarian is long AAPL CALLS; Pete Najarian is long BAC CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long YHOO CALLS; Pete Najarian is long RIMM; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long DELL; Pete Najarian is long PEP; Brian Kelly is long QQQ; Brian Kelly is long XLK; Brian Kelly is long GLD; Brian Kelly is long SLV; Brian Kelly is long EURO; Brian Kelly is long JJG; Brian Kelly is long CORN; Brian Kelly is short EWY; Brian Kelly is short JGB; Jon Najarian is long WFT calls; Jon Najarian is long PSX calls; Jon Najarian is long RLI; Jon Najarian is long MAN; Jon Najarian is long TBT; Jon Najarian is long MGAM; Jon Najarian is short puts in FB; Enis Taner is long GS; Enis Taner is long AAPL; Enis Taner is long FB PUT FLY; Enis Taner is long AMZN PUTS; Enis Taner is long COP; Enis Taner is long SPY PUTS.

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S&P 500
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EWI
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VIX
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