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It’s a Stock-Picker’s Market: Grasso

Stocks with strong fundamentals will probably continue to climb, even as the broader market might go off a cliff, Stuart Frankel's Steve Grasso said Wednesday on CNBC.

"The problem is nobody wants to believe in this rally, yet everyone continues to buy this rally," he said, calling it a "stock picker's market."

On "Fast Money," Grasso urged investors to buy "what you really want," "what you understand" and "the stories you believe in" because they will probably go higher.

"Other than that, we're waiting to fall off this cliff, and I think the air is slightly coming out of this market," he said.

OptionMonster's Jon Najarian noted the VIX breaking through 14.

"This is a pretty big move but it's also what you'd expect when we're up against a scenario where people are looking for a correction," he added.

Karen Finerman of Metropolitan Capital Advisors said that the same GDP report a couple of months ago might have had a completely different effect on the market.

"I don't know how to account for it," she said.

Risk Reversal's Dan Nathan called the stock market rally "a little long in the tooth."

"I think you're seeing people starting buy protection for the first time all year long," he said.

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: Jon Najarian is long JPM; Jon Najarian is short JPM calls; Jon Najarian is short FB puts; Jon Najarian is long QCOM 65 CALL SPREAD; Jon Najarian is long LONG PSX CALLS; Jon Najarian is long NFT CALLS; Jon Najarian is long RLI; Jon Najarian is long MAN; Jon Najarian is long MGAM; Karen Finerman is long AAPL; Karen Finerman is long AAPL PUTS; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long RIMM; Karen Finerman is long RIMM PUTS; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is short SPY; Karen Finerman is short IWM; Dan Nathan is long FB FEB/MARCH 34 CALL SPREAD; Dan Nathan is long AMZN APR 240/200/160 PUT FLY; Steve Grasso is long AAPL; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long GDX; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is funds long AAPL; Steve Grasso is funds long HPQ; Steve Grasso is funds long ZNGA.

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