Stock-Market Pullback? Pfff. These Pros Say 'Buy!'
With the markets dipping in the last several trading sessions, the "Fast Money" team was in agreement that strong fundamentals and healthy market dynamics will push the market higher, urging investors to look at pullbacks as buying opportunities.
"I think this is textbook and I like to see things progress in this way," said Josh Brown of Fusion Analytics. "This is the way you want to pause. You want to see a rotation out of risk and into some of the lower risk areas."
"March is a swing month for the markets," added Joe Terranova of Virtus Investment Partners, "There is a lot for money managers to digest here," listing the ISM report and the March 7 jobs report as key events. "This is where you need to be paying attention to the market itself," he said.
The markets had been down intraday on worries about the Italian elections, the United Kingdom downgrade and disappointing numbers out of China, but the traders shrugged off any worries based on the strength in individual names. Stephanie Link, CIO of TheStreet, said that she was "encouraged" that the markets weren't down more on these numbers and this was a good sign.
"You can't be spooked in this market," said Simon Baker, CEO of Baker Ave Asset Management. "What's important is to buy these consolidated dips. You have to be long the market, it's fundamentally strong. When you see these pullbacks, get into themes you like." Baker listed increased M&A activity, a strong earnings season, and the seemingly robust housing market as factors in his bullish case.
"The market needed this little pullback and I think what we're seeing is really healthy," added Josh Brown. "This is where you make your list and let them start to come to you," indicating that investors wait for individual names to come down to levels they find attractive.
Agreeing with this strategy, Gemma Godfrey, head of investment strategy at Broks Macdonald, said that "seeing a pullback and a shake-out in markets is positive, because it allows long-term investors to get back in."
"With this amount of volatility in markets, any pullback is a fantastic buying opportunity for international companies that are headquartered in Europe, but are generating returns outside of the continent so they are immune to a certain extent from domestic woes," Godfrey said.
Godfrey's firm is long-term bullish on equities, finding a "level of comfort" in the fact that many investors are still on the sidelines waiting to buy into the market.
"I want to be tactical," said Joe Terranova, who sees the market going higher but said that more short term weakness could offer investors greater value in key names.
Trader disclosure: On February 25,2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "FastMoney" traders: Stephanie Link is long AAPL, Stephanie Link is long GS, Stephanie Link is long KEY, Stephanie Link is long HIG, Stephanie Link is long YUM, Stephanie Link is long TKR, Stephanie Link is long CSCO, Joe Terranova is long VRTS, Joe Terranova is long SJM, Joe Terranova is long MJN, Joe Terranova is long AXP, Joe Terranova is long JPM, Joe Terranova is long DIS, Joe Terranova is long FB, Joe Terranova is long BRKb, Joe Terranova is long GS, Joe Terranova is long SWN, Joe Terranova is long XOM, Joe Terranova is long FLS, Joe Terranova is long KORS, Josh Brown is long LOW.