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Stocks ‘Not Crazy Expensive’: Brown

Thursday, 28 Feb 2013 | 12:23 PM ET
Stocks 'Not Crazy Expensive': Pro
Absent any major tail risk, the stock market rally will continue, Josh Brown of Fusion Analytics says.

Stocks remain attractive, making a continued rally likely, Josh Brown of Fusion Analytics said Thursday on CNBC.

"The fundamentals aren't terrible," he said, adding that the Federal Reserve's monetary policy wasn't the only factor in boosting the market.

On "Fast Money," Brown also said that the stock market's valuation of a 13.8 P/E was "not crazy expensive."

"In the absence of major tail risk, the rally continues," he said.

Rosecliff Capital's Mike Murphy noted positive news from pending home sales, consumer confidence and Chicago PMI.

"We're not going gangbusters by any means, but if you look at the earnings reports we're getting, it's a stock-picker's market," he said. "The companies that are performing are being rewarded. The ones that aren't are getting hit hard."

Joe Terranova of Virtus Investment Partners said the stock market's gain wasn't necessarily bullish.

"Today's rally can be categorized more as a defensive rally. You have utilities leading the charge. You have 43 new highs in the S&P 500. Sixteen of those are consumer staples," he said. "But I don't think you go with this rally just yet."

Trader disclosure: On Feb. 28, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Joe Terranova is long VRTS; Joe Terranova is long SJM; Joe Terranova is long MJN; Joe Terranova is long AXP; Joe Terranova is long GPS; Joe Terranova is long KORS; Joe Terranova is long GS; Joe Terranova is long SWN; Josh Brown is long AAPL; Josh Brown is long C; Josh Brown is long JPM; Josh Brown is long WFC; Josh Brown is long GLD; Josh Brown is long XLU; Josh Brown is long WMT; Josh Brown is long TGT; Josh Brown is long GOOG; Mike Murphy on FB; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long CSCO; Stephanie Link is long SBUX; Stephanie Link is long FB; Stephanie Link is long STI; Stephanie Link is long KEY; Steve Grasso is long AAPL; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long GOOG; Steve Grasso is long GDX; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long VLO; Steve Grasso is funds long HPQ; Steve Grasso is funds long ZNGA; Steve Grasso is funds long HD; Steve Grasso is funds long BRCM; Steve Grasso is funds long MA.

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