How Pros Are Trading After Dow’s High
Rosecliff Capital's Mike Murphy wasn't overly concerned about the news itself.
"We needed to get this out of the headlines," he said. "Dow hit its new high. We did that today. Next, we're going to start talking very soon about the S&P having to hit its level."
Murphy added that with the VIX near historic lows, it was easy to stay long stocks.
"This is a stock-picker's market," he said.
Stephen Weiss of Short Hills Capital said that he saw the bull market continuing.
"So many people thought the world was coming to an end when the market dropped 200," he added, noting that relatively positive news from China and the Federal Reserve's monetary policy created a stock-friendly environment – with a caveat.
"Going forward, you've got to be more selective in term of your stock picking than you were before, and we still are due for a 2 to 3 percent pullback," Weiss said.
Joe Terranova of Virtus Investment Partners said that this bull market differed significantly from the one in January 2000, when both the Dow and the S&P ran up as part of the euphoria from the dot-com bubble.
"The market right now is fairly valued vs. in 2007, when it was expensive," he added. "But the real driver has been earnings growth. That's the real catalyst here."
OptionMonster's Jon Najarian said that he also believed in a move higher.
Najarian added that he saw confidence in the market rising, as well as investors trading smarter and being more disciplined.
"I am enthusiastic and very grateful for this rally," he said. "My account's at the highs of the years right now, and it's not because I've been right about everything."
Trader disclosure: On March 5, 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; Mike Murphy is long GS; Mike Murphy is long F; Stephen Weiss is long SPY 147 APR PUTS; Stephen Weiss is long BAC; Stephen Weiss is long C; Stephen Weiss is long QCOM; Stephen Weiss is long M; Stephen Weiss is short JCP; Jon Najarian is long AAPL; Jon Najarian is long JPM; Jon Najarian is long WFC; Jon Najarian is long CSCO; Jon Najarian is long QCOM; Jon Najarian is long NFLX; Jon Najarian is long RDN; Jon Najarian is long AXP; Jon Najarian is long AMTD; Jon Najarian is long YELP; Jon Najarian is long SWN; Dan Nathan is short SPY; Dan Nathan is short QQQ; Dan Nathan is long AMZN APR 240/200/160 PUT FLY;
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