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‘Plenty of Room’ in Stock Rally: Weiss

Wednesday, 6 Mar 2013 | 12:30 PM ET
'Plenty of Room' in Stock Rally: Weiss
It's a stock-picker's market, Stephen Weiss of Short Hills Capital says.

As the Dow Jones Industrial Average gained Wednesday on its record high close, it's a stock-picker's market, Stephen Weiss of Short Hills Capital said on CNBC.

"I don't think it's just getting started, but I think you've got plenty of room to go, still," he added.

On "Fast Money," he noted that strong earnings and dividend growth was countering strong skepticism among money managers.

"It's more of a stock-picker's market now than it ever was before," Weiss said, adding that he was staying away from the commodity stocks.

The Street CIO Stephanie Link echoed the sentiment.

"I think you have to be selective," she said. "I think you really have to take profits when you have them."

Link said that she had sold stock in Emerson and Schlumberger, buying Oracle, SunTrust and Hartford in the past couple of days.

"There's a lot of things that you can buy, you've just got to be very stock specific," she added.

Trader disclosure: On March 6, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Weiss is long BAC; Steve Weiss is long C; Steve Weiss is long M; Steve Weiss is long QCOM; Steve Weiss is long SPY PUTS; Steve Weiss is short JCP; Jon Najarian is long JPM CALL SPREADS; Jon Najarian is long WMT CALL SPREADS; Jon Najarian is long XLV CALL SPREADS; Jon Najarian is long XLF CALL SPREADS; Jon Najarian is long CSCO CALL SPREADS; Jon Najarian is long VIX CALL SPREADS; Jon Najarian is long SPY PUTS; Jon Najarian is long OC CALLS; Jon Najarian is long STX CALLS; 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; Enis Taner is long AMGN; Enis Taner is long GS; Enis Taner is long AMZN PUTS; Enis Taner is long TSLA PUTS; Enis Taner is long C PUT SPREAD.

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