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Stock Market 'Being Rational': Weiss

As stocks edged higher to close out a week with several new all-time highs, the market has yet to become irrational, Stephen Weiss of Short Hills Capital said on CNBC's "Fast Money."

Since the start of the year, the stock market has had only a single day in which it was up more than 1 percent, Weiss noted.

"That's not euphoria," he said.

Weiss attributed the lack of exuberance to more selective stock buyers.

"The market, to me, is being rational, I think continues to go higher," he said. "I'll continue to say it: It's due for a pause, 2 to 3 percent, but you want to be in here."

Weiss also said, "I think the bulls are being very generous here in giving the bears an opportunity time to get in."

Friday's jobs report from the U.S. Department of Labor showed a net increase of 236,000 new jobs in February and an unemployment rate that fell to 7.7 percent.

(Read More: Job Creation Surges as Rate Falls to 7.7 Percent)

"I think today's number priced in, and we should just respect the fact that we have come a long way and we're a little bit far from the next earnings season, which should set us up for the next leg higher," said Josh Brown of Fusion Analytics.

Brown also said that he believed the stock market would "dribble higher," but added that he wasn't adding long positions.

"Almost everything on my screen is at a new 52-week high if not an all-time high," he said.

OptionMonster's Pete Najarian said that while stress tests on banks might have hurt a few stocks, such as Goldman Sachs, the sector was improving, hitting another 52-week high.

"Fundamentals are improving because of the Fed, and when you look at what's really been moving the markets to the upside, it has been the financials," he said. "The paper our there tells me it's going higher."

Joe Terranova of Virtus Investment Partners said that he believed the market would continue to gain.

"Overall, when you look at macro conditions, whether it be in Japan, Europe or in the U.S., the chances become that the U.S., which was the first in terms of easy monetary policy, is first out," he said. "Again, I don't think that's a bad thing. I still think the market goes higher."

Trader disclosure: On March 8, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Josh Brown is long DXJ; Josh Brown is long AAPL; 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; Stephen Weiss is long M; Stephen Weiss is long BAC; Stephen Weiss is long C; Stephen Weiss is long TBF; Stephen Weiss is long AIG; Stephen Weiss is long SPY PUTS; Stephen Weiss is short JCP; Pete Najarian is long AAPL CALLS; Pete Najarian is long C CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long XLF CALLS; Pete Najarian is long INTC; Pete Najarian is long CSCO CALLS; Pete Najarian is long YHOO; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT;

For Frederick Cannon
KBW or an affiliate expects to receive or intends to seek compensation for investment banking services from Citigroup in the next three months; KBW currently makes a market and/or acts as a liquidity provider in Citigroup securities.


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