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Market ‘Should Struggle’ Here: Trader

Tuesday, 19 Mar 2013 | 1:21 PM ET
Market 'Should Struggle' Here: Trader
Tuesday, 19 Mar 2013 | 12:01 PM ET
The stock market is doing what it should be doing to set up for the next leg higher, Josh Brown of Fusion Analytics says.

Stocks should pause to prepare for more long-term gains, Josh Brown of Fusion Analytics said Tuesday.

"One of the things we've consistently talked about is that right now we're up against these '07 highs," he said. "There's no reason why we should be able to cut right through like a hot knife through butter. We should struggle at this level. We should even pull back."

On CNBC's "Fast Money," Brown said that stocks could be taking a pause after several days of gains.

"Realistically, I think the market is doing exactly what it should be doing in order to set up the next leg higher, if we're fortunate enough to get one," he said.

Stephen Weiss of Short Hills Capital said that he remained bullish on a long-term basis, adding that he expected the Federal Reserve's monetary policy to continue buoying the market.

"I'm a little light in exposure," he said. "I still think we're in a good spot here."

Joe Terranova of Virtus Investment Partners took a similar stance, saying that he remained long equities and was also seeing protection via derivatives.

"In terms of risk assets, I don't think it's doing to reverse the uptrend in the dollar," Terranova said. "I don't think you're going to see a large move in U.S. 10-year Treasuries in either direction, and I don't think it jumpstarts gold."

Trader disclosure: On March 19, 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 AAPL; Josh Brown is long GDX; Josh Brown is long JPM; Josh Brown is long GLD; Josh Brown is long XLU; Josh Brown is long GOOG; Josh Brown is long LULU; Steve Weiss is long BAC; Steve Weiss is long C ; Steve Weiss is short VALE ; Steve Weiss is short RIO; Steve Weiss is short BHP; Joe Terranova is long VRTS; Joe Terranova is long SJM; Joe Terranova is long MJN; Joe Terranova is long SCCO; Joe Terranova is long AAPL; Joe Terranova is long PANW; Joe Terranova is long VSI; 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; Joe Terranova is short S&P Mini Futures; Simon Baker is long BAC; Simon Baker is long C ; Simon Baker is long WFC; Simon Baker is long CSCO; Simon Baker is long GOOG; Simon Baker is long EBAY; Simon Baker is long AMZN; Simon Baker is long FDX.

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