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‘I Went Short’ on S&P High: Kelly

An all-time closing high in the S&P 500 wasn't enough to turn Shelter Harbor Capital's Brian Kelly away from his bearish theme.

"We barely were up today on end of quarter, end of month," he said. "Two weeks ago, I thought we would hit 1,576-86. I went short because of what happened in Europe. The reversal in the European banks last week really got me frightened, so I'll probably have to have a little bit of pain, but my analysis hasn't changed, maybe 1 percent from the top. I'm OK with that."

The S&P 500 set a new all-time closing high of 1,569.19. The next milestone for the index is its Oct. 11, 2007, all-time intraday high of 1,576.09.

On CNBC's "Fast Money," Tim Seymour of EmergingMoney.com noted that the S&P level arrived on low volume and the beginning of a spike on volatility.

Seymour added that data from China due on Sunday, as well as other upcoming potential headwinds next week, could put the brakes on the rally.

"To me, this is not a place to say, 'All right, now we go off to the races.' It's a moment we had to hit," he said. "I'm not terribly excited."

Trader disclosure: On March 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: Enis Taner is long GS; Enis Taner is long GS PUT SPREAD; Enis Taner is long BIDU CALL SPREAD; Enis Taner is long MSFT PUTS; Enis Taner is long YHOO CALL SPREAD; Enis Taner is long FXE PUTS; Enis Taner is long XLV; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long AGU; Guy Adami is long BTU; Brian Kelly is long TREASURIES; Brian Kelly is long GOLD; Brian Kelly is long SILVER; Brian Kelly is short S&P 500; Brian Kelly is short CAC; Brian Kelly is short DAX; Brian Kelly is short EURO; Brian Kelly is short EUROSTOXX; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long CSCO; Tim Seymour is long WMT; Tim Seymour is long SBUX; Tim Seymour is long CLF.

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