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‘Trend Is Up’ in Stocks: Mike Murphy

Don't fight the market, Mike Murphy of Rosecliff Capital said Tuesday, a day after the S&P 500 set a new record closing high.

"This rally, I believe, is being propped up by the Fed," he added, adding that downside risk could come from disappointing moves from the European Central Bank.

On Monday, the S&P 500 climbed 11.37 points to end at 1,593.61, surpassing the previous record set on April 11.

On CNBC's "Fast Money," Murphy said that investors should pay attention to what stocks are doing.

"Why fight the market? Why try to call a top?" he said. "The market's telling you the trend is up.

"There's no reason to try to get too fancy here. We're in an uptrend. We're going to stay there until something breaks."

Joe Terranova of Virtus Investment Partners said that he remained long via mini S&P futures. He also said that he had taken profits in crude oil after a run-up.

"We go into May with clearly a tailwind in the equity markets," he said.

Stephen Weiss of Short Hills Capital said that he was also long, although not as much as he had been six months ago.

"Today, I'm not doing anything," he added. "There's a lot of risk."

Weiss also noted risk from the ECB, while expecting a soft jobs number this week.

"I'm not overly long, not fully invested," he said. "I'm just comfortable where I am."

Trader disclosure: On April 30, 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 MINI S&P FUTURES; Joe Terranova is long VRTS; Joe Terranova is long SJM; Joe Terranova is long IBM; Joe Terranova is long SPLK; Joe Terranova is long TBT; Joe Terranova is long SWN; Steve Weiss is long QCOM; Steve Weiss is long HIG; Mike Murphy is long AAPL; Mike Murphy is long BAC; Mike Murphy is long INTC; Mike Murphy is long TOL; Josh Brown is long JPM; Josh Brown is long XLU;

For Mike Rehaut
J.P. Morgan currently has, or had within the past 12 months, the following company(ies) as clients: Armstrong World Industries; JPMS makes a market in the stock of Beacon Roofing Supply; J.P. Morgan currently has, or had within the past 12 months, the following company(ies) as clients: Beazer Homes; J.P. Morgan acted as lead or co-manager in a public offering of equity and/or debt securities for D.R. Horton within the past 12 months; J.P. Morgan currently has, or had within the past 12 months, the following company(ies) as clients: Fortune Brands Home & Security; J.P. Morgan acted as lead or co-manager in a public offering of equity and/or debt securities for Hovnanian Enterprises within the past 12 months; J.P. Morgan currently has, or had within the past 12 months, the following company(ies) as clients: KB Home; J.P. Morgan acted as lead or co-manager in a public offering of equity and/or debt securities for Lennar within the past 12 months; J.P. Morgan acted as lead or co-manager in a public offering of equity and/or debt securities for Masco Corp. within the past 12 months; J.P. Morgan currently has, or had within the past 12 months, the following company(ies) as clients: PulteGroup Inc.; J.P. Morgan acted as lead or co-manager in a public offering of equity and/or debt securities for Stanley Black & Decker within the past 12 months; J.P. Morgan currently has, or had within the past 12 months, the following company(ies) as clients: Toll Brothers; J.P. Morgan currently has, or had within the past 12 months, the following company(ies) as clients: USG Corporation; J.P. Morgan acted as lead or co-manager in a public offering of equity and/or debt securities for Whirlpool within the past 12 months.


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