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‘Money Has to Find a Home’: Pro

The stock market, especially the technology sector, still holds potential, UBS Managing Director and Head of FX Distribution Paul Richards said Friday on CNBC.

Richards cited headwinds from a month ago, such as the payroll tax and the sequestration, which were de-emphasized with a better-than-expected U.S. employment report.

"Today's number, particularly when you look at the revisions, make me feel a lot more calmer," he said. "And ultimately, I'm saying, well, money has to find a home, and stocks look pretty good."

The U.S. economy added 165,000 new positions in April while the unemployment rate declined, according to the Bureau of Labor Statistics.

(Read More: Back in Business: Jobs Picture Brightens in April)

On "Fast Money," Richards said that the weekly unemployment claims gave him hope, even if stocks have run up faster than warranted.

"I think the market gets ahead of itself in terms of what is growth, but you've still got growth, and it's a lot better than a place like Europe," he said.

That, Richards added, was positive for equities.

"I mean, where are you going to put your money into, under a mattress? I think you buy property, you buy stocks," he said.

Richards said that he expected technology to be the next sector to outperform.

"I don't think the market's fully engaged in it," he said. "I think they're scared of the price."

Richards also praised Federal Reserve Chairman Ben Bernanke, because of whose efforts, "The market's still alive."

Trader disclosure: On May 3, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Pete Najarian is long AAPL; Pete Najarian is long BAC CALL; Pete Najarian is long JPM CALLS; Pete Najarian is long BBRY STOCK, CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT CALLS; Pete Najarian is long F CALLS; Pete Najarian is long LLY; Pete Najarian is long MRK; Pete Najarian is long PFE; Pete Najarian is long CAT CALLS; Pete Najarian is long BMY; Jon Najarian is long AAPL CALLS; Jon Najarian is long UVXY CALLS; Jon Najarian is long VXX CALLS; Jon Najarian is long CPRT CALLS; Jon Najarian is long OIS CALLS; Jon Najarian is long GTAT CALLS; Jon Najarian is long XLU PUTS; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long JPM; Stephanie Link is long UPS; 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; Joe Terranova is long GS; Joe Terranova is long GS 145 PUTS; Joe Terranova is long AMZN 255 PUTS; Joe Terranova is long IBM 205 PUTS; Joe Terranova is long GOOG 840 PUTS; Joe Terranova is long NAT GAS FUTURES; Joe Terranova is long CRUDE OIL FUTURES.