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After New Highs, Stocks Still Strong: Pros

Following record intraday levels in the Dow Jones Industrial Average and the S&P 500 on Tuesday, the "Fast Money" pros said that there's still upside potential in the market.

"I would say that the most constructive thing I can point to over the last week is the fact that health care, utilities and consumer goods are the laggards," Josh Brown of Fusion Analytics said. "This is absolutely what you want to see, even if the averages have put in their highs for the year. There's still a lot of room for this beneath-the-surface rotation."

Brown said that it was a stock-picker's market.

"Half the market hasn't done what the major averages have done, so this is actually a really good time to be a little bit selective, but you can still find things to buy, despite the fact that we're at new highs in the tape," he added.

TheStreet CIO Stephanie Link sounded a positive note on stocks.

"The general direction is higher," she said.

Simon Baker of Baker Avenue Asset Management noted the performance in small-cap stocks.

"I'm encouraged by the Russell 2000 hitting a new high, 'cause, I mean, it's a much better representation of a broad move in the market," he said.

The Russell 2000 Index briefly hit a high $964.90 midday before retreating slightly.

Rosecliff Capital's Mike Murphy said that the signs were clear.

"You don't want to fight the market here. The tape's telling that the market wants to go higher," he added.

"I believe this market has a long way to go. Will we have pauses? Sure. Will we have slight pullbacks? Of course. But if you look at the direction of the market, and that's supported by really so many different sectors, I think you can see the market going a lot higher from these levels."

Trader disclosure: On May 7, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long JPM; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long TKR; Stephanie Link is long EMC; Stephanie Link is long CSCO; Josh Brown is long AAPL; Josh Brown is long XLU; Josh Brown is long TGT; Josh Brown is long DIS; Josh Brown is long GLD; Josh Brown is long APC; Josh Brown is long DD; Simon Baker is long AAPL; Simon Baker is long JPM; Simon Baker is long WFC; Simon Baker is long XLF; Simon Baker is long FB; Simon Baker is long MSFT; Simon Baker is long GOOG; Simon Baker is long EBAY; Simon Baker is long NFLX; Simon Baker is long DIS; Simon Baker is long AMZN; Simon Baker is long BBY; Simon Baker is long CSCO; Mike Murphy is long BAC; Mike Murphy is long INTC; Mike Murphy is long FB; Mike Murphy is long IP.

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DJIA
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S&P 500
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RUSS 2K
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