Still ‘Apocalyptic,’ Yet Bullish for Now

Tuesday, 14 May 2013 | 5:43 PM ET
Guy Adami 'Apocalyptic,' Yet Bullish
Tuesday, 14 May 2013 | 5:00 PM ET
A day of reckoning will come for the stock market rally, but not right now, StockMonster's Guy Adami says.

A day of reckoning awaits the stock market rally, but not just yet, StockMonster's Guy Adami said Tuesday after stocks closed at new record highs.

"I have not seen any reason to sell into this yet," he said. "There's going to be the day where that happens. It hasn't presented itself."

The S&P 500 gained 1 percent to close at 1,650.34, while the Dow Jones Industrial Average climbed 0.8 percent, ending up at 15,215.25.

(Read More: S&P, Dow Close at Record Highs as Financials Surge; Apple Drops 2.5 Percent)

On CNBC's "Fast Money," Adami said that he saw bad things ahead – way ahead.

"I've said for a while, I'm still very apocalyptic in my overall view of things. I've said it for hundreds of points in the S&P," he said. "That doesn't mean the market can't go higher."

Adami said that there were "warning signs" from JGB.

One retail stock on which he remained bullish was Gap.

"I think it goes higher from here," Adami said.

Tim Seymour of EmergingMoney.com looked to emerging markets for continued gains.

"No inflation is very good news," he said, noting that the U.S. dollar was at July levels.

Seymour said he liked India-related plays such as Tata Motors, IBM and HDB.

"People love to talk about China," he added. "In a world where people are worried about China, India actually benefits."

Brian Kelly of Shelter Harbor Capital said that refiners such as Valero and Tesoro were "interesting at these levels."

Trader disclosure: On May 14, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long CVS; Karen Finerman is short SPY; Karen Finerman is short MDY; Brian Kelly is short GLD; Brian Kelly is long TREASURIES; Brian Kelly is long DOLLAR; Brian Kelly is long COPPER; Brian Kelly is short GOLD; Brian Kelly is short SILVER; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU.

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