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Pro Sees S&P ‘Beeline’ to 1,700

As stocks hit new highs on Wednesday, Rosecliff Capital's Mike Murphy said that he saw a new S&P 500 target within easy reach.

"You want to stay long this market until something changes," he said. "Right now, I think the S&P has a beeline for 1,700."

Stocks erased their early losses following a better-than-expected housing report, lifting the Dow Jones Industrial Average and S&P 500 to another all-time high.

(Read More: Dow, S&P Hit Fresh Highs)

On CNBC's "Fast Money," Murphy said that stock markets stand to continue posting gains as global banks have been "backstopping" them.

"We've talked about it for weeks," he said. "The market's giving you every reason to be in it at these levels."

Stephen Weiss of Short Hills Capital said that he also backed a hedge fund titan David Tepper's bullish call on stocks on CNBC.

(Read More: It's a 'My Cousin Vinny' Market, Bullish Tepper Says)

"The liquidity coming into the market is just too much to fight," he added. "So, sure, at some point we'll go down 1 percent, 3 percent. It just doesn't matter because the long-term picture is so much stronger."

Weiss also said that the stock market's levels weren't cause for worry.

(Read More: Bank on 'Rip-Roaring Bull Market': Pro)

"I don't think it's a reason to be concerned because of what we see going on underneath the market," he added.

Weiss suggested staying away from what hasn't worked.

"Stay away from commodities," he said. "Stay away from iron ore, steel, China plays."

Trader disclosure: On May 15, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long MSFT; Jon Najarian is short NEM; Jon Najarian is long JNPR; Jon Najarian is long BG; Jon Najarian is long EMC; Jon Najarian is long GTAT; Jon Najarian is long OC; Jon Najarian is short TSLA; Jon Najarian is long ZNGA; Steve Weiss is long AAPL; Steve Weiss is long BAC; Steve Weiss is long C; Steve Weiss is long BBRY; Steve Weiss is long M; Steve Weiss is long BA; Steve Weiss is long AAMRQ; Steve Weiss is long LCC; Steve Weiss is long UAL; Steve Weiss is long THC; Steve Weiss is long BBY; Steve Weiss is long F; Steve Weiss is long SODA; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long PF; Mike Murphy is long BAC; Mike Murphy is long INTC; Mike Murphy is long FB; Mike Murphy is long F;

For Mike Mayo
Morgan Stanley; The research analyst(s) or his/their household member(s)/associate(s) has/have a financial interest in the securities or related securities of Morgan Stanley; CLSA and/or Credit Agricole Securities (USA) (and/or their respective affiliates) managed or co-managed a public offering of Goldman Sachs's securities in the past 12 months; CLSA and/or Credit Agricole Securities (USA) (and/or their respective affiliates) participated in a public offering of Goldman Sachs's securities or received compensation for investment banking services from Goldman Sachs in the past 12 months; CLSA and/or Credit Agricole Securities (USA) Inc receives or has received compensation from Goldman Sachs for non-investment banking services (eg‚ brokerage services) in the past 12 months; CLSA and/or Credit Agricole Securities (USA) Inc and/or the analysts involved in the preparation of this report have reason to know that an affiliate of Credit Agricole Securities (USA) Inc and/or CLSA received compensation from Goldman Sachs for non-investment banking products/services in the past 12 months; CLSA and/or Credit Agricole Securities (USA) (and/or their respective affiliates) managed or co-managed a public offering of Morgan Stanley's securities in the past 12 months; CLSA and/or Credit Agricole Securities (USA) (and/or their respective affiliates) participated in a public offering of Morgan Stanley's securities or received compensation for investment banking services from Goldman Sachs in the past 12 months; CLSA and/or Credit Agricole Securities (USA) Inc receives or has received compensation from Morgan Stanley for non-investment banking services (eg‚ brokerage services) in the past 12 months; CLSA and/or Credit Agricole Securities (USA) Inc and/or the analysts involved in the preparation of this report have reason to know that an affiliate of Credit Agricole Securities (USA) Inc and/or CLSA received compensation from Morgan Stanley for non-investment banking products/services in the past 12 months; The research analyst(s) or his/their household member(s)/associate(s) has/have a financial interest in the securities or related securities of Morgan Stanley.


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