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Have Stocks Peaked? Some Pros Say Yes

Stocks closed in the red Wednesday, leading a couple of "Fast Money" pros to call additional downside in the market.

Bearish investor Brian Kelly of Shelter Harbor looked to a major newspaper's declaration that stocks are clearly in bull territory.

"It concerns me when I see the USA Today declaring that the bull run has legs," he said on CNBC. "I, being short, would continue to short this market."

Kelly said that the market was "most likely" at its high for the year.

(Read More: Market May Be Near Top: Technician)

The Dow Jones Industrial Average declined 106.59 points, to end at 15,302.80, suffering its worst one-day loss in nearly four weeks and wiping out most of its gains from the previous session. The S&P 500 fell 11.70 points, to close at 1,648.36. And the Nasdaq slumped 21.37 points, to finish at 3,467.52.

The CBOE Volatility Index, widely considered the best gauge of fear in the market, gained near 15.

(Read More: Stocks End Off Lows, but Fed Stimulus Worries Weigh; Dow Tumbles 100)

Dan Nathan of RiskReversal.com noted that the market had lost momentum over the past week .

"We're seeing volatility in bonds, in equities, in currencies and commodities," he said. "We might've put a near-term top in."

Tim Seymour of EmergingMoney.com warned against jumping the gun.

"Just as euphoric as all that can be, you get a couple of down days and everybody starts to lose their mind," he said.

Seymour noted that the bond market was "all over the map."

(Read More: 'Every Dip a Buying Opportunity')

"The bubble was on the way up, clearly," he said. "It's not necessarily that there's a bubble to be popped today and tomorrow.

"You ultimately could have just a scary of a pullback in yields, i.e., a rally in bonds, right here as you did in terms of the blowout in yield."

Trader disclosure: On May 29, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long SBUX; Tim Seymour is long CLF; Tim Seymour is long JOY; Dan Nathan is short IWM; Dan Nathan is short SPY; Dan Nathan is long JNJ JUN 87.5 PUTS; Dan Nathan is long CAT JUN 87.5/80 PUT SPREAD; Dan Nathan is long IBM JUN 20/195/185 PUT FLY; Dan Nathan is long NTAP JULY 35/40/45 CALL FLY; Brian Kelly is long TLT; Brian Kelly is long TREASURIES; Brian Kelly is short SPY; Steve Grasso is funds long EMC; Steve Grasso is funds long NEM; Steve Grasso is funds long SPY; Steve Grasso is funds long HPQ; Steve Grasso is funds long NEM; Steve Grasso is funds long ZNGA; Steve Grasso is funds long F; Steve Grasso is funds long GM; Steve Grasso is funds long LOW; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM.

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