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Stocks ‘Very Encouraging,’ Pro Says

Dips in the stock market so far this week show that money is looking for an entry point, Stephen Weiss of Short Hills Capital said Tuesday.

"What happened on Friday was that you had equities that had moved up to high, and you had bonds that had moved too low, so you had rebalance," he said. "In terms of yesterday's action, very encouraging. It shows after market dips, money comes in."

(Read More: Stocks Near Lows, Dragged by Energy; Dow Struggles for 21st-Straight Tuesday Gain)

The Dow Jones Industrial Average declined midday, while the S&P 500 and the Nasdaq also turned lower. The CBOE Volatility Index traded near 16.

(Vote Now: Will This Tuesday Be Another Winner for the Dow?)

On CNBC's "Fast Money," Weiss said he liked what he saw.

"I'm positive on the market," he added. "I'm still bullish."

Joe Terranova of Virtus Investment Partners sounded more cautious tones.

"The market really does not seem to have the aggressive follow-through from yesterday's price action, which I thought was lousy late in the afternoon," he said. "So, I told you yesterday I think we're in for 30 days of frustration. It doesn't mean we're in for a deep decline. I'm just not ready to allocate significant amounts of capital to risk assets right now."

(Read More: '30 Days of Frustration' Ahead: Joe Terranova)

Terranova added that he was still long gold and Apple stock.

"But I'm really in a position right now where I'm just waiting," he said. "I want to see what happens on Friday, and I want to see further evidence of where the right place to be in the market is – cyclical or defensive."

(Watch Video: Japanese Stocks a 'Buy': Jeffrey Gundlach)

Josh Brown of Fusion Analytics sounded wary of signs.

"This feels like a turning point for the market, but turning points have not materialized," he said, adding that price-wise markets wanted to go higher.

"When you take the good and the bad, what you'd have to say is not much has really changed on the surface, but beneath the surface, this rally is a lot less encouraging than it had been in earlier May and most of April," he said.

Trader disclosure: On June 4, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Joe Terranova is long VRTS; Joe Terranova is long SJM; Joe Terranova is long AAPL; Joe Terranova is long SPLK; Joe Terranova is long GLD; Joe Terranova is long TBT; Joe Terranova is long SWN; Joe Terranova is long GOOG, $870 PUTS; Joe Terranova is long GS, $165 PUTS; Steve Weiss is long LCC; Steve Weiss is long BAC; Steve Weiss is long C; Steve Weiss is long F; Simon Baker is long AAPL; Simon Baker is long C; Simon Baker is long CSCO; Simon Baker is long YHOO; Simon Baker is long FB; Simon Baker is long GOOG; Simon Baker is long EBAY; Simon Baker is long PCLN; Simon Baker is long GM; Simon Baker is long VIAB; Josh Brown is long AAPL; Josh Brown is long DD.

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VIX
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GOLD
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