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What the Market Needs Next: Pros

Tuesday, 4 Jun 2013 | 5:35 PM ET
What the Stock Market Needs: Pros
Tuesday, 4 Jun 2013 | 5:00 PM ET
Economic indicators due this week need to be right in the "middle of the fairway," Karen Finerman of Metropolitan Capital Advisors says.

Economic indicators due this week need to be right in the "middle of the fairway," Karen Finerman of Metropolitan Capital Advisors said Tuesday.

"I think it all has to do with the Fed," she added, citing ongoing monetary easing that hinges on the economy needing assistance. "We need economic data that is only in the middle of the fairway – not too hot, not too cold."

The Dow Jones Industrial Average declined 76.49 points to close at 15,177.54, breaking its streak of 20 consecutive Tuesdays in positive territory. The S&P 500 fell 9.04 points, to close at 1,631.38. The Nasdaq declined 20.11 points, to finish at 3,445.26.

(Read More: Stocks Close Lower, Dow Snaps Tuesday Winning Streak on Fed and Japan Worries)

On CNBC's "Fast Money," TheStreet CIO Stephanie Link said that positive consumer sentiment and PMI numbers have helped to bolster the stock market.

Stock Signs 'Very Encouraging': Pro
Stock market activity at the start of the week shows money coming in on dips and that's reason to remain bullish, Stephen Weiss of Short Hills Capital says.

But, she added, talk of the Federal Reserve suddenly slashing its asset purchases was overwrought.

(Read More: Stock Market Activity 'Very Encouraging,' Pro Says)

Link also noted that cyclical stocks had outperformed the defensive sector by 5 percent.

"You have to be flexible, just like the Fed," she added.

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: 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 DIS; Karen Finerman is long GNC; Karen Finerman is long RLGY; Karen Finerman is long RLGY CALLS; Karen Finerman is long M; Karen Finerman is long FL; Karen Finerman is short SPY; Karen Finerman is long MDY Puts; Erin Gibbs: No disclosures; ; Louise Yamada is long INTC; Louise Yamada is long MSFT; Louise Yamada is long KO; Louise Yamada is long VZ; Louise Yamada is long DXJ; Rebecca Patterson is long AAPL; Rebecca Patterson is long WFC; Rebecca Patterson is long JNJ; Rebecca Patterson is long GLD; Rebecca Patterson is long DG; (as of 6/3) 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 FB ; Stephanie Link is long EBAY; Stephanie Link is long F.

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  • Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

  • Scott Wapner is host of the "Fast Money Halftime Report," which airs weekdays from 12 p.m. to 1 p.m. ET.

  • Guy Adami is a contributor on CNBC's "Fast Money." He also is managing director of stockMONSTER.com.

  • Najarian, the "Pit Boss," is cofounder of optionMONSTER.com, a news site for options traders.

  • Finerman is president of Metropolitan Capital Advisors, Inc., a company she co-founded.

  • Founder of EmergingMoney.com

  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

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