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Stock Market Taking a Breather: Pro

After five months of stock market gains, the trade was clear, Joe Terranova of Virtus Investment Partners said Tuesday.

"I think the right strategy is simple," he said, adding that institutional money would not return until the next quarter, giving the market time to settle down.

"It's kind of like if you're lost, you don't just keep driving or walking around," Terranova added. "You stop. You ask for directions. I think where the market is right now."

The Dow Jones Industrial Average wiped out its earlier 152-point loss to toggle in and out of positive territory. The S&P 500 and the Nasdaq also pared their losses.

(Read More: Dow Erases 150 Point Loss, but BoJ Weighs)

On CNBC's "Fast Money," Josh Brown of Fusion Analytics said that big moves might be overreaction.

"Not much has changed," he said, adding that the big stock market decline at the open was based "on what the Bank of Japan didn't do."

"I think the real key is: Smart traders are playing smaller right now, and they're doing a lot less," he added. "Now the playbook slightly shifts, and people cool off. I think that's healthy."

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

Rosecliff Capital's Mike Murphy noted that the S&P 500 had been meeting resistance at the 1,640 level.

"Watch 1,620, 1,625," he added. "We held that today, and now the market rallied off that."

Trader disclosure: On June 11 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Mike Murphy is long FB; Mike Murphy is long MSFT; Mike Murphy is long GME; Mike Murphy is long T; 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 JUNE 870 PUTS; Joe Terranova is long GS JUNE 165 PUTS; Joe Terranova is short MINI S&P FUTURES; Josh Brown is long AAPL; Josh Brown is long JPM; Josh Brown is long TLT; Josh Brown is long LULU; Pete Najarian is long AAPL; Pete Najarian is long BAC; Pete Najarian is long JPM; Pete Najarian is long MS; Pete Najarian is long XLF; Pete Najarian is long INTC; Pete Najarian is long YHOO; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT.

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