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Did Market Call ‘Shenanigans’?

Stocks hitting year-to-date highs shows that the market isn't expecting the Federal Reserve to taper its quantitative easing anytime soon, Josh Brown of Fusion Analytics said Monday.

"The markets basically called shenanigans on this tapering idea a week ago," he said.

On CNBC's "Fast Money," Brown noted the recent gains in real-estate investment trusts and home builders.

"This doesn't happen if there's an imminent announcement on either rates or bond buying, or anything of that nature," he added.

Brown also said that he expected the Fed to "walk back" May 22 comments that opened the door to the possibility of tightening monetary policy.

TheStreet CIO Stephanie Link had a clear expectation of what Chairman Ben Bernanke would say at the Federal Open Market Committee meeting on Wednesday.

"The message is quite clear: Rates are going to stay low for a very long time. And when they do taper, that means the economy is better and they can handle it," she said. "I don't think we're there yet. I think we're at 2 percent GDP."

(Read More: Trading Ahead of the Fed Meeting)

Buying protection was the best way to play the market, Link added.

"I think you use the volatility to buy stocks," she said. "I don't know that you need to be chasing here into Wednesday."

Rosecliff Capital's Mike Murphy looked to technical indicators in the stock market, noting that the S&P 500 broke through 1,640 and held it in midday trading.

"I think as long we stay above that into Bernanke's announcement, it's a very positive sign," he said.

Murphy said that he expected "just more of the same" from the Fed.

(Read More: QE's 'Ticking Time-Bomb': Larry McDonald)

Joe Terranova of Virtus Investment Partners disagreed.

"The Fed on Wednesday is going to acknowledge deflationary pressures," he said. "They're going to take those economic projections that they have for GDP; they're going to lower them."

(Read More: 2 Taper-Proof Stocks)

Trader disclosure: On June 17, 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 JUNE 870 PUTS; Joe Terranova is long GS JUNE 165 PUTS; Joe Terranova is short MINI S&P FUTURES; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long JPM; Stephanie Link is long WF; Stephanie Link is long FB; Stephanie Link is long WY; Stephanie Link is long CSCO; Stephanie Link is long HIG; Josh Brown is long AAPL; Josh Brown is long C; Josh Brown is long TLT; Josh Brown is long XLF; Mike Murphy is long LEN; Mike Murphy is long FB; Mike Murphy is long INTC.

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