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What the Fed Is Likely to Do: Pros

The Federal Reserve won't change course on quantitative easing this week, Steve Weiss of Short Hills Capital said Tuesday.

"Right now I think the market is sort of discounting that the Fed is going to do nothing," he said. "They'll continue with their dovish ways, not talk about tapering."

On CNBC's "Fast Money," Weiss said that if the market were to see a selloff on comments from Fed Chairman Ben Bernanke, it would be "a buying opportunity and not down for long."

Weiss also said that earnings season would soon weigh on stocks.

(Read More: Taper Freak-Out Is Unwarranted: Josh Brown)

Japan weighed on his mind, too.

"The thing that'll make us closer to Japan is deflation," he added. "I believe that is reason alone for the Fed to maintain their stance right now."

Joe Terranova of Virtus Investment Partners said that he expected "many money managers" to sit out the first weeks of July and watch what happens with earnings.

(Read More: Volatility May Be the New Norm: Pro)

The market would "pause," he added. "It's really about a state of confusion."

Simon Baker of Baker Avenue Asset Management said that the market was poised to continue its gains.

"We've hit 50-day moving average five times since November now, and it keeps bouncing off," he added. "So, I think if we get a little bit of a pullback tomorrow, I think you get in here in the cyclicals."

(Read More: 2 Taper-Proof Stocks)

Trader disclosure: On June 18, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Weiss is long ZTS; Steve Weiss is short ZTS Puts; Steve Weiss is short X; Steve Weiss is long C ; Steve Weiss is long BAC; 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; Simon Baker is funds long TWI; Simon Baker is funds long AAPL; Simon Baker is funds long BBY; Simon Baker is funds long CELG; Simon Baker is funds long GLW; Simon Baker is funds long XLF; Simon Baker is funds long F; Simon Baker is funds long GS; Simon Baker is funds long GOOG; Simon Baker is funds long MON; Simon Baker is funds long T; Simon Baker is funds long BAC; Simon Baker is funds long GE; Simon Baker is funds long IYM; Simon Baker is funds long JNJ; Simon Baker is funds long MSFT; Simon Baker is funds long MS; Simon Baker is funds long QCOM; Simon Baker is funds long DIS.

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