"I continue to side with buying at these highs because I think further appreciation in the market is going to happen," he said, adding that he continued to expect the Federal Reserve to begin tapering its $85 billion of bond purchases in September.
"I think you're going to see a rip higher," he said, adding, "I think gold is going to fall another 20 to 25 percent from where it is here."
Terranova also said that he expected flown to continue into the equity markets from fixed income.
(Read more: S&P 500 on the road to 2,000: Strategist)
"We talked about a little bit of chase for performance," he said. "You're going to have all these portfolio managers that are going to get these new inflows of actual dollars that they have to put to work, no matter what their opinion of the marketplace is. I see the acceleration. I don't see any real correction in the next couple of weeks. I just want to keep buying it here."
Stephen Weiss of Short Hills Capital said that he was taking a pause.
"We're due for – not a major sell-off – we're due for a consolidation," he said. "The market should pull back maybe another 4, 5 percent, and then we're off to the races."
Weiss added that he was not putting on any new positions "just yet."
Josh Brown of Fusion Analytics said that he was a buyer.
(Read more: Jeremy Siegel sees bullish earnings growth)
"The degree to which we're in may fluctuate, but always in," he said.
"Right now, the consensus thinking is that we're just going to muddle through," Brown added. "And if that's the case, you'd have to say that stocks are pretty fairly valued. It's hard to find even a bull who's going to tell you that stocks are cheap in a muddle-through scenario."
"However, there is a new dawning right now amongst a lot of market participants that maybe muddle-through is not guaranteed. Maybe we do something more. Maybe we have actual economic growth this time. There's no concrete evidence, but there are signs everywhere."
Brown added that the most recent Institute for Supply Management report was "red hot."
"Those are names we've been buying on weakness because we do believe in the long-term stories," she added. "And on the flip side, you get some really good numbers, like Schlumberger and AIG, and we actually added to them, too, because the trends are still very favorable."
Trader disclosure: On Aug. 5, 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 GS; Joe Terranova is long MS; Joe Terranova is long VRTS; Joe Terranova is long OXY; Joe Terranova is long TRV; Joe Terranova is long EMC; Joe Terranova is long SJM; Joe Terranova is long TRIP; Joe Terranova is long SBUX; Joe Terranova is long URBN; Joe Terranova is long HOS; Joe Terranova is long AXP; Joe Terranova is long PXD; Joe Terranova is long EOG; Joe Terranova is long CXO; Joe Terranova is long LTD; Stephen Weiss is long AAMRQ; Stephen Weiss is long LCC; 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 VGK; Josh Brown is long QCOM; Josh Brown is long VAW.