‘Correction’ too strong a word: Pro
Stocks could wobble a bit over the rest of the summer but were likely headed higher, Stephen Weiss of Short Hills Capital said Tuesday.
"'Correction' is too strong a word," he said. "This market is just tired. It's taking a much-needed pause after earnings."
On CNBC's "Fast Money," Weiss noted positive directions in European and Japanese markets, adding that uncertainty lingered over the Federal Reserve's plan to taper bond purchases.
Stocks could take a minor hit, but over the long-term were still likely to climb 3 to 5 percent, he added.
"I don't see disaster," Weiss said. "This is nothing."
Josh Brown of Fusion Analytics said that the best move was to wait and watch.
"If we just mark time here until we get through the end of the summer, that would not be the end of the world given the gains we're already got this year and earlier this summer," he said. "So, I think right now, the way to think about this is: Make your list, look for the stocks you've been dying to buy, they might just give you an opportunity. We've been doing exactly that, specifically in technology."
Rosecliff Capital's Mike Murphy liked the wait-and-see approach.
(Read more: Top 4 stocks to weather a pull-back)
"I think it's the only strategy that I see right now working," he said.
TheStreet CIO Stephanie Link noted that cyclical stocks had started to outperform.
"I think that people are playing this global PMI recovery," she said. "I think that is going to continue."
(Read more: How the S&P 500 will lose 90 points: Pro)
Link also said that while financials have lagged, banks would benefit from a steepening yield curve.
"But I think the easy money's been made in financials, and I think you have to be a stock picker in that sector," she added.
Trader disclosure: On Aug. 13, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Josh Brown is long VGX; Stephen Weiss is short AAMRQ; Stephen Weiss is long M; Stephen Weiss is short JCP; Stephanie Link is long AAPL; 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 YUM; Michael Murphy is long BAC; Michael Murphy is long C; Michael Murphy is long MSFT; Michael Murphy is long LEN; Michael Murphy is long TOL; Michael Harris is short CME Gold futures ; Michael Harris is short CME 10-Year Treasury Futures.