Investors should be angry that the Nasdaq outage can happen but not afraid about investing, Brian Kelly of Brian Kelly Capital said Thursday.
"My point is that you shouldn't be scared. You should be outraged," he said. "You should be outraged that we don't have infrastructure that has backup systems, but you shouldn't be scared about investing, about the value of corporations."
A historic three-hour shutdown of the Nasdaq trading platform, nicknamed the "Flash Freeze," appeared to have been caused by a technical problem.
Stocks, however, ended higher, logging their second-best day in August.
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On CNBC's "Fast Money," Kelly noted that it was a "bad problem" for the Nasdaq.
"But the safety of your money didn't change because Nasdaq had a glitch today," he added. "Nasdaq has a huge problem. They need to tell us what happened. It's amazing to me – it's amazing – that they don't have a backup system."
"I'm a small firm," he added, holding up his smartphone. "I can run my whole firm by this thing right here."
Josh Brown of Fusion Analytics said that investor confidence could be shaken by the debacle.
"If you speak with regular investors who have just in the last year or so been coaxed back off the sidelines after four years of being scared to death, now they're tip-toeing back in, and this is what you give them? You give them three hours where they don't have price discovery on the things they own," he said.
"But let's not underestimate the fact that we have seen a 70 percent increase in stock market multiple. The multiple is a direct descendant of what our confident is. It doesn't come from magic. It doesn't come from the sky. We pay 16 times vs. 11 times earnings because we feel that much better. So, when you have these episodes, it's not that it changes things if you're a long-term investor. It's that it absolutely affects the way people think.
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"And please don't take my word for it. Go to the newsstand tomorrow. Take a look what's on the cover of every single publication."
OptionMonster's Jon Najarian said that the three-hour market outage was critical.
"I think it is a big deal," he said. "It's symptomatic of the same sort of the big deal the 'Flash Crash' was, that the Goldman Sachs escapade on Tuesday was.
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"These are not things that engender investor confidence. Just to dismiss them, I can't do that because I deal with a lot of individual investors every day. I think that this is something that continues to erode consumer confidence."
Karen Finerman of Metropolitan Capital Advisors said that the outage didn't shake her own confidence.
"I am, sort of, just about confidence as I was about almost every stock except NDAQ. That, to me, is really more of the story," she said. "None of my companies really changed in value between lunch and 3:30, so I didn't feel like I had to do anything. To me, the story is Nasdaq itself."