Don’t fight stock market momentum: Pro
Stick with the stock market's upward trajectory, Rosecliff Capital's Mike Murphy said Thursday.
"There's nothing out there on the immediate time horizon that tells me you want to fight the momentum of this market," he said. "We've had higher lows, and the market continues to move higher. Until that breaks, stick with that. We're going higher."
(Read more: Stocks tick lower, dragged by materials)
Stephen Weiss of Short Hills Capital said that he was still bullish on stocks and "adding selectively" to his holdings.
However, there was a "potential momentum-breaker" on the horizon, he added: The Sept. 18 Federal Open Market Committee meeting.
A reduction in the Fed's $85 billion-per-month in asset purchases by about $10 billion was "nothing," Weiss added.
"I'm still very positive on the market," he said.
Weiss also pointed to improving economic data both here and abroad.
"China continues to print good numbers, and they can print whatever they want. I know it's almost like Aesop's fable, but nonetheless it's a good story that they're telling," he said. "So, I think the fundamentals continue to improve, and we'll see higher corporate earnings, justifying a higher market going forward."
Brian Kelly of Brian Kelly Capital reiterated that he hadn't been short the market since June.
"I bought stocks two days ago," he said. "I sold all my stocks though — and the reason why is not because I'm necessarily crazy bearish, but the risk-reward just isn't there anymore.
(Read more: 'I sold all my equity exposure today': Brian Kelly)
"We've had a massive run. Why not take some off the table into the FOMC. We still don't know what's going to happen, and that's a huge headline risk. So, take a little profit. Nothing wrong with that."