Negotiations in Washington over the federal debt ceiling were not yet a concern for Bianco.
"We'll worry about this in the first days of October if no agreement's come to," he said.
Bianco said that improvement in the economic climate was happening.
(Read more: What's the best Fed taper scenario possible?)
"Fortunately, it's in progress," he said.
"We've seen manufacturing activity pick up, export-order activity pick up, oil prices proving their resilience as interest rates and the dollar has normalized. It's keeping energy cap ex rising, which is good.
"Industrial capital goods demand is good, even out of emerging economies for industrial capital goods. And we're starting to see signs of companies pick up their spending on corporate technologies. So, I think that'll take time to get strong, but things are moving in the right direction."
(Read more: Short this stock after taper spike: Pro)
Bianco said that his top stock sector picks were cyclical areas with low price-to-earnings ratios, such as financials, energy and technology.
"I like industrials and materials, but those are the two sectors that we think are most at risk if any hiccups occur out of emerging economies over the rest of this year," he added.
— By CNBC's Bruno J. Navarro. Follow him on Twitter
— CNBC's Katie Young contributed research to this report. Follow her on Twitter:
Trader disclosure: On Sept. 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: Pete Najarian is long calls AAPL; Pete Najarian is long calls C; Pete Najarian is long calls INTC; Pete Najarian is long calls BBRY; Pete Najarian is long calls YHOO; Pete Najarian is long SBUX; Pete Najarian is long FB; Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long MS; Stephanie Link is long CSCO; Stephanie Link is long WFC; Stephanie Link is long FB; Stephanie Link is long ADBE; Stephanie Link is long JOY; Michael Murphy is long BAC; Josh Brown is long AAPL; Josh Brown is long TLT; Josh Brown is long P; Josh Brown is long VAW.