The stock market's fundamentals and technicals are signaling weakness, Joe Terranova of Virtus Investment Partners said Tuesday.
"I am more troubled by the price action that we are seeing right now. I'm more troubled by the technical formation: A lot of positive news yesterday, poor market response," he said.
"I think the momentum stocks are in the most vulnerable right now because they're absent a fundamental catalyst, and the technicals to me don't look so hot."
(Read more: Stocks gain, but Fed uncertainties remain)
On CNBC's "Fast Money," Terranova said that the recent stock market rally could be reignited when earnings season starts up again in the second week of October.
The play, he added, was clear.
"I am going after momentum stocks," Terranova said, adding that he was shorting shares of Priceline.com.
(Read more: 'Uptrend is intact' for S&P 500: Louise Yamada)
OptionMonster's Jon Najarian seconded the play on momentum stocks.
"Few have better momentum right now than Facebook, for instance," he said. "Facebook has just had upside buying of calls for the last two weeks. The stock has just been chugging along.
"I would anticipate that would continue."