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Keep that bubbly on ice a bit longer, trader says

Despite news that Congress might be approaching a deal to avert a default on U.S. debt, any rejoicing by the stock market would be premature, Tim Seymour of EmergingMoney.com said Thursday.

"Yeah, there's a deal in the works, but, I mean, save the Champagne, because even if this deal gets done, where are we going to be in a month?" he asked.

On CNBC's "Fast Money," Seymour said it wasn't time to buy.

"Ultimately, all of this is a distraction. ... I don't think this is a reason to necessarily go in and buy equities en masse," he said. "At the same time, we are not going to default. And I think that the government shutdown—unless this lasts 2½ years and not 2½ weeks—is not the issue that people are making it out to be."

(Read more: Stocks spike 2 percent, log 2nd best gains of 2013 amid debt deal hopes)

Emerging markets, he added, had "room to run."

Stuart Frankel's Steve Grasso took the opposite position.

"Anything that you want in this marketplace that has caused uncertainty has been pushed off," he said, adding that the lingering question was whether Congress would fail to approve payment of the nation's debt. "All of this has remained a buying opportunity."

But Grasso also said he was treading carefully.

(Read more: 'Horrendous' retail holiday ahead: Steve Kernkraut)

"Today is not a day where I was buying stocks," he said. "Today is a day where you look and you want to see where that good news really levels out because now you start to worry about earnings. That's the key."

Dan Nathan of RiskReversal.com said that outside of Washington gridlock, the market was now facing "subpar economic growth, and we have a really lame earnings picture here."

(Read more: 3 stock sectors at 'inflection point': Strategist)

There was an expectation that corporate earnings would see a boost in the fourth quarter, Nathan said.

"If we don't see that in the guidance in the next few weeks, today's action could be a great selling opportunity to take profits, in my mind," he said.

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

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