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Err on the side of market gains: Pro

After a deal in Washington was announced to end the partial government shutdown and authorize U.S. debt payments once again, the market is poised to head higher, Stuart Frankel's Steve Grasso said Wednesday.

"It could be a sell-the-news event," he said. "But we've also had Syria, we've had taper talks, we've had budget, we've had shutdown, we've had shutdown—none of that has killed the marketplace. Err on the side of higher markets."

Stocks closed at session highs, with the Dow Jones Industrial Average up 200 points and the S&P 500 within 1 percent of its record, after Senate leaders announced a long-awaited compromise to end the budget stalemate.

(Read more: Stocks end near highs after Senate deal, Dow soars 200; Vix skids 19%)

On CNBC's "Fast Money," Josh Brown of Ritholtz Wealth Management said that he could make the case for the market's going in either direction but that chances are that it would climb.

"It's really tough, but I think if you have to err on one side or the other, I think you want to think about the market finishing strong, and how can you do the best in the next two and a half months," he said.

Tim Seymour of EmergingMoney.com noted that the run up in stocks was broad-based and saw a few sectors that would do well.

(Read more: 'There is not any fear now' in the market: Jon Najarian)

"I still think miners, metals and even some of the industrials—I like the airline trade a lot here," he said. "I don't think there's anything standing in your way, but I see indigestion this week."

StockMonster's Guy Adami said that the market reacted positively on the news of a deal in Washington, as he had expected.

"Then it becomes an earnings story, which it is," he said. "And now let's see what happens."

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

Trader disclosure: On Oct. 16, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Grasso is funds long ABX; Steve Grasso is funds long CSCO; Steve Grasso is funds long AMZN; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long HPQ; Steve Grasso is long MHY; Steve Grasso is long LNG; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM; Steve Grasso is long S; Steve Grasso is long ASTM; Steve Grasso is long POT; Steve Grasso is long DECK; Steve Grasso is long TSLA; Dave Rovelli is long QCOM ; Dave Rovelli is long LPI ; Dave Rovelli is long GPOR ; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami wife, Linda Snow, works at Merck; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Tim Seymour is long CLF; Tim Seymour is long PXD; Josh Brown is long AAPL.

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