Watch stock market breadth, internals: Pro
The stock market's uptrend remains intact because of two elements, Ritholtz Wealth Management's Josh Brown said Monday.
"Breadth and internals are probably the most important things you can be watching," he said, arguing that the market's rising trajectory was still broad based.
"Breadth stays healthy, there's no reason to be looking for any kind of countertrend move," Brown said on CNBC's "Fast Money."
Also on the show, Stephen Weiss of Short Hills Capital said he has lightened his stock holdings.
"Right now, I've taken off a little bit in terms of trading positions, not a lot, only because I think the market's a little tired right here and should consolidate," he said. "That doesn't read 5, 10 percent down. That just means some trades have run their course. I'm happy to sit in a little bit of cash."
Anthony Scaramucci of SkyBridge Capital said hedge funds are still constructive on equities.
"They're getting long stocks because on a relative value basis, the stocks are cheaper than the other asset classes," he said, also noting that the Federal Reserve is continuing its asset purchase program.
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"That combination augurs for higher stock market by the end of the year," he said.