On Monday traders were chattering about the resilience in the stock market and the relentless buying underway.
Again bulls prevailed and by the end of Monday's session, the S&P 500 had closed at its highest level since mid-2008; in fact, the S&P 500 has rallied 9 percent since the start of the year.
Adding to the enthusiasm, the rally continues to make higher highs; the S&P touched 1,371.94 on Monday, topping the previous mark of 1,370.58.
The usually bearish Guy Adami says investors need to heed the action. “The market doesn’t give you this much opportunity to sell the highs,” he says.
In other words, if the market was about to sell-off, it would have happened already.
“The market should now push toward the May 2008 highs of 1425,” Adami adds, “at least that’s what the action is telling me.”
That’s not to say Adami doesn’t think a sell-off is coming – he just thinks in the near-term, the next leg is higher.
Hedge fund manger Anthony Scaramucci isn't so sure. Although he’s bullish long-term, he admits, “I’m getting concerned.”