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

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[.SPX  Loading...      ()   ] 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.

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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.”

Scaramucci points to oil as the potential wild card that could sends the market tumbling.

“$5 gas is a headwind the economy doesn’t need," he says. And he adds, 44% of companies in the S&P disappointed.

Value investor Karen Finerman is also growing cautious. “It’s hard to put new money to work at these levels,” she admits.

Trader Dan Nathan adds that he’s seeing a great deal of downside put buying in ETFs. Of course that begs the question – are options investors betting on a sell-off or simply using the puts for protection?

What do you think? We want to know!

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Click here and find out in the latest installment of our Wall Street History series.

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Current DateTime: 09:08:40 29 May 2012
LinksList Documentid: 26256943

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  • Airlines Taking Flight?
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  • Next Stop for Oil - $88.55

Current DateTime: 09:08:40 29 May 2012
LinksList Documentid: 26256941

• Super Traders Slideshow
• Daily Poll: Tell Us What You Think!
• Word On The Street

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Trader disclosure: On Feb 27, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Nathan is long (AAPL) Puts; Nathan is long  (BAC) Puts; Nathan is long (DELL) Puts; Nathan is long  (LNKD) Puts; Nathan is long (PCLN) Calls & Puts; Nathan is long  (XLK) Puts; Nathan is long  (VIX) Calls; Finerman is long (JPM); Finerman is long (AAPL); Finerman is short (SPY); Finerman is short (IWM); Finerman is short  (MDY); Adami is long ( C); Adami is long  (GS); Adami is long  (INTC); Adami is long  (AGU); Adami is long (NUE); Adami is long (BTU); Adami is long (MSFT)

For Anthony Scaramucci
Scaramucci is long (BAC); Scaramucci is long ( C); Scaramucci is long (GS); Scaramucci is long (MS); Scaramucci is long (YHOO); Scaramucci is long (IBM); Scaramucci is long (CS)

For Scott Nations
Nations is long (MSFT)
Nations is long ( C)
Nations is long (JPM)
Nations is long (GNK)

For Scott Kessler
Raymond James & Associates makes a NASDAQ market in shares of PCLN.

For Carter Worth
Oppenheimer analyst who covers (GS) has long position

For Rebecca Patterson
No disclosures

For Jamie Cox
Firm owns (JPM)
Cox owns (JPM)
Cox owns (BAC)

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