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Don’t Ride Bull, Instead Dismount: Fast Money Pros

Stocks closed at multi-year highs on Thursday, with the S&P 500 ending at its highest level since before the collapse of Lehman Brothers.

The rally was broad, with more than three-fourths of stocks listed on both the New York Stock Exchange and Nasdaq ending higher.

Materials, financials and industrials - groups tied to the pace of economic growth - led with gains of more than 2 percent, giving the Dow its biggest daily gain in two months and helping the Nasdaq advance to its highest since 2000.

With a market move like this, you may be tempted to hit the buy button ahead of the next leg higher, but the pros says that’s not the way to trade this market.

“I’m a little bit skeptical,” reveals trader Karen Finerman, president of Metropolitan Capital “Is the whole European thing over?” She doesn’t think so. “I took a little money off the table.”

Pro trader Keith McCullough, CEO of Hedgeye Risk Management ended the day short. Yes short. “What’s really changed in the last 48 hours? Nothing.” McCullough thinks the euphoria is overdone. “And only one day earlier FedEx told us things were slowing down," he reminds. I’m a seller.”

Only trader Josh Brown, author of The Reformed Broker blog, is more bullish and he’s only modestly bullish. “We’re seeing yields on Spanish and Italian bonds come in. That suggests we’re not going to have a catastrophe in September.” But Brown thinks at current levels, the market is fairly valued.

Posted by CNBC's Lee Brodie

Read More from Fast Money:


> Fast Money’s Favorite Dividend Yielders
> Top Secrets of Pro Traders
> 10 Top Stocks for the Long-Term Investor

Trader disclosure: On Sept. 6, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Josh Brown is long AAPL; Josh Brown is long JPM; Josh Brown is long GDX; Josh Brown is long GLD; Josh Brown is long XLU; Josh Brown is long TLT; Josh Brown is long XLF; Josh Brown is long WMT; Josh Brown is long TGT; Josh Brown is long CVX; Josh Brown is long LULU; Josh Brown is long RAX; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TFT; Karen Finerman is long MSFT; Karen Finerman is long CMI; Karen Finerman is short JCP; Karen Finerman is short PAY; Karen Finerman is short SPY; Karen Finerman is short MDY; Karen Finerman is short IWM; Keith McCullough is long GLD; Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long GLUU; Jon Najarian is long STSI; Jon Najarian is long call spreads in AAPL; Jon Najarian is long call spreads in GS; Jon Najarian is long call spreads in JPM; Jon Najarian is long call spreads in TGT; Jon Najarian is long call spreads in SBUX; Jon Najarian is long call spreads in FB; Jon Najarian is long call spreads in MSFT; Jon Najarian is long call spreads in QCOM; Jon Najarian is long call spreads in KMI.



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