Terranova said that he was "more inclined to believe there is more selling pressure" ahead for stocks.
(Read More: JPMorgan Analyst Sees 'Mis-Reaction' to Earnings)
"The onus is now on the bulls," he said. "You don't want to step in and buy this down tape."
Brian Kelly of Shelter Harbor Capital said that policy has trumped fundamentals, which accounts for the market's recent rally — but added that the correlation could be coming to an end.
"If the market loses the confidence in the Fed's ability to keep assets' prices higher, then there's not fundamentally in the market to really hold it up at these prices," he said.
Written by Bruno J. Navarro, CNBC.com Producer.
Trader disclosure: On Oct. 23, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Joe Terranova is long VRTS; Joe Terranova is long SBUX; Joe Terranova is long SWN; Joe Terranova is long TRV; Joe Terranova is long VZ; Joe Terranova is long XOM; Joe Terranova is long CVX; Joe Terranova is long GS; Joe Terranova is long GLW; Brian Kelly is long GLD; Brian Kelly is long SMH; Brian Kelly is long SLV; Brian Kelly is long SPY PUTS; Brian Kelly is short XLF; Brian Kelly is short EWW; Brian Kelly is short EWA; Brian Kelly is short XLV; Josh Brown is long AAPL; Josh Brown is long XBI;
For Martin Pyykkonen
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