On Wednesday investors were again trying to understand the mood of the market, with the Dow and S&P climbing higher but on light volume.
The light volume triggered some concern about the conviction behind the rally, with skeptics arguing it 'might not be for real.'
But despite those jitters, top investors Mark Fisher and Dennis Gartman expect the temperature of the market to remain risk-on.
“It’s here for a while, I think,” says Fisher of MBF. “I wouldn’t get in front of the train.”
Gartman agrees and points to gains in industrial metals to support the thesis.
“Just look at the action in copper,” he says. Often called Doctor Copper, the moves in the red metal are considered a barometer for the health of the global economy. And since the first of the year copper has shot higher.
“I’m long copper as well asaluminum, tin and zinc,” Gartman reveals, “all predicated on global growth.”
Fisher agrees. “I also think the metals are relatively under-owned,” he says. Copper, silver , others – if you’re waiting to buy a dip, you may be waiting a long time.”
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Trader disclosure: On Jan 18, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders Kelly is long GLD; Kelly is long KRE; Kelly is long IWM; Kelly is long XHB; Kelly is long USG; Kelly is long MHK; Kelly is long TLT; Kelly is long US BONDS; Kelly is long GERMAN BUNDS; Kelly is short Euro Stoxx; Weiss is long BRCM; Weiss is long QCOM; Weiss is long DVN; Weiss is long EUO; Weiss is long CSC; Weiss is long MOS; Weiss is long GM; Weiss is long F; Weiss is long ETP; Weiss is long NS; Weiss is long HPQ; Weiss is long RIMM; Weiss is long WLT; Weiss is short AAPL puts; Weiss is long FXA; Najarian is long AAPL; Najarian is long GS; Najarian is long LLTC; Najarian is long KBH; Najarian is long CQB; Najarian is long EMC; Najarian is long CREE; Najarian is long FCX; Brown is long JPM; Brown is long WFC; Brown is long AAPL; Brown is long HD; Dicker is long oil; Dicker is long MCD; Dicker is long AA; Dicker is long CHK; Dicker is long VALE
For Mark Mahaney
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For Ed Ditmire
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