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Top Trader Takes Profits at S&P 1415


The S&P 500 closed at its highest level since early April with gains capturing the imagination of the bulls. It was the first significant move since a 2 percent gain on Aug 3.

Since then, the S&P 500 has been moving mostly higher, but in a slow motion.

"I think the biggest plus today is the fact that people realize that we are now really in an upward trend," says Frank Gretz, market analyst at Wellington Shields in a Reuters interview.

Karen Finerman: Time to Take Profits Here

Top trader Karen Finerman, however, sees the market a little differently.

She tells us “I’m a little bit skeptical. It’s quite a nice run but we still have a lot of the same issues out there."

Finerman thinks it's either time to take profits or if you want to hold onto your longs - but puts.

Posted by CNBC's Lee Brodie

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Trader disclosure: On August 16, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Steve Weiss is long VZ; Steve Weiss is long T; Steve Weiss is long VOD; Steve Weiss is long TCK; Steve Weiss is long HK; Steve Weiss is long QCOM; Steve Weiss is long MSFT; Steve Weiss is long AAPL; Steve Weiss is long WLT; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is short SPY; Karen Finerman is short IWM; Karen Finerman is short MDY; Tim Seymour is long INTC; Tim Seymour is long CSCO; Tim Seymour is long SBUX; Joe Terranova is long VRTS; Joe Terranova is long MCD; Joe Terranova is long SBUX; Joe Terranova is long AAPL; Joe Terranova is long WFM; Joe Terranova is long CSTR; Joe Terranova is long CHKP; Joe Terranova is long EMC; Joe Terranova is long NXPI and wires