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Pros: Is Market Bouncing or Turning Higher?

Stocks Bounce Back
Stocks Bounce Back

On Friday pro traders were trying to get a handle on the stock market after the S&P 500 rallied after two days of sharp losses.

Over the last two sessions, the S&P has shed 1.9 percent its worst two-day drop since early November.

Largely the downturn was triggered by Fed minutes released earlier in the week which suggested the central bank may end its bond buying program sooner than expected.

"The market is addicted to Fed stimulus and gets withdrawal shakes every time that's threatened," explained Rex Macey, chief investment officer at Wilmington Trust in Atlanta.

Does that mean the current gains are a sign that the selling has finished?

Or is it a sign that the market is very fragile and the path of least resistance remains lower?

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Strategy Session with the Fast Money traders

Pete Najarian, co-founder, remains cautious, at least somewhat. I'm not so sure the correction is over, he said. However the pro was also encouraged by the price action in financials and industrials - two sectors he feels need to rally if gains are to be sustained.

Trader Stephen Weiss, managing partner at Short Hills Capital, is more optimistic. Weiss thought comments made by James Bullard on CNBC were a major positive. The Federal Reserve's "very aggressive" easy money policy is going to stay that way for a "long time," St. Louis Fed President Bullard said.

Weiss is also bullish because market exposure for hedge funds is now at its highest levels since 2008. All told, he believe there's a floor in the market.

Jon Najarian is also bullish, He think the Street completely misunderstood the Fed minutes. "What they were saying is that the pace of bond buying could slow," he explained, "not stop all together."

Trader Joe Terranova is also long-term bullish. "Technicals have been guiding the market, he said," and there continues to be a bull structure in the formation of the charts."

Read More: Marc Faber - The Market Has Peaked Out!

Trader disclosure: On February 22,2013, the following stocks and commodities mentioned or intended to bementioned on CNBC's "Fast Money" were owned by the "FastMoney" traders; Stephen Weiss is long C; Stephen Weiss is long AIG; Stephen Weiss is long BAC; StephenWeiss is long QCOM; Joe Terranova is long VRTS; JoeTerranova is long SJM; Joe Terranova is long MJN; Joe Terranova is long AXP;Joe Terranova is long JPM; Joe Terranova is long DIS; Joe Terranova is long FB;Joe Terranova is long BRKb; Joe Terranova is long GS; Joe Terranova is longSWN; Joe Terranova is long XOM; Joe Terranova is long FLS; Joe Terranova islong KORS; Pete Najarian is long AAPL; PeteNajarian is long BAC CALLS; Pete Najarian is long JPM CALLS; Pete Najarian islong MS CALLS; Pete Najarian is long YHOO; Pete Najarian is long BBRY; PeteNajarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT;Pete Najarian is long PFE; Pete Najarian is long MRK; Pete Najarian is long MRKCALLS; Pete Najarian is long GSK CALLS; Pete Najarian is long JOY CALLS; PeteNajarian is long calls in LVS