An extended government shutdown could bring about added monetary easing, Brian Kelly of Brian Kelly Capital said Tuesday.

"The longer the shutdown goes, the more economic data is done, the more the Federal Reserve will print money," he said on the first day of the government shutdown, which took effect as Congress failed to pass a funding bill.

On CNBC's "Fast Money," Kelly said that the Fed could ramp up its $85 billion-per-month stimulus program — the opposite of tapering.

"Whether it's effective or not doesn't really matter to the market, and it doesn't really matter to the Federal Reserve," he said. "I mean, they've shown already if they can get a half a percent of GDP, that's fantastic. I actually think if you get a three- or four-week shutdown, you end up with a Fed flare."

(Read more: 143-year-old law puts fear in officials during shutdown)

Citing the most recent government shutdown, Jim Lebenthal of Lebenthal Asset Management brushed off the most dire predictions and saw potential opportunity.

"All of these talks about how GDP is going to go down, I don't buy it because really all it meant is people took some vacation days," he said. "They were paid later. It's a lot ado about nothing.

"But the one thing we have to think about here is, this is probably going to go on longer than it did in the mid-'90s because these two sides are so far apart that there's nowhere in the middle here. So, you've got a few days for this to play out, and I think the market's going to go down, and that's the time to buy."

(Read more: Get cautious on stocks: Strategist)

StockMonster's Guy Adami said that it was crucial to watch the trading range in the S&P 500.

"In terms of the technicals, the market's done everything that we sort of mapped out," he said, noting that stocks had recently climbed as high as 1,729 before selling off to 1,674.

(Read more: Stocks rebound from multi-week lows as investors shrug off shutdown)

"So, I still think we're smack, basically, now, in the middle of this range we've outlined," Adami added. "I think it's going to make another push toward that 1,710-1,715 level and then that's where it's either make or break.

"I'm in the camp that it's going to break 1,670 at some point, but I think the pain for the next 20 S&P handles is to the upside."

Dan Nathan of RiskReversal.com noted that the VIX had spent most of the year below 18.

(Read more: Government shutdown 'buy' list: Strategist)

"We have complacency here," he said. "If you have a 'buy' list and you think things are going to get incrementally better and we are going to get by October, then use the sort of pull-backs that we've had just in the last week to kind of add to positions."

— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Trader disclosure: On Oct. 1, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jim Lebenthal is long AAPL; Jim Lebenthal is long BAC; Jim Lebenthal is long GS; Jim Lebenthal is long JPM; Jim Lebenthal is long WFC; Jim Lebenthal is long MS; Jim Lebenthal is long INTC; Jim Lebenthal is long WMT; Jim Lebenthal is long FB; Jim Lebenthal is long MRK; Jim Lebenthal is long F; Jim Lebenthal is long DIS; Jim Lebenthal is long CMCSA; Jim Lebenthal is long TWX; Jim Lebenthal is long CZR; Jim Lebenthal is long NLY; Jim Lebenthal is long BA; Brian Kelly is long treasury ; Brian Kelly is long gold; Brian Kelly is long natural gas; Dan Nathan is long AAPL; Dan Nathan is long NFLX; Dan Nathan is long TSLA; Dan Nathan is long GM; Dan Nathan is long MSFT; Dan Nathan is long WFM; Dan Nathan is long ZNGA; Dan Nathan is long XCO; Dan Nathan is long calls VIX short puts VIX ; Dan Nathan is long calls XOM; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; Yaron Werber is long GILD; Yaron Werber is long CELG.