Continued monetary easing in the United States and Japan will provide another leg up for the stock market, Joe Terranova of Virtus Investment Partners said Monday.
Weak export numbers in Japan offered opportunity, he added.
"I believe that leads to another round of fiscal and monetary easing for the Japanese to catch up to what is going to be a sea of liquidity here in the U.S.," he said. "And that might be in the near term one of the better trades because the Nikkei has not been anywhere near its May 22 high, whereas the indices here in the U.S. have returned there."
On CNBC's "Fast Money," Terranova acknowledged that the bull market has made it tough to buy stocks.
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"The job is always hard," he said. "Let's understand that. And I think the job will continue to be hard, as we are at values that are beginning to look like they are becoming more fully valued than, you know, being relatively cheap."
OptionMonster's Jon Najarian noted continued gains in such stocks as Google and Apple, as well as gains in shares of JPMorgan, which has reached a tentative $13 billion deal to settle mortgage claims related to the financial crisis.
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"Believe it or not, it's getting tougher to short stocks," Najarian said.
(Read more: Hedge-fund manager gearing up to short stocks again)
"If you can get the banks to lead us, that's actually a very good thing," she said.