The U.S. dollar has been on a strong run in the past year, with the Dollar Index soaring more than 20 percent. This cycle included, there have been four major U.S. dollar appreciation periods in the past 20 years. When the dollar shows strength like we're seeing now what does that mean for global stocks?

According to Kensho, a data market analytics tool, it's usually positive for U.S. stocks. The Dow and S&P both have an average return of about 6 percent during these periods of dollar strength, while the Nasdaq has a return of more than 12 percent.

Overseas during these cycles, Germany's DAX soared an average of 22 percent as the U.S. dollar increases. But the U.K's FTSE remained relatively flat. Asian markets didn't fare as well. Hong Kong's Hang Seng and Japan's Nikkei both traded negative three out of the four dollar strength cycles. The Hang Seng had an average move down by 24 percent and the Nikkei traded down an average of 19 percent.

"At the very least you don't want to be buying the dollar here. I think it's going to favor large-cap stocks," said "Fast Money" trader Steve Grasso on Monday's show.

Guy Adami of "Fast Money" disagreed with that, saying to go with small-cap stocks, "The small caps is where you're going to get your beta. I think you stay with the IWM above $121; I think that's going to give you more bang for your buck."