The "Fast Money" traders debate whether to stay long in the market and trust in the record gains U.S. equities recorded on Monday following the French elections.
Trader Karen Finerman said she would "stay long because a lot of what put this rally in place is still here, but with the [CBOE Volatility Index(VIX)] at this level, protection is so cheap you got to own it."
The VIX closed down nearly 26 percent on Monday with 10.84 points. The investor fear measurement closed with 14.63 points on Friday.
Trader Brian Kelly said he is staying long in the market because of its resilience. Kelly said past assumptions for events like the U.S. presidential elections and Brexit were wrong, but the market fared well in the aftermath. He said his strategy is to buy the dips until proven otherwise.
Trader Guy Adami said Finerman's notion of protecting herself in the market is correct.
Adami also said the CBOE Volatility Index could move into single digits and end up derailing the rally.
Tim Seymour is long ABX, AAPL, APC, AVP, BAC, BBRY, C, CLF, CVX, DO, DVYE, EDC, EWN, EWZ, F, FB, FCX, FXI, GM, GOOGL, GE, INTC, LQD, MOS, MCD, MUR, OIH, PG, RACE, RAI, RH, RL, SINA, SQ,T, TWTR, VALE, VZ, XOM. short: EEM, SPY, XRT; Tim's firm is long ABX, BABA, BIDU, CBD, CLF, EEM, EWZ, F, KO, MCD, MPEL, NKE, PEP, PF, TCEHY, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, short EWG, HYG, IWM
Karen is long AAL, BAC, BAC short calls, C, DAL, EEM, EPI, EWW, DVYE, FB, FL, GLMP, GOGO, GOOG, GOOGL, JPM, LYV, KORS, KORS calls, KORS puts, MA, SEDG, SPY puts, TACO, WFM. Her firm is long ANTM, BAC, C, C calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, PLCE, SPY puts, SPY put spreads, WIFI, her firm is short IWM, MDY.
BK is long Bitcoin, GE, GDX, HLF, TLT, TSLA, WMT.
Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.