Stocks ‘Headed Higher’: Guy Adami
A few factors suggest that the S&P 500 would continue to post gains, StockMonster's Guy Adami said Tuesday, as stocks approached multi-year highs.
On "Fast Money," he said that stocks would experience upward pressure as long as the 10-year notes neared 2 percent yields and the VIX was headed toward 12, which appeared likely.
Adami said that the S&P was probably going to reach 1,535 to 1,550, which would be the top for the year.
"The market every reason to sell off" — but it hasn't, Adami noted. "I do think we're headed higher."
Tim Seymour of EmergingMoney.com agreed.
"Rates are telling you what's going on," he added, noting bond yields in Germany were signaling higher levels for stocks.
Shelter Harbor Capital's Brian Kelly also said that the market should be seeing a sell-off.
"I can find 20 different reasons why the market should go down, but it just doesn't," he said. "It just keeps going up. A lot of it does appear to be cash coming into the market."
Trader disclosure: On Jan. 29, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long WMT; Tim Seymour is long RIMM; Tim Seymour is long F; Tim Seymour is long GM; Brian Kelly is long GLD; Brian Kelly is long SLV; Brian Kelly is long XLK; Brian Kelly is long CORN FUTURES; Brian Kelly is long JJG; Brian Kelly is short EWY; Anthony Scaramucci is long AAPL; Anthony Scaramucci is long C; Anthony Scaramucci is long JPM; Anthony Scaramucci is long GOOG; Anthony Scaramucci is long PEP.