Don’t Miss ‘Fiscal Cliff’ Rally: Murphy

The stock market's performance appears poised to set new 2012 high levels, Mike Murphy of Rosecliff Capital said Tuesday on CNBC.

On "Fast Money," Murphy noted that the S&P 500 pulled back from 1,470 following the presidential election and recently took out the 1,425 level, "which was major support on the way down."

"I don't see anything between this 1,430 level and 1,450, and from there I think we could close on the highs of the year," he said. "So I think the market's telling you right now: Put Washington in the back seat, and you need to be a part of this rally."

Murphy's comment came as the Dow Jones Industrial Average was on track to post its fifth straight session of gains.

Stephen Weiss of Short Hills Capital cautioned against optimism that the so-called "fiscal cliff" would be averted.

"All we've done is ratchet up the risk," he said, adding that the stock market is assuming a deal will happen.

"To me, it's good news that the market didn't really respond," he added. "The point is: Ignore the headlines."

Josh Brown of Fusion Analytics noted that individuals have been selling while institutional investors were buying.

"What's that telling you is that they're way more concerned with getting positioned for next year and whatever the Fed's going to do," he said.

Joe Terranova of Virtus Investment Partners said that the Federal Reserve continued to make it a clear choice for investors.

"I think relative to Santa Claus, Ben Bernanke is coming tomorrow," he said. "Why be in cash? Why be in treasuries? … You are being forced into risk assets."

Trader disclosure: On Dec. 11, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephen Weiss is long AIG; Stephen Weiss is long BAC; Stephen Weiss is long JPM; Stephen Weiss is long QCOM; Joe Terranova is long VRTS; Joe Terranova is long TJX; Joe Terranova is long YUM; Joe Terranova is long AAPL; Joe Terranova is long SWN; Joe Terranova is long GLW; Joe Terranova is long DELL; Joe Terranova is long VZ; Joe Terranova is long XOM; Josh Brown is long AAPL; Josh Brown is long WFC; Josh Brown is long GDX; Josh Brown is long GLD; Josh Brown is long XLU; Josh Brown is long TLT; Josh Brown is long WMT; Josh Brown is long TGT; Mike Murphy is long AAPL; Mike Murphy is long CSX; Mike Murphy is long DIS; Mike Murphy is long EBAY; Mike Murphy is long V; Mike Murphy is long CMI; Mike Murphy is long YUM; Mike Murphy is long SDS; Mike Murphy is long HD; Mike Murphy is short ITW.