Amid budget negotiations in Washington, investors would do well to listen to the news with a few things in mind, Joe Terranova of Virtus Investment Partners said Thursday.
"I think the market itself is expecting that there is a grand compromise is coming. That is a little bit concerning," he said on CNBC's "Fast Money."
Terranova added that the market was increasing its vulnerability to the downside.
"Let me just say this: I think the message of the Federal Reserve should not be listened to by investors," he said.
TheStreet CIO Stephanie Link agreed.
"You kind of have to ignore this if you're a long-term investor," she said, adding that she was looking to buy strong companies on a pull-back.
"I'm looking for Costco under $95" – or Yum! Brands under $65 per share.
"I'm looking for stocks to buy with good fundamentals," she added.
Trader disclosure: On Dec. 13, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Joe Terranova is long VRTS; Joe Terranova is long TJX; Joe Terranova is long AAPL; Joe Terranova is long YUM; 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; Jon Najarian is long RIMM CALLS; Jon Najarian is long HPQ CALLS; Jon Najarian is long XLNX CALLS; Jon Najarian is long BX CALLS; Jon Najarian is long AAPL CALL SPREADS; Jon Najarian is long FB CALL SPREADS; Jon Najarian is long NFLX CALL SPREADS; Jon Najarian is long JCP CALL SPREADS; Jon Najarian is short AGQ PUTS; Jon Najarian is short GLD PUTS; Jon Najarian is long CME; Jon Najarian is long CBOE; Steve Weiss is long AAPL; Steve Weiss is long GDX; Steve Weiss is long GLD; Steve Weiss is long XLU; Steve Weiss is long XLF; Steve Weiss is long WMT; Steve Weiss is long TGT; Steve Weiss is long GOOG; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long SBUX.
