S&P Headed Toward 1,550: Guy Adami

Regardless of Wednesday's trading volume, stocks were still higher and headed toward a key level, StockMonster's Guy Adami said.

"A lot of people pooh-poohed today, saying the volume wasn't there," he said. "But guess what folks – whether it's one share of stock that traded or 1 billion, you made money if you were long today. I still think we're headed toward this 1,550 level in the S&P."

The Dow Jones Industrial Average closed at a five-year high of 14,075.37, less than 100 points of its all-time high.

The S&P 500 closed at 1,515.99, up more than 19 points, while the Nasdaq gained 1 percent to close at 3,162.26.

On "Fast Money," Tim Seymour of EmergingMoney.com said that another catalyst could come Thursday with GDP numbers.

"The volatility of Monday evening from Europe, from the election is a rear-view-mirror event, at least shortly," he said.

OptionMonster Jon Najarian noted that VIX futures remained static while the spot price was "jumping dramatically," as investors looked to take profits.

Asked whether he was a buyer of the volatility index, Najarian said he wasn't, adding that he believed it would trade back down to the $13 level, even ahead of the federal budget cuts set to take effect March 1 in the absence of an agreement in Washington.

"I think sequester is a non-event," he said. "We're spending $15 billion more after sequester."

Trader disclosure: On Feb. 27, 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; Jon Najarian is long AAPL CALL SPREADS; Jon Najarian is long GS; Jon Najarian is long JPM; Jon Najarian is long PCLN; Jon Najarian is long KORS CALL SPREAD; Jon Najarian is long CZR; Jon Najarian is long CHRW; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is short SPY; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long CSCO; Tim Seymour is long SBUX.