Stock Market Hits All-Time High, Now What?

On Wednesday all the pro traders could talk about was the remarkable advance in the market.

Both the Dow Jones Industrial Average and S&P 500 ended at historic highs with the S&P finally surging above 1576, the previous record set in October 2007.

Gains were broad, with all but two of the S&P 500's 10 primary sectors up more than 1 percent. More than three-fourths of stocks traded on the Nasdaq ended higher, while 73 percent of New York Stock Exchange-listed shares advanced.

Technology was the day's strongest group, with the S&P technology sector index up 1.8 percent.

However, the strength in cyclicals captured the attention of many pros; the group is closely tied to the pace of economic growth and had lagged until quite recently.

Considering the strong advance, bulls are convinced the rally is just getting started.

Bears, however, argue that it doesn't get any better than this – and therefore the next move is bound to be lower.

As the market enters uncharted territory, how should you position?

Strategy session with the Fast Money traders

Josh Brown, author of The Reformed Broker blog, is largely bullish. He thinks laggards are about to play a game of catch up. That is, going forward, Brown expects investors will look at what's lagging and weigh how much further those stocks could fall versus how much higher they could climb.

"Personally, I'm looking at emerging markets," Brown said. The group is down about 4% yeard to date. "I like playing EM with dividend yielding stocks and you can do that broadly with the DVYE," Brown said.

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Steve Grasso, director of institutional sales trading at Stuart Frankel sees the market a little differently. He's concerned, at least in the near-term, that the stock market is tired.

"I think the market is a little frothy and I've cashed out of a lot of my positions," Grasso said. And he thinks the move in banks may be telling. "lately as banks go, so goes the market." (Read More: Do Bulls Have History on Their Side?)

Karen Finerman, president of Metropolitan Capital, prefers to play single stock stories in this market. She's watching for pullbacks then pulling the trigger on stocks she likes for long-term fundamentals. "I'm a buyer of Realogy," she said. "The stock opened down because of a secondary. I thought it was a good day to buy."

Guy Adami, managing director of stockMONSTER.com is also looking at single stock stories. He likes Yahoo! ahead of earnings.

Trader disclosure: On April 10, 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; Steve Grasso is long AAPL; Steve Grasso is long ACI; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long HPQ; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is funds long AAPL; Steve Grasso is funds long T; Steve Grasso is funds long HPQ; Steve Grasso is funds long ZNGA; Steve Grasso is funds long PG; Steve Grasso is funds long UAL; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is long GNC; Karen Finerman is short SPY; Karen Finerman is short IWM; Josh Brown is long DVYE; Josh Brown is long PFE; Josh Brown is long IJH