Forget ‘Sell In May’—For Now: Santoli

The old investor's adage to "sell in May and go away" won't necessarily work in the stock market right now, Yahoo Finance's Mike Santoli said Friday on CNBC.

"It works over a long period of time as a general tendency," he said. "That six-month period beginning in May is weaker, pronounced weaker, than the other six months of the year. But only if it were so easy, right? You have a nice little couplet that tells you what to do."

On "Fast Money," Santoli said that the rhyming advice doesn't necessarily apply now.

"I don't know that you can really follow that script," he added, noting that the stock market has already taken a more defensive tone — even in the bond market .

"I don't any of this raises really loud alarms for the overall market, but I do think that that's one of the dynamics happening below the surface," Santoli added.

(Read More: 'Buy In May, You'll Be OK': Strategist)

Santoli also said that he believed there would be "a big swell of money" into defensive sector.

"Obviously, it's a little bit of a crowded trade, the obvious staples sector," he added.

Trader disclosure: On April 26, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Mike Murphy is long AAPL; Mike Murphy is long BAC; Mike Murphy is long INTC; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long INTC CALLS; Pete Najarian is long BBRY; Pete Najarian is short SBUX puts; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long PEP; Pete Najarian is long BMY; Pete Najarian is long KBH CALLS; Pete Najarian is long F CLALS; Pete Najarian is long JSO CALLS; Pete Najarian is long SIMC CALLS; Pete Najarian is long MBI CALLS; Pete Najarian is long GNW CALLS; Joe Terranova is long VRTS; Joe Terranova is long SJM; Joe Terranova is long IBM; Joe Terranova is long SPLK; Joe Terranova is long SWN; Jon Najarian is long GTAT; Jon Najarian is long CTSH; Jon Najarian is long LEN; Jon Najarian is long DHI; Jon Najarian is long XHB; Jon Najarian is long NFLX PUTS.