Steve Grasso Tired of 'May Effect’

The sell-in-May stock market strategy won't work this year, Stuart Frankel's Steve Grasso said Wednesday.

"It makes sense to give a little bit back," he said. "We started a new month. They ran them up in April."

Stocks ended lower for the day, but Grasso said on CNBC's "Fast Money" that he wasn't buying into the "sell in May and go away" adage.

"I'm tired of hearing about the May effect because January and February, on average, those months are terrible months for the market, as well," he said. "We didn't see that this year."

Anthony Scaramucci of SkyBridge Capital was bracing for a pullback.

"I would say that you're going to see some technical selling here like we did last year," he said, noting that a year ago the month saw a 5.5 decline in stocks.

"There is some seasonality to this stuff," Scaramucci added.

Karen Finerman of Metropolitan Capital Advisors wasn't worried.

"We're only really back to where we were, what, two, three days ago, and April had such a strong last half, so I don't know. I didn't really do much," Finerman said, adding that she had sold some CVS based on its run up.

Trader disclosure: On May 1, 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 ASTM; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MJNA; 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 EMC; Steve Grasso is funds long MSFT; Steve Grasso is funds long HPQ; Steve Grasso is funds long NEM; Steve Grasso is funds long ZNGA; 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 GOOG; Karen Finerman is long JCP LONG PUTS, SHORT DEBT; Karen Finerman is short SPY; Karen Finerman is short IWM; Karen Finerman is short MDY; Anthony Scaramucci is long AAPL; Anthony Scaramucci is long WFC; Anthony Scaramucci is long YHOO; Anthony Scaramucci is long GOOG.