Market Partying Like It’s 1995: Santoli

Stocks have been posting gains in a manner reminiscent of a no-correction bull market in the mid-1990s, Mike Santoli of Yahoo! Finance said Friday.

"Not only did it gain 34 percent, but it did it in probably the most gentle, low-drama way you could imagine going up 34 percent," he said. "You never had a 4 percent pullback."

Stocks ended the week higher with the Dow Jones Industrial Average and the S&P 500 closing at new record highs.

(Read More: Stocks End Higher for Third Week; Dow, S&P 500 Close at New Highs)

On CNBC's "Fast Money," Santoli said that this year's rally year to date matches the one from 1994.

Santoli also dispelled the idea that the late 1990s was a worry-free investing environment and added that it wasn't a reason to believe that the bull market would continue through the rest of 2013.

"I would be more worried now. I think it's a higher-risk environment in general," he said. "I mean, I wouldn't actually take this as any kind of tactical cue at all. I just think it kind of defines the potential upside risk if nothing goes wrong."

Trader disclosure: On May 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: Josh Brown is long AAPL; Josh Brown is long XLU; Josh Brown is long TLT; Dan Nathan is long SPY MAY 163/160 PUT SPREAD; Dan Nathan is long CSCO MAY 21 STRADDLE; Dan Nathan is short IWM; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is funds long EMC; Steve Grasso is funds long MSFT; Steve Grasso is funds long OXY; Steve Grasso is funds long HPQ; Steve Grasso is funds long NEM; Steve Grasso is funds long ZNGA; Steve Grasso is funds long SPY; Steve Grasso is funds long CSCO; Enis Taner is long GS; Enis Taner is long AAPL CALLS FLY; Enis Taner is long JCP CALL SPREAD; Enis Taner is long UUP; Enis Taner is long FXE PUTS; Enis Taner is long VIX CALLS.