It was about time for the stock market to post a decline, Josh Brown of Fusion Analytics said Thursday.
"This is a great day," he said. "This is exactly what I think we needed, a little bit injection of fear."
After hitting all-new highs, stocks finished lower for the day. The S&P 500 closed down 0.83 percent at 1,655.35. The Dow Jones Industrial Average declined 0.52 percent to end the day at 15,307.17.
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On CNBC's "Fast Money," Brown said the pullback was welcome.
"The fact that it's cooling down now is really important," he added. "We were overbought on any metric that you want to come out with, fundamentals, technicals, you name it."
Brown eschewed "heroics."
"You don't want to read interviews and articles about hedge fund managers buying the 1,725 strike," he said. "What you don't want to see is this kind of anecdotal evidence of heroic feats of strength by hedge funds and other people chasing."
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Brown also noted stocks had not seen three consecutive days of declines since December.
"It reminded people that this is a two-way market," he said. "You don't want to be in May and have two years worth of performance pulled forward into the first five months."
Trader disclosure: On May 23, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Dan Nathan is long VIX JUN 16/20 CALL SPREAD; Dan Nathan is long IBM JUN 205/295/285 PUT FLY; Dan Nathan is long TSLA JUN/SEPT 100 CALL SPREAD; Dan Nathan is long CAT JUN 85/80 PUT SPREAD; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long MSFT; Tim Seymour is long FIATY; Tim Seymour is long WLT; 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 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 QCOM; Steve Grasso is long S; Steve Grasso is funds long HA; Steve Grasso is funds long NEM; Steve Grasso is funds long OXY; Steve Grasso is funds long SPY; Steve Grasso is funds long HPQ; Steve Grasso is funds long MU; Steve Grasso is funds long ZNGA; Steve Grasso is funds long TLT; Josh Brown is long VAW; Josh Brown is long F.
