Why One Trader’s ‘Sort of Spooked’

Looking beyond the headlines, there's a reason to be wary of what's happening in the stock market, Karen Finerman of Metropolitan Capital Advisors said Friday.

In Federal Reserve Chairman Ben Bernanke's comments about the possibility of tapering quantitative easing, Finerman saw a warning sign.

"I was sort of spooked by the testimony," she said. "I think that underpinning this rally has been this punchbowl, and if I were Bernanke and I wanted to just throw it out there, just a little bit, that it will coming down the road, that's probably kind of the way I would've done it."

The Dow Jones Industrial Average rose 8.6 points to close at 15,303.10, while the S&P 500 posted a third day of declines, closing at 1,649.60.

(Read More: S&P 500 Closes Lower for a Third Session; Dow Ekes Out Gain)

On CNBC's "Fast Money," Finerman said that the market's good times could be drawing to a close.

"To me, it seems like maybe there's a party and somebody called the cops," she added. "They're not there yet, but somebody might have called."

Stuart Frankel's Steve Grasso said that he was looking to technical analysis of the S&P 500 for clues – "1,629, that's your support in cash; 1,651, that's your resistance."

"Even though we closed at the higher end of the range, I want to see that lower end tested one more time before I feel good about adding to" positions, he added.

Josh Brown of Fusion Analytics said that investors needed to look more closely at what's going on in the market.

(Read More: 'One of the Last Great Opportunities' in Stocks?)

"Let's keep in mind, though, we're not judging the contestants in the beauty pageant. We're judging what the judges will do," he said. "How is the market judging that is the only thing that matters in this game."

Tim Seymour of EmergingMoney.com looked to volatility in Japan's Nikkei exchange as a sign of possible trouble ahead.

"You better enjoy your Sunday barbeque because Sunday night, I think, could be some serious fireworks," he said. "I think things get a lot uglier."

(Read More: Bear Doug Kass 'Staying the Course')

Trader disclosure: On May 24, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: 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; 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 M; Karen Finerman is long FL; Karen Finerman is long SPY; Karen Finerman is long MDY PUTS; Josh Brown is long AAPL; Josh Brown is long GLD; Josh Brown is long XLU; Josh Brown is long TLT; Josh Brown is long XLF; Josh Brown is long WMT; Josh Brown is long TGT; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long SBUX.