Jeremy Siegel Still Sees Dow 17,000

Stocks have not yet broken out of their long-term upward trend, keeping the Dow Jones Industrial Average on track to reach an all-time high of 17,000 in 2013, Wharton School economics professor Jeremy Siegel said Friday.

For the market to be down "only a couple of percentage points" was "huge," he said, calling it "a sign of strength."

On CNBC's "Fast Money," the stock market bull said that the market was in a bit of a win-win situation now with regard to the Federal Reserve's monetary policy.

If economic data remains weak, the market will see it as a sign of continuing quantitative easing, which would be positive for stocks, he argued. In the event of strong economic data, that would bode well for the stock market in the second and third quarters.

"I like the market here," he added.

The bullish professor of finance maintained his Dow target of 17,000 for 2013. He previously said that the index could hit 18,000 by the end of 2014.

(Read More: Dow to 18,000!? Very Likely, Says Jeremy Siegel)

Siegel also brushed off concerns about earnings per share.

"I don't think we should quibble with EPS … because of buybacks," he said.

Looking at stock price action, Siegel added, "It has not broken the primary trend."

Trader disclosure: On May 30, 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 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 QCOM; Steve Grasso is long S; Steve Grasso is funds long EMC; Steve Grasso is funds long QQQ; Steve Grasso is funds long SPY; Steve Grasso is funds long HPQ; Steve Grasso is funds long NEM; Steve Grasso is funds long ZNGA; Josh Brown is long AAPL; Josh Brown is long WFC; Josh Brown is long XLU; Josh Brown is long TGT; Dan Nathan is long VIX JUN 1/20 CALL SPREAD; Dan Nathan is short SPY; Dan Nathan is long JNJ JUN 87.5 PUTS; Dan Nathan is long CAT JUN 87.5/80 PUT SPREAD; Dan Nathan is short IBM; Dan Nathan is long FB JULY/AUB 25 CALL SPREAD.