"I think there's probably better places to be in the world at this point in time," he said, adding that he had covered most of his equity shorts and was long TLT, the 20-year U.S. Treasuries exchange-traded fund.
Kelly said that the S&P 500 would likely retest its May 22 highs around 1,660, noting that the Federal Open Market Committee would be meeting Wednesday.
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"There's really not a lot of news until then, so you could one of these vacuums up," he added.
StockMonster's Guy Adami also liked the TLT and said that the broader market could see continued gains.
"Now, technically, you should have another 25, 30 handles, I think, to the upside in the S&P from here," he added.
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Karen Finerman of Metropolitan Capital Advisors said that she had been "sort of bearish."
"What was happening in Japan, I think, is still a macro event that's really scary," she added. "I'm surprised by this move, actually."
Trader disclosure: On June 13, 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 MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; Brian Kelly is long TLT; Brian Kelly is long Treasuries; Brian Kelly is long Australian dollar; 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 SPY; Karen Finerman is long MDY PUTS; Jon Najarian is long INTC; Jon Najarian is long WMT; Jon Najarian is long BBRY; Jon Najarian is long MSFT; Jon Najarian is long DIS; Jon Najarian is long DDD; Jon Najarian is long FNSR; Jon Najarian is long NTAP; Jon Najarian is long OC; Jon Najarian is long TMO; Jon Najarian is short GLD PUTS.