"After seeing that run-up, I thought there was going to have to be some sort of selling. I was wrong. The stock's continued. And this move you're getting today just tells you there's some major money coming into this stock, and it's going to $38."
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Joe Terranova of Virtus Investment Partners said that he was looking at what large investors were doing.
"The most important thing with Facebook, going forward, is that you have to look at the institutional ownership," he said, noting that compared to Microsoft, institutional holdings of Facebook stock was "at least 25 basis points below the historical norm.
"So, there's plenty of institutional flow that now they're seeing the fundamental recovery that's going to come in."
Terranova said that speculative traders such as himself were likely looking for a pullback toward $35 or $33 per share to jump back in.
"I just don't think I'm going to get that, and I think I'm probably going to have to chase after it," he added.
OptionMonster's Pete Najarian saw a signs in the options market.
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"The stock and the options have told us in Facebook what's going to be happening," he said, noting large bets ahead of earnings, up to nearly 1.5 million per day.
"Where were they taking off positions? No," he said. "They were putting on positions and going for more upside."
— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.
Trader disclosure: On July 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: Joe Terranova is long GS; Joe Terranova is long MS; Joe Terranova is long VRTS; Joe Terranova is long OXY; Joe Terranova is long TRV; Joe Terranova is long EMC; Joe Terranova is long SJM; Joe Terranova is long TRIP; Stephen Weiss is long AAMRQ; Stephen Weiss is long AIG; Stephen Weiss is long BAC; Stephen Weiss is long C; Stephen Weiss is long MOS; Stephen Weiss is short POT; Stephen Weiss is long LCC; Pete Najarian is long AAPL; Pete Najarian is long BAC; Pete Najarian is long C; Pete Najarian is long AMZN; Pete Najarian is long NFLX; Pete Najarian is long FB ; Pete Najarian is long BBRY; Michael Murphy is long BAC; Michael Murphy is long SNE.