"I continue to side with buying at these highs because I think further appreciation in the market is going to happen," he said, adding that he continued to expect the Federal Reserve to begin tapering its $85 billion of bond purchases in September.
"I think you're going to see a rip higher," he said, adding, "I think gold is going to fall another 20 to 25 percent from where it is here."
Terranova also said that he expected flown to continue into the equity markets from fixed income.
(Read more: S&P 500 on the road to 2,000: Strategist)
"We talked about a little bit of chase for performance," he said. "You're going to have all these portfolio managers that are going to get these new inflows of actual dollars that they have to put to work, no matter what their opinion of the marketplace is. I see the acceleration. I don't see any real correction in the next couple of weeks. I just want to keep buying it here."
Stephen Weiss of Short Hills Capital said that he was taking a pause.
"We're due for – not a major sell-off – we're due for a consolidation," he said. "The market should pull back maybe another 4, 5 percent, and then we're off to the races."
Weiss added that he was not putting on any new positions "just yet."
Josh Brown of Fusion Analytics said that he was a buyer.