"I think that this stock has some possibilities going forward, but I will agree with anybody on the desk that says it was overbought into this month," he added. "I think people are taking money off the table, but now I think this is getting a little silly."
(Read more: Trading the taper tantrum in stocks)
Joe Terranova of Virtus Investment Partners acknowledged that he had continued to be a buyer near all-time Aug. 2 highs in the stock market.
"Now, the market's pulling back. Am I comfortable with that? No. It would be foolish for me in managing my risk to say that I was comfortable with it," he said.
(Read more: Top fund manager: Buy European banks)
Terranova explained his point of reference.
"I think when you look where the June 24 low was to the Aug. 2 high, understand 1,635 in the S&P gets you back to 50 percent retracement," he said, adding that 1,616 was his stop-out.
"But I believe the market's going higher, both on a technical and fundamental basis. I think we are going to taper," Terranova added. "I think they're going to take with one hand and give you something with the other, which would be changing the outcome-based guidance for unemployment, lower that from 6 ½ to 6 percent."
— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.
Trader disclosure: On Aug. 22, 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; Joe Terranova is long SBUX; Joe Terranova is long HOS; Joe Terranova is long AXP; Joe Terranova is long PXD; Joe Terranova is long EOG; Joe Terranova is long CXO; As of 8/21/13 Jon is long AAPL; Jon is long GLD ; Jon is long FB; Jon is long UVXY; Jon is long NOAN; As of 8/19/13 Josh Brown is long JPM; Josh Brown is long AAPL; Josh Brown is long TGT; Josh Brown is long GOOG; Josh Brown is long QCOM; Josh Brown is long BK; As of 8/19/13 Michael Murphy is long BAC; Michael Murphy is long C; Michael Murphy is long INTC; Michael Murphy is long MSFT.