Is Thursday's Market Milestone a Sell Sign?

For the first time since 2008 the S&P 500 finished above 1400. Should you take the action as a bull sign? Or sign of the top? What should you do now?

Top hedge fund manager Keith McCullough thinks it’s time to get short. He thinks there are plenty of catalysts in the market such as options expirations and a forth coming CPI number that will take down the rally.

“As inflation accelerates, growth slows,” he says. “Net, net I’m looking for 2% downside in the S&P to 1372.”

Trader Guy Adami is also skeptical, but he’s not ready to hit the sell button quite yet. As he explains his thesis, he quotes an old Wall Street adage, “Tops and bottoms in markets are hard to define but I’ll know it when I see it, and I haven’t seen it yet,” he says.

Before the sell-off, he expects further gains. “I think we could spike up perhaps to 1425, and then reverse and close lower. To me, that would signal a blow-off top.”

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Karen Finerman wouldn’t be surprised to see the market make additional gains. “You can not understate the performance pressure in the hedge fund community,” she says. “As we get toward quarter end hedge funds may need to be buyers no matter what.”

Tim Seymour isn’t really sure which end is up. On the one hand, “We’re rallying for the right reasons – the economy is in better shape,” he says. “However, materials and commodities are lagging,” he adds, and that’s bearish.

What do you think? We want to know!

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Trader disclosure: On Mar 15, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour is long BAC; Seymour’s firm is long FCX; Seymour’s firm is long GFI; Finerman is long AAPL; Finerman is long BAC; Finerman is long JPM; Finerman is long WMT; Finerman is long HPQ; Finerman is long KFF; Finerman is long PACD; Finerman’s firm is long AAPL and short calls; Finerman’s firm is long JPM; Finerman’s firm is long WMT; Finerman’s firm is long PACD; Adami is long C; Adami is long GS; Adami is long INTC; Adami is long AGU; Adami is long NUE; Adami is long BTU; McCullough is long XLU

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