Top trader Karen Finerman, however, sees the market a little differently.
She tells us “I’m a little bit skeptical. It’s quite a nice run but we still have a lot of the same issues out there."
Finerman thinks it's either time to take profits or if you want to hold onto your longs - but puts.
Posted by CNBC's Lee Brodie
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Trader disclosure: On August 16, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Steve Weiss is long VZ; Steve Weiss is long T; Steve Weiss is long VOD; Steve Weiss is long TCK; Steve Weiss is long HK; Steve Weiss is long QCOM; Steve Weiss is long MSFT; Steve Weiss is long AAPL; Steve Weiss is long WLT; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is short SPY; Karen Finerman is short IWM; Karen Finerman is short MDY; Tim Seymour is long INTC; Tim Seymour is long CSCO; Tim Seymour is long SBUX; Joe Terranova is long VRTS; Joe Terranova is long MCD; Joe Terranova is long SBUX; Joe Terranova is long AAPL; Joe Terranova is long WFM; Joe Terranova is long CSTR; Joe Terranova is long CHKP; Joe Terranova is long EMC; Joe Terranova is long NXPI
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