‘A Good-News Economy’ Ahead: Pro
(Read More: We Saw the 'Buy' Correction: Mike Murphy)

"I think it's a good-news economy going forward from here," he said.

Sloan cited Federal Reserve Chairman Ben Bernanke's optimistic comments about the economy a couple of weeks ago, even as economic conditions were not yet ideal.

"We don't like the fact we're not growing at 4 percent real," he added. "That may be fine, but there's a plus sign in front of GDP growth, and it's not a negative sign."

(Read More: Scott Black's Top 2 Value Stocks)

Sloan, who has $11 billion in assets under management, also noted a positive durable goods report, increased employment and good consumer income numbers.

"I think we have to move away from a valuation market to an earnings-driven market," he said, adding that the idea was "not lost on American businesses" that faced weaker economies in Europe and in emerging markets

"We don't need a multiple tailwind behind us," he said. "We've got earnings tailwind behind us."

(Read More: Look for Bargains in Commodities, Cyclicals: Pro)

Trader disclosure: On June 27, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Mike Murphy is long BAC; Mike Murphy is long FB; Josh Brown is long AAPL; Josh Brown is long GE; Josh Brown is long TSLA; Josh Brown is long LULU; Josh Brown is long VGK; Josh Brown is long IEO; Jon Najarian is long RL; Jon Najarian is long NKE; Jon Najarian is long TSLA; Jon Najarian is long LULU; Jon Najarian is long WLL; Jon Najarian is long RRC; Jon Najarian is long MAR; Jon Najarian is long ZNGA; Jon Najarian is long TOL; Jon Najarian is short ABX; Jon Najarian is short NEM; Jon Najarian is short AGQ; Joe Terranova is long VRTS; Joe Terranova is long TRV; Joe Terranova is long AXP; Joe Terranova is long OXY; Joe Terranova is long CRUDE OIL; Joe Terranova is long FUTURES.

