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Market Showing No Fear: Najarian

Stocks rallied following a better-than-expected U.S. employment report Friday, yet the market doesn't seem to be factoring in any fear, OptionMonster's Pete Najarian said on CNBC's "Fast Money."

"The one thing I would point out, though, when you look at the volatility of the market, this is something we hit on all the time," he said. "But it is not telling us anything about fear to the downside. Even the other day, when we were down significantly – down 10, 12, 15 S&Ps – we never saw that spike in the volatility that made me think, 'Wow, I think everybody's stating to run to the exits, and it's time to get out.'

"Actually it was a great opportunity to get in and put some positions on. That's exactly what we've been trying to do over the last couple of weeks in particular."

Najarian looked to strength in the housing sector and the discounted stock price as a reason to be bullish about Bank of America shares, as well as an underperformer such as Caterpillar.

"I think the global economy's ready for a name like CAT to move to the upside," he added.

Joe Terranova of Virtus Investment Partners said that he had liquidated his long positions in Mini S&P futures and was adding shorts via puts in Amazon.com and Google, as well as protecting long positions in IBM and Goldman Sachs.

But Terranova sounded most bullish on the energy sector, "where I think the real opportunity is, and the trough is in place for the year."

Trader disclosure: On May 3, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Pete Najarian is long AAPL; Pete Najarian is long BAC CALL; Pete Najarian is long JPM CALLS; Pete Najarian is long BBRY STOCK, CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT CALLS; Pete Najarian is long F CALLS; Pete Najarian is long LLY; Pete Najarian is long MRK; Pete Najarian is long PFE; Pete Najarian is long CAT CALLS; Pete Najarian is long BMY; Jon Najarian is long AAPL CALLS; Jon Najarian is long UVXY CALLS; Jon Najarian is long VXX CALLS; Jon Najarian is long CPRT CALLS; Jon Najarian is long OIS CALLS; Jon Najarian is long GTAT CALLS; Jon Najarian is long XLU PUTS; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long JPM; Stephanie Link is long UPS; Joe Terranova is long VRTS; Joe Terranova is long SJM; Joe Terranova is long IBM; Joe Terranova is long SPLK; Joe Terranova is long TBT; Joe Terranova is long SWN; Joe Terranova is long GS; Joe Terranova is long GS 145 PUTS; Joe Terranova is long AMZN 255 PUTS; Joe Terranova is long IBM 205 PUTS; Joe Terranova is long GOOG 840 PUTS; Joe Terranova is long NAT GAS FUTURES; Joe Terranova is long CRUDE OIL FUTURES.

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