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Expect ‘Momentum to the Upside’: Pro

Monday, 13 May 2013 | 1:34 PM ET
Expect 'Momentum to the Upside': Pro
Monday, 13 May 2013 | 12:41 PM ET
Technical chart analysis and the "Bernanke put" suggest that the stock market has gains ahead, Mike Harris of Campbell & Co. says.

Technical chart analysis suggests that the stock market rally has further to go, Mike Harris of Campbell & Co. said Monday.

"Currently, looking at the charts we have good support coming in at 1,567," he said, referring to the S&P 500.

On CNBC's "Fast Money," Harris said that he believed the market would continue to target "the top side of the channel," around 1,650.

Concerns that Federal Reserve Chairman Ben Bernanke would begin to decrease quantitative easing sooner than 2014 – based on talk of how it would happen – were overblown, he added.

"I don't think the traders are that surprised that the Fed has a plan to effectively taper QE," Harris said. "We've been talking about that for some time. We know it's data-dependent.

"I think the key really is that they can increase QE, just like they can reduce it, and so the backstop is firmly there. Investors are trading that 'Bernanke put,' and that's going to create more momentum to the upside."

Trader disclosure: On May 13, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long DNR CALLS; Jon Najarian is long OC CALLS; Jon Najarian is long UVXY CALLS; Jon Najarian is long ZNGA CALLS; Jon Najarian is long XLY CALLS; Jon Najarian is short GLD; Jon Najarian is short BKS; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long JPM; Stephanie Link is long CSCO; Stephanie Link is long FB; Simon Baker is long AAPL; Simon Baker is long BAC; Simon Baker is long YHOO; Simon Baker is long FB; Simon Baker is long MSFT; Simon Baker is long GOOG; Simon Baker is long EBAY; Simon Baker is long NFLX; Simon Baker is long GLW; Joe Terranova is long VRTS; Joe Terranova is long SJM; Joe Terranova is long SPLK; Joe Terranova is long LNKD; Joe Terranova is long TBT; Joe Terranova is long SWN.

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