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‘Full-Speed Ahead’ Before Fed Meeting

Tuesday, 18 Jun 2013 | 5:36 PM ET
'Full-Speed Ahead' Before Fed Meeting
Tuesday, 18 Jun 2013 | 5:00 PM ET
Ahead of the Fed meeting, the S&P 500 appears headed toward 1,687, StockMonster's Guy Adami says.

Ahead of the Federal Open Market Committee meeting, the S&P 500 appears poised to post gains, StockMonster's Guy Adami said Tuesday.

"I don't think there's going to be any taper talk at all," he said. "They've come this far, the Fed, why would they back off now? So, I think it's going to be full-speed ahead. Technically, the market's intact. I think we make a push up to that 1,687 level."

On CNBC's "Fast Money," Adami said that financials were the way to play the Fed's non-taper rally.

"The banks have lagged ever since this taper talk has come into the foray," he added. "I think the banks catch up. That's your beta trade for tomorrow."

Brian Kelly of Brian Kelly Capital said that he didn't believe there would be any more talk of the "T-word."

"There's no more abatement," he added.

Kelly said that being long the U.S. dollar and UUP was the trade ahead of the FOMC meeting.

Futures Now, June 18, 2013
Pimco's Tony Crescenzi offers his take on the Fed. So does former Texas Congressman Ron Paul. With CNBC's Jackie DeAngelis and the Futures Now Traders.

(Read More: What the Fed Is Likely to Do)

"To me, it's a dollar-positive story, this whole thing, particularly what's going on with emerging markets," he added. "So, you buy UUP ahead of the Fed meeting if you want to put a trade on."

Anthony Scaramucci of SkyBridge Capital likened talk that the Fed could cut back on its asset purchases to worries that Greece would exit the euro.

"I don't see them tapering anytime soon because of the low growth," he added.

Scaramucci's trade included being long Japanese stocks and short gold miners.

Dan Nathan of RiskReversal.com said that he expected to see lower-than-expected growth.

(Read More: Taper Freak-Out Is Unwarranted: Josh Brown)

"I actually think U.S., domestically focused stocks probably get big again," he added.

Nathan said that he would short stocks in multinationals with global exposure, such asPepsiCo, Texas Instruments and Cummins.

  Price   Change %Change
S&P 500
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USD
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UUP
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PEP
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TXN
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CMI
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  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

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