S&P 500 Has Topped for 2013: Pro

Monday, 24 Jun 2013 | 6:07 PM ET
We've Seen Stocks Top for 2013: Pro
Monday, 24 Jun 2013 | 5:00 PM ET
Chances are that the stock market has already peaked for the year, StockMonster's Guy Adami says.

Chances are that the stock market has already peaked for the year, StockMonster's Guy Adami said Monday.

"There's a 75 to 80 percent chance the high for 2013 was put in, maybe the first half of next year, as well," he said.

While stocks closed lower, the Dow Jones Industrial Average recovered from a 250-point loss. Meanwhile, the S&P 500 fell 19.34 points, or 1.21 percent, to finish at 1,573.09. The Nasdaq tumbled 36.49 points, or 1.09 percent, to end at 3,320.76. The CBOE Volatility Index ended above 20.

On CNBC's "Fast Money," Adami said that the S&P 500 could be headed toward 1,615 to 1,620 in the near term.

Debate It: Bull vs. Bear on CAT
Fast Money traders Jon Najarian and Steve Weiss debate the play on one of the Dow's worst performers: Caterpillar. And it's been a tough year for short-sellers, reports CNBC's Kate Kelly.

(Read More: Top 3 Rising-Rate Bank Stocks)

OptionMonster's Pete Najarian found a few other ways to be bullish, noting 500,000 put options traded in the EEM exchange-traded fund.

"This is a great Trade School idea when you see exactly what they've been doing over the last month now," he said. "They have been buying downside puts, rolling out of those puts, taking their profits and rolling even further to the downside."

Najarian said that similar activity in U.S. Steel was going on into the fall.

Tim Seymour of EmergingMarkets.com said that there was a short-term "buy" in emerging markets, adding that he didn't think the S&P had topped out for the year.

(Read More: Mike Santoli's 4 Cheap 'Buy' Stocks)

Although the Federal Reserve had been "troubled" in getting its message out, he didn't expect actual bad news from Chairman Ben Bernanke.

"I don't think they're leaving the burning building, and I think people have to be very careful to have panicked in the past couple of days," he said. "Cash, volatility and the dollar are things I would stay relatively long of in the near term."

Trader disclosure: On June 24, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long ORCL; Karen Finerman is long MDY, SPY, KFS puts; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long CLF; Tim Seymour is long SBUX; Pete Najarian is long AAPL; Pete Najarian is long INTC; Pete Najarian is long FB; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long MSFT; Pete Najarian is long SE; Pete Najarian is long GT; Pete Najarian is long EEM; Pete Najarian is long XLB.

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  • Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

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  • Guy Adami is a contributor on CNBC's "Fast Money." He also is managing director of stockMONSTER.com.

  • Najarian, the "Pit Boss," is cofounder of optionMONSTER.com, a news site for options traders.

  • Finerman is president of Metropolitan Capital Advisors, Inc., a company she co-founded.

  • Founder of EmergingMoney.com

  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

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