Earlier Taper Bullish for Stocks: Pro

Friday, 5 Jul 2013 | 1:27 PM ET
Stock Levels Pros Are Watching
Friday, 5 Jul 2013 | 12:00 PM ET
There are a few ways to look at what the stock market is doing right now, the "Fast Money" traders say.

A better-than-expected U.S. employment report could mean the end of quantitative easing — and a stronger stock market, OptionMonster's Jon Najarian said Friday.

Given the choice between the Federal Reserve's continued monetary policy or a robust economy was a no-brainer for Najarian.

"I'd rather have the latter," he said on CNBC's "Fast Money."

(Read More: Jobs Report Shows Good News Can Be Bad for Stocks After All)

Previously a believer in continued QE through 2014, Najarian said that he was changing his tune.

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(Read More: Stocks Roar Back to Session Highs; S&P at 1,625)

"I do think the Fed is going to have the ammo to start tapering this year, rather than into 2014, and I think that's going to be bullish, quite frankly," he added.

The Dow Jones Industrial Average traded above the 15,000 level midday, while the S&P 500 and the Nasdaq were also up. The CBOE Volatility Index traded below 16.

Rosecliff Capital's Mike Murphy said that a positive employment number pushed investors to dump bonds in the morning.

Murphy also noted that the S&P 500 had climbed to 1,626 on light volume, "stopped on a dime and reversed course."

"We're right back at that level now," he added. "That was a key level before, and I think if we break through this to the upside, we're looking at 1,640."

Trader disclosure: On July 5, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Weiss is long BAC; Steve Weiss is long C; Steve Weiss is long M; Steve Weiss is long F; Pete Najarian is long AAPL; Pete Najarian is long INTC; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long BBRY; Pete Najarian is long F; Pete Najarian is long RDN; Pete Najarian is long AGO; (As of June 27) Mike Murphy is long BAC; Mike Murphy is long FB; (As of July 2) Jon Najarian is long AAPL; Jon Najarian is long ZNGA; Jon Najarian is long KSS; Jon Najarian is long DVA bought today; Jon Najarian is long COG; Jon Najarian is short XLF puts.

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