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‘Sentiment Is Back to Bullish’: Pro

Wednesday, 10 Jul 2013 | 12:36 PM ET
'Sentiment Is Back to Bullish': Pro
Wednesday, 10 Jul 2013 | 12:00 PM ET
Headwinds aren't strong enough to kill the stock market rally just yet, OptionMonster's Pete Najarian says.

Headwinds aren't strong enough to kill the stock market rally just yet, OptionMonster's Pete Najarian said Wednesday.

"People are not as nervous as you would expect," he said. "The sentiment is back to bullish."

Stocks were choppy ahead of the release of minutes from the recent Federal Open Market Committee meeting.

(Read More: Stocks Seesaw Ahead of Fed Minutes; Banks Lag)

On CNBC's "Fast Money," Najarian said that although financial stocks had seen a small pullback, "I think there's more to come.

Growing concerns about economic data out of China, crude oil prices around $105 per barrel and talk of the Fed tapering its asset purchases were built into the market already.

'Up, Up and Away' for Stocks: Acampora
Forget the naysayers, the stock market still has gains ahead of it, Altaira's Ralph Acampora says.

(Read More: 'Up, Up and Away' for Stocks: Ralph Acampora)

One potential roadblock was the price of gasoline, Najarian said, which could damp the rally if it reaches $4 or $4.50 per gallon.

"But until we get to that point, we're fine," he added.

Rosecliff Capital's Mike Murphy noted that stocks "actually rallied 2 percent" on news of China's lackluster data.

The S&P 500, he said, was "poised to take out 1,700."

Stephen Weiss of Short Hills Capital was skeptical of what was coming out of China.

(Read More: Stock Rally Set to Continue: Technician)

"I'm even more bearish now," he said. "They just lie about the data, pure and simple."

Trader disclosure: On July 10, 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; Pete Najarian is long INTC; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long EEM; Steve Weiss is long BAC; Steve Weiss is long C; Steve Weiss is long M; Steve Weiss is long AIG; Mike Murphy is long BAC; Mike Murphy is long FB; Jon Najarian is long AAPL; Jon Najarian is short GLD; Jon Najarian is long MSFT; Jon Najarian is long NUS; Jon Najarian is long ZNGA; Jon Najarian is long FB;

For Frederick Cannon
Frederick Cannon is long AFL
Frederick Cannon is long SCHW
Frederick Cannon is long COBZ
Frederick Cannon is long CVBF
Frederick Cannon is long ICE
Frederick Cannon is long JPM.

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