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‘Not the time to bail,’ pro says

Friday, 19 Jul 2013 | 1:27 PM ET
'Not the time to bail,' pro says
Friday, 19 Jul 2013 | 12:00 PM ET
There's not a lot of nervousness in the stock market, OptionMonster's Pete Najarian says.

There's not a lot of reason to get out of stocks right now, OptionMonster's Pete Najarian said Friday.

While noting that certain technology names, such as IBM, Intel and Google, took a hit, Najarian said that wasn't his focus.

"I'm less concerned about tech right now," he said. "I love the fact that GE came through for us."

On CNBC's "Fast Money, Najarian noted gains in a stock like Whirlpool and financials.

(Read more: Top large-cap 'buy' stocks)

But more importantly, the CBOE Volatility Index was providing a positive signal.

"Down at 13, it tells me there's not a lot of nervousness in the market," he said. "This market's going higher."

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Najarian added that the performance of stocks like Intel and Microsoft weren't a surprise and saw the discounts in a positive light.

"This is the opportunity," he said. "It's not the time to bail."

Stephen Weiss of Short Hills Capital said that negative economic news, such as missed quarterly earnings targets from Microsoft and Google, declines in the likes of Intuitive Surgical and Community Health and the bankruptcy of Detroit was being rightly regarded by the market as "isolated" events.

(Read more: Microsoft 'on the wrong side of the market': Dan Niles)

"To me it points out the resilience in what's a fairly valued market, and the fact that with a little bit of play in the economy, positive play, that we can move higher," he said.

Weiss said that the price action in materials was the surprise, but not enough to change his outlook.

"I'm very positive on the U.S. being the default market," he said. "I still am bullish."

Trader disclosure: On July 19, 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 JPM; Pete Najarian is long C; Pete Najarian is long INTC; Pete Najarian is long GE; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long BBRY; Pete Najarian is long EEM; Simon Baker is long AAPL; Simon Baker is long JPM; Simon Baker is long CSCO; Simon Baker is long YHOO; Simon Baker is long THC; Simon Baker is long SLB; Simon Baker is long GOOG; Simon Baker is long NFLX; Simon Baker is long GE; Simon Baker is long AMD; Steve Weiss is long BAC; Steve Weiss is long C; Steve Weiss is long M; Steve Weiss is long CYH; As of 7/12 Jon Najarian is long AAPL; Jon Najarian is long JPM; Jon Najarian is long GDX overwrite calls; Jon Najarian is long FB; Jon Najarian is long MSFT ; Jon Najarian is long BAC; Jon Najarian is long SPRD; Jon Najarian is long NOK; Jon Najarian is long COP; Jon Najarian is long NTAP; Jon Najarian is long OC; Jon Najarian is long TMO; Jon Najarian is short EEM thru puts; Jon Najarian is short GLD puts.

  Price   Change %Change
IBM
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INTC
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GOOGL
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GE
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VIX
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MSFT
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MATERIALS
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FINANCIALS
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WHR
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