GO
Loading...

‘There is not any fear now’ in market: Pro

Wednesday, 16 Oct 2013 | 1:46 PM ET
'There is not any fear now' in market: Pro
Wednesday, 16 Oct 2013 | 12:06 PM ET
The market is exhibiting little worry that the U.S. will default on its debt, OptionMonster's Jon Najarian says.

Investors are showing little worry that the U.S. will default on its debt, OptionMonster's Jon Najarian said Wednesday.

"The repo market is absolutely telling you that a week ago there was fear," he said. "There is not any fear now, and, in fact, we're going to be cruising along into the afternoon."

On CNBC's "Fast Money," Najarian also noted that the CBOE Volatility Index, widely considered the best gauge of fear in the market, climbing to the 18 level a day earlier might have been misconstrued.

"The October VIX expired on the opening," he said, noting that the volatility index had headed toward the 15 level over Wednesday morning's trading.

Stephen Weiss of Short Hills Capital saw a positive move ahead.

"To me, the market fundamentals are even better now than they were because we've got the Fed that's going to be on hold a little bit in terms of tapering, and the global economy seems to be better," he said. "So, yes, I think you buy. And earnings have been disappointing, but guess what, the market hasn't cared."

Weiss said that he had added to positions in Facebook, Gilead, Nexstar, Sinclair and Comcast.

Simon Baker, of Baker Avenue Asset Management, said that it was still a buy-the-dips climate.

"I don't know if you're going to have another dip," he said. "The market could just continue to go higher from here."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Disclosure: Comcast is the owner of NBCUniversal, the parent company of CNBC and CNBC.com.

Trader disclosure: On Oct. 16, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephen Weiss is long C; Stephen Weiss is long BAC; Stephen Weiss is long CMCSA; Stephen Weiss is long AIG; Stephen Weiss is long NXST; Stephen Weiss is long SIBG; Stephen Weiss is long ETN; Jon Najarian is long AAPL; Jon Najarian is long FB; Jon Najarian is long NTRS; Jon Najarian is long KEY; Jon Najarian is long JPM; Jon Najarian is long GNW; Pete Najarian is long AAPL; Pete Najarian is long calls C; Pete Najarian is long calls WFC; Pete Najarian is long calls INTC; Pete Najarian is long calls YHOO; Pete Najarian is long SBUX; Pete Najarian is long stock FB; Pete Najarian is long calls FB; Pete Najarian is long calls MSFT; Pete Najarian is long PEP; Pete Najarian is long calls WMB; Simon Baker is long AAPL; Simon Baker is long C; Simon Baker is long GS; Simon Baker is long JPM; Simon Baker is long YHOO; Simon Baker is long SBUX; Simon Baker is long FB; Simon Baker is long AMZN; Simon Baker is long GRPN; Simon Baker is long KO; Simon Baker is long BLK.

  Price   Change %Change
VIX
---
FB
---
GILD
---
SBGI
---
CMCSA
---
NXST
---

Contact Halftime Report

  • Showtimes

    Halftime Report - Weekdays 12p ET
    Fast Money - Weekdays 5p ET
  • Scott Wapner is host of the "Fast Money Halftime Report," which airs weekdays from 12 p.m. to 1 p.m. ET.