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Halftime: What's Priced In & What's Not?

Over the past several weeks and months analysts and traders alike have predicted that the S&P would march up to 1,200 ahead of the election.

Considering we're almost there, now what?

For insights we turned to Jason Trennert of Strategas; a widely followed strategist who presciently forecast the market's advance to date.

"If you have a short-term time horizon I'd sell the market right here," says Trennert. He feels many catalysts that have been driving stocks are pretty much priced in. Take a look:

Already Priced-In
*Large GOP Win on Nov. 2nd
*QE2 between $500B & $1T.
Source: Strategas Investment Strategy

"I think the Fed is in a situation now where it can only disappoint," Trennert says. Fast Trader Steve Grasso thinks the same is true with the election.

"If the GOP wins the House we may rally short-term but they won't be able to curtail spending and the market falls. And of course if they don't win, we go lower."

But if you have a longer-term horizon, Jason Trennert is broadly bullish. "After some sort of sell-off I’d start legging back in," says Trennert.

That's because he thinks a number of positive of catalysts are not priced in. They follow:

NOT Priced-In?
*Full Extension of Bush Tax Cuts
*Improved Jobs Picture
*Peak S&P Operating Earnings in 2011
*An M&A Super-Cycle
*Tax Holiday or Profit Repatriation from Administration
Source: Strategas Investment Strategy

What's the bottom line?

"If you have a 2-week view I'd be careful but if you have a 6-month view I'm bullish," Trennert concludes.

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CALL TO THE FLOOR: GREEN DOT

The traders are always keeping an eye out for growth and they may have found it in Green Dot . Growth projections are upwards of 30% for the next few years.

Does this stock belong on your radar?

Don’t make a move until you check out of conversation with Green Dot CEO Steve Streit. Watch the video now.

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CALL THE CLOSE

Brian Kelly: I’m a buyer of the market.

Steve Grasso: I’d buy into the election.

Zach Karabell: I’d buy too.

Pete Najarian: If we get any financial participation I think the market should climb


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Trader disclosure: On Oct. 25, 2010, 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 owns (AKAM) call spread; Pete Najarian owns (BAC); Pete Najarian owns (DD); Pete Najarian owns (DOW); Pete Najarian owns (CNI); Pete Najarian owns (F) Bonds; Pete Najarian owns (DO); Pete Najarian owns (GDXJ); Pete Najarian owns (PFE); Pete Najarian owns (TEVA); Pete Najarian owns (MS); Pete Najarian owns (NOV); Pete Najarian owns (YHOO); Karabell owns (BRCM), (C), (FCX), (GS); Grasso owns (ASTM), (BA), (BAC), (C), (CSCO), (JPM), (LPX), (MO), (MOT), (NDAQ), (PFE), (PRST)

For Brian Kelly
Accounts managed by Kanundrum Capital own (XHB)
Accounts managed by Kanundrum Capital own (HD)
Accounts managed by Kanundrum Capital own (AWI)
Accounts managed by Kanundrum Capital own (PCL)
Accounts managed by Kanundrum Capital own (LPX)
Accounts managed by Kanundrum Capital own (MCP)
Accounts managed by Kanundrum Capital own (REE)
Accounts managed by Kanundrum Capital own (GLD)
Accounts managed by Kanundrum Capital own (GDXJ)
Accounts managed by Kanundrum Capital own (PPLT)
Accounts managed by Kanundrum Capital own (JJG)
Accounts managed by Kanundrum Capital own (JO)
Accounts managed by Kanundrum Capital own (NIB)
Accounts managed by Kanundrum Capital own (UUP)
Accounts managed by Kanundrum Capital own (TIP)
Accounts managed by Kanundrum Capital own Swiss Franc
Accounts managed by Kanundrum Capital are short the U.K. Pound

For Steve Grasso
Stuart Frankel & Co and it’s partners own (COG)
Stuart Frankel & Co and it’s partners own (CUBA)
Stuart Frankel & Co and it’s partners own (GERN)
Stuart Frankel & Co and it’s partners own (HSPO)
Stuart Frankel & Co and it’s partners own (MCD)
Stuart Frankel & Co and it’s partners own (MERC)
Stuart Frankel & Co and it’s partners own (MGM)
Stuart Frankel & Co and it’s partners own (NWS.A)
Stuart Frankel & Co and it’s partners own (NYX)
Stuart Frankel & Co and it’s partners own (OPEN)
Stuart Frankel & Co and it’s partners own (PDE)
Stuart Frankel & Co and it’s partners own (PFE)
Stuart Frankel & Co and it’s partners own (PRST)
Stuart Frankel & Co and it’s partners own (RDC)
Stuart Frankel & Co and it’s partners own (TLM)
Stuart Frankel & Co and it’s partners own (XRX)
Stuart Frankel & Co and it’s partners own (SDS)
Stuart Frankel & Co and it’s partners own (UAL)
Stuart Frankel & Co and it’s partners are short (QQQQ)

For Zach Karabell
River Twice Capital owns (DD)
River Twice Capital owns (GS)
River Twice Capital owns (JCI)
River Twice Capital owns (MMM)
River Twice Capital owns (MSFT)
River Twice Capital is short (SPY)
River Twice Capital is short (QQQQ)
River Twice Capital is short (XLF)


For Jason Trennert
***No Disclosures***






CNBC.com with wires.

Symbol
Price
 
Change
%Change
S&P 500
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GREEN DOT
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