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Steve Grasso's Line In the Sand

Stocks gained for a third day on Monday after last week's wild swings on U.S. deal news and speculation European leaders may get control of the euro zone's debt problems.

But can the market sustain this move to the upside?

CNBC

Steve Grasso's line in the sand is the 1,172 level on the S&P 500 index . If the S&P can close above 1,172 for a few trading sessions, he'll become incrementally bullish. After all, that's the level the market bounced to on Tuesday, when U.S. Federal Reserve Chairman Ben Bernanke addressed the state of the U.S. economy.

It will be tough for the market to push past 1,200, though, being as it's a "big mental hurdle" for the market, Grasso added.

To Brian Kelly of Kanundrum Capital, the market looks as though it wants to go higher. Should it climb to the 1,250 level, he would start peeling off any long positions.

Withgold pricesgoing higher, options trader Pete Najarian recommends trimming everything in the S&P right now.


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Trader disclosure: On August 15, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Cortes owns (GOOG); Cortes owns (WMT); Cortes owns (PG); Cortes owns (GS);Cortes owns (JNJ); Cortes owns (MS); Cortes is short Gold; Cortes is short Japanese Yen; Cortes is short Ten Year U.S. treasuries; Steve Grasso owns (AMD); Steve Grasso owns (ASTM); Steve Grasso owns (BA); Steve Grasso owns (BAC); Steve Grasso owns (C); Steve Grasso owns (D); Steve Grasso owns (JPM); Steve Grasso owns (LIT); Steve Grasso owns (LPX); Steve Grasso owns (LVS); Steve Grasso owns (MAR); Steve Grasso owns (MHY); Steve Grasso owns (NDAQ); Steve Grasso owns (PFE); Steve Grasso owns (PRST); Steve Grasso owns (UAL); Steve Grasso owns (XHB); Steve Grasso owns (XLB); Steve Grasso owns (XLI) ; Najarian owns (AAPL); Najarian owns (C); Najarian owns (BX); Najarian owns (MS); Najarian owns (MSFT); Najarian owns (PFE); Najarian owns (TCK) ; Najarian owns (ECA); Najarian owns (GLD) calls; Najarian owns (GDX) calls ; Najarian owns (SLV) calls; Najarian owns (SGI) calls; Najarian owns (CMC) calls ; Najarian owns (RSX) calls; Najarian owns (DIS) calls; Najarian owns (UNP) calls


Brian Kelly
Accounts managed by Brian Kelly Capital own (FXE) calls
Accounts managed by Brian Kelly Capital own (SLV) puts
Accounts managed by Brian Kelly Capital own (JJG)
Accounts managed by Brian Kelly Capital own (SPY) calls
Accounts managed by Brian Kelly Capital are short the British Pound
Accounts managed by Brian Kelly Capital own (FXE) calls

For Steve Grasso
Stuart Frankel & Co and it’s partners own (AAPL)
Stuart Frankel & Co and it’s partners own (CSCO)
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 (HPQ)
Stuart Frankel & Co and it’s partners own (HSPO)
Stuart Frankel & Co and it’s partners own (MET)
Stuart Frankel & Co and it’s partners own (MSFT)
Stuart Frankel & Co and it’s partners own (YHOO)
Stuart Frankel & Co and it’s partners own (RHT)
Stuart Frankel & Co and it’s partners own (MET)
Stuart Frankel & Co and it’s partners own (MU)
Stuart Frankel & Co and it’s partners own (NYX)
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 (SDS)
Stuart Frankel & Co and it’s partners own (UAL)
Stuart Frankel & Co and it’s partners own (XRX)
Stuart Frankel & Co and it’s partners are short (QQQQ)

For Colin Gillis
BGC Financial LP and/or its affiliates, expect to receive, or intend to seek, compensation for investment banking services within the next three months from Google.

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