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Najarian – In this Market Be Greedy When Others Are Fearful

On Friday Street pros were trying to determine how to play the market after the S&P edged lower as investors took their fingers off the buy button.

Money managers were almost dizzy from the rapid ascent of the stock market which closed above its 200-day moving average for the first time since August – a bullish sign.

The S&P 500 is up more than 13 percent this month, on pace for its biggest monthly gain since October 1974.

The recent euphoria has been largely generated by a long-awaited agreement to help contain Europe's two-year debt crisis.

But some investors remain skeptical with specific details about the debt deal yet to be worked out.

How should you play this market?

Strategy Session with the Fast Money traders

OptionMonster Jon Najarian is bullish and thinks the market climbs into the end of the year. Not only does he find events in Europe positive but also, “There are a lot of investors who are chasing returns – there’s an under-invested segment of the community.”

Both catalysts should drive future gains, he says

But don’t take that to mean you should chase the rally today – that’s not what Najarian is saying. “After 300 points should you jump on he band wagon, here? No!”

However he is a buyer of pullbacks.

Trader Patty Edwards says much the same “I wouldn’t chase it today but I would layer in, over the next week or two,” she says. “I also think we go higher into year’s end.”

Pete Najarian completes brother Jon’s thesis. “Bet like buffet,” he says. Be greedy when others are fearful!”

Always focused on technicals, trader Steve Grasso says watch 1275 on the upside and 1257 – which is flat on year – on the downside. How the market behaves at those levels should be telling, he says.

What do you think? We want to know!

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On Oct 28, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; P. Najarian is long AAPL; P. Najarian is long C; P. Najarian has long WFC calls; P. Najarian is long MS; P. Najarian is long INTC; P. Najarian is long MSFT; P. Najarian is long YHOO; P. Najarian is long MRK; J. Najarian is long short calls in BAC; J. Najarian is long short calls in PNC; J. Najarian is long short calls in GS; J. Najarian is long short calls in MS; J. Najarian is long short calls in IBM; J. Najarian is long short calls in YHOO; J. Najarian is long short calls in BIDU; J. Najarian is long short calls in WYNN; J. Najarian is long short calls in FSLR; J. Najarian is long CBOE; J. Najarian is long CME; J. Najarian is long CIGX; Edwards is long XLK; Grasso owns AA; Grasso owns AKS; Grasso owns ASTM; Grasso owns BA; Grasso owns BAC; Grasso owns D; Grasso owns KEG; Grasso owns LIT; Grasso owns MHY; Grasso owns PFE; Grasso owns S; Grasso owns XLU; Doolittle is long SSO; Doolittle is short SDS

For Patty Edwards
Trutina Financial is long WLT
Trutina Financial is long GLD
Trutina Financial is long LEG
Trutina Financial is long HLF
Trutina Financial is long ED
Trutina Financial is long AAPL
Trutina Financial is long QCOM

For Steve Grasso
Stuart Frankel & Co and its partners own (CSCO)
Stuart Frankel & Co and its partners own (CUBA)
Stuart Frankel & Co and its partners own (GERN)
Stuart Frankel & Co and its partners own (HPQ)
Stuart Frankel & Co and its partners own (HSPO)
Stuart Frankel & Co and its partners own JPM
Stuart Frankel & Co and its partners own MET
Stuart Frankel & Co and its partners own MSFT
Stuart Frankel & Co and its partners own MU
Stuart Frankel & Co and its partners own (NYX)
Stuart Frankel & Co and its partners own (PFE)
Stuart Frankel & Co and its partners own (PRST)
Stuart Frankel & Co and its partners own UAL
Stuart Frankel & Co and its partners own XRX

For Tim Seymour
No disclosures

For Larry McDonald
No disclosures

For Ron Insana
No disclosures

For Camilla Sutton
No disclosures

For Dan Berenbaum
No disclosures

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