If you’ve been asleep all year and just woke up, it hasn’t been such a bad year. The S&P is up year to date.
But chances are you’ve been wide awake and whipsawed by all the volatility in the market. You probably find it hard to forget the market was down 15% on the year only two months ago - in October.
However, as trader Guy Adami so often says, price is truth – and the truth for investors is that as of Friday, the market had pushed above 1257 –flat on year. That makes the S&P positive for 2011.
The question becomes, will the S&P continue to quietly drift higher, now that it's above 1257.
“The level I’m watching now is 1266,” says Steve Grasso. “Those are the intra-day highs from around December 5th.” Can we get above that level?
Trader Stephen Weiss thinks we can. “I expect to see the S&P continue to drift higher into the end of the year,” he says.
To support his thesis, Weiss points to gains in the market despite higher yields in Italy’s bonds. That would suggest the US market isn’t as focused on Europe as it had been.
Trader Brian Kelly agrees. “The market seems to be shrugging off bad news – that’s bullish,” he says.
Looking at the domestic economy, there may be every reason for the market to rally -- new U.S. single-family home sales rose to a seven-month high in November and the supply of houses on the market was the lowest in 5-1/2 years, adding to signs of a budding recovery in the sector.
All things considered trader Dan Dicker thinks, if you’re nimble the next handful of sessions may present opportunity. “I wouldn’t do anything big, but I think you can take advantage of the trend with some day trades.”
Looking for ideas? Trader Jon Najarian suggests looking at stocks that may have been oversold due to tax loss selling. “I’d look at Chico's – a stock that has been beaten up – and also Research In Motion,” he says. “In both, the selling looks overdone to me.”
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Trader disclosure: On Dec 23, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Weiss owns WLP; Weiss owns EUO; Weiss owns NIHD; Dicker owns CHK; Grasso owns ASTM; Grasso owns AVAV; Grasso owns BA; Grasso owns D; Grasso owns LIT; Grasso owns MHY; Grasso owns PFE; Grasso owns PRST; Grasso owns S; Grasso owns XLU; Najarian is long; Najarian is long MOS call spreads; Najarian is long AAPL call spreads; Najarian is long HSBC call spreads; Najarian is long VMW call spreads; Najarian is long CHS call spreads; Najarian is long RMBS call spreads; Najarian is long Long CIGX; Najarian is long CBOE; Najarian is long CME
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