On Friday the Fast Money pros were closely watching action in the S&P, which held above 1400 – a 4-year milestone.
Also the latest move in the bond market landed in the spotlight.
“Treasury yields on Tuesday morning were 2.03% - they’re now 2.31%, says trader Joe Terranova . That’s a 25 point basis move. That’s telling you something.”
But is that something – that a wall of money is coming into the stock market?
Terranova thinks that's exactly what the action is saying. He believes a chase for performance is about to explode across the market largely because Terranova doesn’t think money managers expected the market to gain 15% over the past 3 months.
“Now, there are only 2 weeks left in the quarter – money managers will be chasing gains aggressively,” he says.
Trader Steve Grasso agrees. “Guys who want to get into the market have not had the opportunity – now, they’re forced to chase.”
If you agree with the thesis, Terranova suggests putting money to work in global growth names such as Potash and JoyGlobal.
Trader Patty Edwards considers the stock market advance and bond market decline, a vote of confidence in the US recovery. “I like industrials because the economy is getting stronger and technology too,” she says.
Jon Najarian is a little more cautious . He says, unless your a nimble market pro, buying the market now feels late. To illustrate his point Najarian draws an analogy to surfing. “You have to get ahead of the wave. If you wait until the wave is upon you – it will crush you – jumping in right ahead of the end of the quarter, you can get crushed.”
Jeff Palma of UBS also finds it hard to jump into the market right now. “Over time I think we’ll see a move from bonds into stocks, but I don’t expect it to happen in one week.”
However, if you’re investing for the long-run, Palma is more bullish also due to an improving US economy. “From a sector perspective we like tech and industrials – economically sensitive sectors.”
What do you think? We want to know!
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Trader disclosure: On Mar 16, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Terranova is long VRTS; Terranova is long NXPI; Terranova is long IBM; Terranova is long MCD; Terranova is long EMC; Terranova is long MSFT; Terranova is long JOY; Terranova is long OXY; Terranova is long LQD; Terranova is long POT; Terranova is long TBT; Terranova is short GOOG; Terranova is short April gold futures; Terranova is short May silver futures; Grasso is long ANR; Grasso is long ASTM; Grasso is long AVAV; Grasso is long BA; Grasso is long D; Grasso is long FRO; Grasso is long MHY; Grasso is long NUAN; Grasso is long MO; Grasso is long PFE; Grasso is long PRST; Grasso is long S; Grasso is long XLU; Grasso is long ZAZA
For Patty Edwards
Trutina Financial is long APPLE (AAPL)
Trutina Financial is long SPDR Gold Trust (GLD)
Trutina Financial is long INTEL (INTC)
Trutina Financial is long JOY GLOBAL (JOYG)
Trutina Financial is long STARBUCKS (SBUX)
Trutina Financial is long CONACO (COP)
Trutina Financial is long VALERO (VLO)
Trutina Financial is long AMAZON (AMZN)
Trutina Financial is long QUALCOMM (QCOM)
Trutina Financial is long BLACKROCK KELSO BKCC
Trutina Financial is long BANK OF MONTREAL BMO
Trutina Financial is long CHICAGO BRIDGE AND IRON CBI
Trutina Financial is long MCDONALDS MCD
Trutina Financial is long T
Trutina Financial is long QCOM
Trutina Financial is long SNPS
For Jeff Kilburg
Kilburg is long SLV
Kilburg is long TLT
Kilburg is long 10-year bonds
For Andy Busch
For George Goncalves
For Dan Dicker
Dicker is long
For Jeff Palma
CNBC.com with wires.