GO
Loading...

Stocks Should Rally Into Quarter’s End: Pros

Wednesday, 27 Jun 2012 | 5:27 PM ET

With the S&P 500 holding recent gains and trading 6 percent higher ytd, how should you position as the month and quarter draw to a close?

Trader Guy Adami, managing director of stockMONSTER.com, is bullish in the short-term. As he so often says, in the stock market price is truth and the price action has been constructive.

“As long as the market stays above 1325 I think you can remain long. I think the market wants to push higher – at least into the end of the week,” he says.

Trader Karen Finerman, president of Metropolitan Capital, agrees that a rally is more likely than not. She believes the expected decision from the Supreme Court on Obamacare will be a bullish catalyst.

And that's with any outcome.

“Uncertainty would be removed," she explains. "I wouldn’t be shocked to see that once the ruling comes out – all sectors trade higher - just due to relief.”

But if the market does trade up, Stephen Weiss, managing partner at Short Hills Capital, says take profits. He thinks the big picture issues generating headwinds remain potent.

Are You Sold on the Housing Turnaround?
Housing stocks are moving higher in the past two days, with the Fast Money traders; and David Rosenberg, Gluskin Sheff, explains why he is not sold on the housing turnaround.

“Europe is still a mess and China is still slowing,” he says. “I don’t think the market is ok past the next few days. Not at all.”

David Rosenberg Chief Economist At Gluskin Scheff shares the skepticism. “I'm not expecting the European situation to get resolved anytime soon. In turn that will constrain the multiple on the S&P,” he says.

“My sense is at best we’re caught in a range. I’m recommend pairs trading, that is a short position against a long position. I expect to see a lot of volatility to come.”


Posted by CNBC's Lee Brodie

______________________________________________________
Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our Web site send those e-mails to fastmoney@cnbc.com.

Trader disclosure: On June 27, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Stephen Weiss is long QCOM; Stephen Weiss is long AMLP; Stephen Weiss is long AMTG; Stephen Weiss is long VZ; Stephen Weiss is long T; Stephen Weiss is long VOD; Stephen Weiss is short X; Stephen Weiss is short MT; Stephen Weiss is short JCP; Stephen Weiss is short JEC; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long M; Karen Finerman is short SPY; Karen Finerman is short IWM; Karen Finerman is short MDY; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Najarian short (PBI); Najarian has long call spreads FB; Najarian has long call spreads MMR; Najarian has long call spreads ARNA; Najarian has long call spreads CF; Najarian has long call spreads POT; Najarian is long DDMG; Najarian is long COGX; Najarian is long CBOE; Najarian is long CME



CNBC.com and wires

  Price   Change %Change
S&P 500
---

Contact Fast Money

  • Showtimes

    Halftime Report - Weekdays 12p ET
    Fast Money - Weekdays 5p ET
  • Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

  • Scott Wapner is host of the "Fast Money Halftime Report," which airs weekdays from 12 p.m. to 1 p.m. ET.

  • Guy Adami is a contributor on CNBC's "Fast Money." He also is managing director of stockMONSTER.com.

  • Najarian, the "Pit Boss," is cofounder of optionMONSTER.com, a news site for options traders.

  • Finerman is president of Metropolitan Capital Advisors, Inc., a company she co-founded.

  • Founder of EmergingMoney.com

  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

Halftime Report

  • Jay Yarow, The Business Insider, and Steve Milunovich, UBS, discuss whether Tim Cook is to blame for Apple's drop in growth. I think it's pretty clear they missed the big phone market and overestimated the success of the plastic 5C phone, says Milunovich.

  • CNBC's Eamon Javers reports on Bill Ackman's stake in Allergan. Javers says this is a classic case of insider trading that is not against the rules.

  • FMHR trader Josh Brown thinks Dunkin' Brands looks fantastic technically, while Mike Murphy says investors are questioning the company's massive expansion plans.