Did Jamie Dimon Just Give Bulls a New Reason to Run?

On Friday, investors were trying to determine if stocks had more room to run.

Although the S&P ended lower 5 out of the last 6 session, a sharp rally on Friday recovered most of the weekly loss.

Now what?

Both traders Pete Najarian and Joe Terranova are encouraged by the action in the financials after JPMorgan and Wells Fargo released earnings. “Those were some pretty solid numbers,” says Najarian.

Terranova believes the Street will take results to mean that the bank sector is getting back on its feet. And if that’s the case, investors could put more money to work in this space. He did. "I bought more JPMorgan at the open as well as Goldman."

In fact, Terranva thinks investors want to put money to work and these earnings reports are like a beacon saying, 'over here!'

“Price is truth and considering all the negative news you’d think the market would be much lower,” says Terranova. “But it’s not. The market is getting almost anesthetized to bad news. And that suggests any good news (like what we got from JPMorgan and Wells) could ignite a rally.”

Trader Mike Murphy sees that market a little differently.

“Technically, the market is holding key levels,” he concedes and that’s bullish. “However, things aren’t so great around the world – and going forward I think earnings could disappoint. That could spook the Street and pressure the S&P.”

What do you think? We want to know!

Posted by CNBC's Lee Brodie

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Trader disclosure: On July 13, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Pete Najarian is long AAPL; Pete Najarian is long C; Pete Najarian is long JPM CALLS; Pete Najarian is long INTC; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Joe Terranova is long VRTS; Joe Terranova is long MCD; Joe Terranova is long PNC; Joe Terranova is long USB; Joe Terranova is long TCBI; Joe Terranova is long GS; Joe Terranova is long JPM; Joe Terranova is long SBUX; Joe Terranova is long MNST; Joe Terranova is long NKE; Joe Terranova is long WFM; Joe Terranova is long MAR; Joe Terranova is long AAPL; Joe Terranova is long EMC; Joe Terranova is long NXPI

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