More important in the near-term is ambiguity about the European bond-buying program, McDonald said on “Fast Money.”
“Until we get clarity on that, I think the market could drift a little lower,” he added.
Trader disclosure: On Aug. 30, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Stephanie Link is long COTT; Stephanie Link is long BMY; Stephanie Link is long GIS; Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long F; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Weiss is long JCP; Steve Weiss is long CLNY; Steve Weiss is long QCOM; Steve Weiss is long HK; Steve Weiss is long JNN; Steve Weiss is long AIG; Steve Weiss is long AMTG; Steve Weiss is long AMLP; Steve Weiss is long WLP; Steve Weiss is short X; Steve Weiss is short AKS; Steve Weiss is short TCK; Steve Weiss is short VALE; Joe Terranova is long VRTS; Joe Terranova is long NXPI; Joe Terranova is long EMC; Joe Terranova is long CHKP; Joe Terranova is long CSTR; Joe Terranova is long AAPL; Joe Terranova is long WFM; Joe Terranova is long SBUX.
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