Underperforming portfolio managers getting into the market might push the S&P toward 1500 or higher, OptionMonster co-founder Pete Najarian said Wednesday.
On “Fast Money,” the often bullish Najarian was responding to an S&P year-end target of 1600 by Barry Bannister of Stifel Nicolaus.
“It’s not totally out there but I can tell you this: The bears were pounding the table at 1300. All we did was hear this bear hitting the mallet, saying, ‘This is it. We’re going to start going down,’” he said.
Najarian noted that the bears signaled they were getting back in as the S&P rose through levels of 1325, 1350, 1400.
“Well, I’ll tell you what. If they are all in, they are going to be part of the reason we go to 1500 or 1600 because they’ve got to chase,” he said. “If they’re late, that’s going to push it higher.”
Trader disclosure: On Sept. 5, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long AAPL CALL SPREADS; Jon Najarian is long JPM CALL SPREADS; Jon Najarian is long SBUX CALL SPREADS; Jon Najarian is long FB CALL SPREADS; Jon Najarian is long GOOG CALL SPREADS; Jon Najarian is long LNKD CALL SPREADS; Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long GLUU; Jon Najarian is long STSI; Pete Najarian is long AAPL; Pete Najarian is long C; Pete Najarian is long INTC; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long NOK; Simon Baker is long AAPL; Simon Baker is long BAC; Simon Baker is long GS; Simon Baker is long WFC; Simon Baker is long AMZN; Simon Baker is long GOOG; Simon Baker is long P; Simon Baker is long LNKD; Simon Baker is long YELP; 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.
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