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Wedbush Calls ‘Upward Trend’ in US Economy

Four-year highs in the stock market Thursday means that investors are realizing improvement in the U.S. economy, Gary Wedbush said on CNBC’s “Fast Money.”

“The U.S. economy is in a recovery, frankly. What’s changed is the market today is recognizing that,” said the Wedbush head of capital markets.

“It’s really these uncertainties of Europe, the election, maybe the fiscal cliff that have kept the market in check,” he added. “And today I think people are finally focusing in on the idea that things aren’t quite as politicians and the media may be touting.”

Faced with a question regarding a lower GDP now compared to the same period last year, Wedbush said he was looking forward.

“I’m taking a longer-term view of where we’re at versus where we were coming out of the recession and the financial crisis,” he said.

“For me, the trend is upward. It might be slower as many people would like to see. It might be without as many jobs as everybody wants to see, but it think this trend for the economy is still intact on an upward trend.”

Trader disclosure: On Sept. 6, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Josh Brown is long AAPL; Josh Brown is long JPM; Josh Brown is long GDX; Josh Brown is long GLD; Josh Brown is long XLU; Josh Brown is long TLT; Josh Brown is long XLF; Josh Brown is long WMT; Josh Brown is long TGT; Josh Brown is long CVX; Josh Brown is long LULU; Josh Brown is long RAX; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TFT; Karen Finerman is long MSFT; Karen Finerman is long CMI; Karen Finerman is short JCP; Karen Finerman is short PAY; Karen Finerman is short SPY; Karen Finerman is short MDY; Karen Finerman is short IWM; Keith McCullough is long GLD; Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long GLUU; Jon Najarian is long STSI; Jon Najarian is long call spreads in AAPL; Jon Najarian is long call spreads in GS; Jon Najarian is long call spreads in JPM; Jon Najarian is long call spreads in TGT; Jon Najarian is long call spreads in SBUX; Jon Najarian is long call spreads in FB; Jon Najarian is long call spreads in MSFT; Jon Najarian is long call spreads in QCOM; Jon Najarian is long call spreads in KMI.

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