‘This Is Now a Trader’s Market’: Pete Najarian
The lack of a compromise from Washington lawmakers on "fiscal cliff" negotiations has made the stock market more conducive to short-term trading, OptionMonster.com's Pete Najarian said Wednesday on CNBC.
"You trade this market, and I'm not so sure it is an easy investing market, unless you get those opportunities where you think it really is oversold under certain conditions. Or the fact that we actually spike to the upside under unreasonable conditions," he said. "This is now a trader's market."
On "Fast Money," Najarian said that he wasn't expecting a quick resolution to budget negotiations by the deadline that would trigger tax increases and massive federal spending cuts on Jan. 1.
"I think it will be until we get toward — the president talked about Christmas. I'd actually push it till Dec. 31," he said.
Najarian noted that the market has moved on comments from both President Barack Obama and House Speaker John Boehner.
"The gyrations are big," he said. "This is just news-driven all the way, and everybody obviously holding on this 'fiscal cliff.' I think there are some great opportunities trading, however."
TheStreet CIO Stephanie Link said her focus has shifted to a narrower time frame.
"We're not necessarily short-term traders, but we are looking for opportunities in those themes that have been working," he said.
(Read More: 'Fiscal Cliff' Risks, Rewards Ahead: Larry McDonald)
"I think that there are ways you can find opportunity," she said. "You've got to take quick profits when you have them."
Written by Bruno J. Navarro, CNBC.com Producer.
Trader disclosure: On Nov. 28, 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 AAPL; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long SBUX; Stephanie Link is long ION; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long INTC CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Jon Najarian is long GLUU; Jon Najarian is long STSI; Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is short puts in AGQ; Jon Najarian is short puts in SLV; Jon Najarian is short puts in GLD; Jon Najarian is long JNPR; Jon Najarian is long YHOO; Jon Najarian is long COST; Jon Najarian is long KCG; Steve Weiss is long BAC; Steve Weiss is long M; Steve Weiss is long SODA; Steve Weiss is short JCP.
Got something to to say? Email email@example.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published online, email firstname.lastname@example.org.