In a market littered with landmines, how should you trade? Pete Najarian has a strategy for you!
“This is as difficult a time as ever to trade,” says the Pit Boss on CNBC’s Closing Bell. “You have to go what works in specific ranges.”
In other words, in this market some stocks (outside the financials) have been trading in a range; bouncing off levels of support and bouncing off levels of resistance.
Najarian thinks that’s the way to play this market. In other words get long when the stock is near the bottom of its range and then get short as it nears the top.
And one stock he recommends looking at is Freeport McMoRan. “It finds support at $27,” he says.
Pete’s brother Jon Najarian says much the same. On Tuesday February 10th he presented a similar strategy which he called range roving. Again that's buying at the bottom and selling at the top.
“Look at the VIX ," he said, "it has been range bound -- trading between 40-50.
Or, if you don’t like trading indexes you can execute the same trade with ArcelorMittal . “It’s a buy around $22 and a sell around $28.”
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CNBC.com with wires