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Buckle Up, Stock Market Bounce Ahead

On Tuesday chatter on the floor had everything to do with the latest miserable stock market headlines – and how to position in their wake.

Here in the U.S.. our economy grew at a 2 percent annual rate in the third quarter, down from the government's prior estimate of 2.5 percent one month ago.

And overseas,Spain's short-term borrowing costs hit a 14-year high as jittery investors punished this vulnerable nation.

Sounds pretty negative – that’s why pros Joe Terranova and Zach Karabell say it’s time to hit the buy button.

You read that right – buy.

”The world is not as grim, glum as ghastly as the media says it is,” Karabell explains. “Yes, Europe is in a series of rolling crises but what the actual implications are for companies isn’t clear.”

In other words, despite global worries, corporate earnings remain relatively strong.

Trader Joe Terranova thinks the technicals are also signaling a big green light.  With the market at 1192 at the time of writing he doesn’t think it has much further to fall.

Markets Move Lower, Netflix Raises Cash

”1183 is a retracement number,” he says. (That level represents a 61.8 percent retracement of the 2011 high to low slide.) That’s meaningful from a technical perspective because it suggests the market should have strong support at that level.

And Terranova sees fundamental catalysts, as well. “Potentially Black Friday and Cyber Monday could be catalysts,” he says.

How should you play it?

” Increase weighting in Apple, Visa, McDonald’s, Mastercard – names that show growth,” Terranova says.

Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to .

Trader disclosure: On Nov. 22, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Terranova is long VRTS; Terranova is long LQD; Terranova is long MUB; Terranova is long AXP; Terranova is long IBM; Terranova is long EMC; Terranova is long SU; Terranova is long HES; Terranova is long AAPL; Terranova is long CSCO; Terranova is long STLD; Terranova is long CNQ; Terranova is long CAT; Terranova is long LULU; Terranova is long SBUX; Cortes is long Treasuries; Cortes is short Gold; Cortes is short Crude; Cortes is short Nasdaq; Cortes is short XRT; Cortes is short DB; Cortes is short BAC; Karabell is long AAPL; Karabell is long MS; Karabell is long ORCL; Karabell is long IBM; Karabell is long GOOG; Karabell is long JOYG; Karabell is long MTW; Dicker owns RIG; Dicker owns ATPG; Dicker owns OXY; Dicker owns EOG; Gartman is long Euro; Gartman is short S&P futures

For Patty Edwards
Trutina Financial is long AAPL
Trutina Financial is long ORCL
Trutina Financial is long GLD
Trutina Financial is long QCOM
Trutina Financial is long MSFT
Trutina Financial is long INTC
Trutina Financial is long TGT
Trutina Financial is long GOOG
Trutina Financial is long POT
Trutina Financial is long SYT
Trutina Financial is long JOYG

Zach Karabell
Rivertwice is short XLF
Rivertwice is long ORCL
Rivertwice has long calls HPQ
Rivertwice is long IBM
Rivertwice is long TGT
Rivertwice is long DE
Rivertwice is long POT

Jeff Hirsch
No disclosures

Michael Pachter
I, Michael Pachter, certify that the views expressed in this report accurately reflect my personal opinion and that I have not and will not, directly or indirectly, receive compensation or other payments in connection with my specific (NFLX) recommendations or views contained in this report.

Wedbush makes a market in the securities of NFLX.

Hans Mosesmann
Raymond James & Associates makes a NASDAQ market in shares of Intel Corporation

CNBC.com with wires.