Stocks traded lower Friday in its worst day since Dec. 28, but is that a buy signal in an overall rebounding market?
“I do think you’re going to have some momentary pauses here, but stocks — large-cap, S&P 500 stocks — are still very, very cheap,” Anthony Scaramucci of SkyBridge said Friday on “Fast Money.”
Since March, 80 percent of stocks in the S&P 500 have rallied more than 50 percent.
Scaramucci credited four F-factors for the strong stock performance so far: 1) Fundamentals, 2) Forgetting Europe, 3) The Fed, and 4) Financials.
Also, he expected Europe to create a “$600 billion bazooka-like credit facility” in the near future.
“I think the market is starting to sense that as well, which is why you’ve seen such a stable, upward march in the last three weeks,” he said.
Jon Najarian, cofounder of Option Monster.com, said that institutional investors are looking to protect their positions.
“If we do see some sort of correction, the VIX would likely give a pop to the upside,” he said.
As for buying stocks on a dip, Najarian said he was looking at some stocks and particularly at Groupon.
Thursday, the online-deals company reported positive but weaker-than expected results for its first quarter after going public. It closed Friday at $21.03, down 0.7 percent.
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Trader disclosure: On Feb. 10, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Scaramucci is long AAPL; Scaramucci is long C; Scaramucci is long GS; Scaramucci is long CSCO; SkyBridge Capital Is A Fund Of Funds Manager; Anthony Scaramucci is one of 8 national finance chairs for Mitt Romney campaign; Scaramucci a fundraiser for Mitt Romney and has contributed to the Romney campaign; Najarian is long AAPL; Najarian is long BAC; Najarian is long GS; Najarian is long NFLX; Najarian is long INTC; Najarian is long CSCO; Najarian is long IBM; Najarian is long RVBD; Najarian is long ALL; Najarian is long DIS; Najarian is long FIO; Najarian is long LNKD;
For Steve Grasso
Stuart Frankel & Co and it’s partners own CSCO
Stuart Frankel & Co and it’s partners own HPQ
Stuart Frankel & Co and it’s partners own MU
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Stuart Frankel & Co and it’s partners own ZNGA
Grasso is long NUAN
Grasso is long S
Grasso is long XLU
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Karabell is long AAPL
Karabell is long IBM
Rivertwice is short GS puts
Rivertwice is short XLF
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Trutina Financial is long GLD
Trutina Financial is long INTC
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Trutina Financial is long MAT
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Toni Sacconaghi maintains a long position in Seagate Technology (STX).
Mit Shah maintains a long position in Apple Inc. (AAPL).
Bernstein currently makes a market in the following companies AAPL / Apple Inc.
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I or a household member have a financial interest in the securities of the following companies: none
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Piper Jaffray received non-investment banking securities-related compensation from the following companies during the past 12 months: ACOM, DRIV
Piper Jaffray makes a market in the securities of the following companies, and will buy and sell the securities of these companies on a principal basis: AAPL, ACOM, AMZN, BIDU, DANG, DRIV, EBAY, GOOG, IACI, LOGM, MCHX, MELI, MOBI, PRTS, RLOC, SINA, SOHU, VCLK, WWWW, YHOO, YNDX, YOKU
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Kilburg is long TLT