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Obama’s ‘Apocalyptic’ Remark: Najarian

Obama's 'Apocalyptic' Comment Is Key: Pete Najarian

President Barack Obama's remarks on the looming sequester cuts seem to have eased market concerns, OptionMonster's Pete Najarian said Friday.

"The president addressed 'apocalyptic,' and it's not 'apocalyptic." That's exactly what he immediately went right after," he said. "He's willing to work with this."

On CNBC's "Fast Money," Najarian said that Obama's midday comments appeared to suggest that the $1.2 trillion in federal budget cuts might be hammered out by Washington lawmakers in a surgical manner over the next few weeks.

"Right now the market's read is: They believe that that's how it can get it done," he said. "That's why I think you're seeing the markets move to the upside, and you're seeing strength in a variety of different sectors right now."

Stocks declined after Obama started speaking and then rebounded.

"Again, the sequester is not a big deal. This was all about political theater, folks," said OptionMonster's Jon Najarian. "That's the reason the markets have dismissed it today and have turned 130 points north of where they were – s – because this was just political theater."

Joe Terranova of Virtus Investment Partners dissected the stock market's activity.

(Read More: Sequester to Hit Defense Sector Hard: Analyst)

"You can say stocks are going higher, but you have to identify what has actually happened in the marketplace," he said.

Terranova said that individual and institutional investors both still want the income and are continuing the search for yield.

"Forget the great reallocation trade out of fixed income," he said. "What is rallying right now is anything that looks like a bond on the equity side."

Trader disclosure: On March 1, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Weiss is long VZ; Steve Weiss is long BAC; Steve Weiss is long C; Steve Weiss is long QCOM; Steve Weiss is long SODA; Pete Najarian is long AAPL; Pete Najarian is long JPM CALLS; Pete Najarian is long YHOO; Pete Najarian is long BBRY; Pete Najarian is long BBRY CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long RDN CALLS; Pete Najarian is long MTG CALLS; Jon Najarian is long CRM; Jon Najarian is long PCLN; Jon Najarian is long BWLD; Jon Najarian is long OPEN; Jon Najarian is long YELP; Jon Najarian is long RDN; Jon Najarian is long MTG; Joe Terranova is long VRTS; Joe Terranova is long SJM; Joe Terranova is long MJN; Joe Terranova is long AXP; Joe Terranova is long GPS; Joe Terranova is long KORS; Joe Terranova is long GS; Joe Terranova is long SWN.