Futures Now

Yes, you should buy this dip: Trader

Trader: No longer just a Fed-driven rally
Trader: No longer just a Fed-driven rally

The is down four days in a row, but that's no reason to get scared. I'm buying this dip in stocks, because at this point, it's finally become more than a Fed-driven market. On the whole, economic data are improving, and two data points coming in the next two days should confirm the recent bout of economic strength.

On Friday we get the single most important economic number in the November employment report. ADP said that 215,000 jobs were added by the private sector, which is a good number, and we'll see if the official data agree.

(Read more: Traders await this week's 'hugely critical' number)

Thursday's GDP data are also projected to be strong, with most economists expecting to learn that GDP grew more than 3 percent in the third quarter. That's decent economic growth.

If we get strong jobs and GDP data, the good news is likely to be very positive for the economy as a whole and for equities as a consequence. Of course, if the Federal Reserve tapers its quantitative easing program, that will weigh on the market—but it would take some truly miraculous upside surprises to get the Fed to taper before the new year.

(Read more: Beware the 'Curse of the New Fed Chair'?)

Momentum is another thing that makes me want to buy stocks right now. If you look at the commodities markets, there hasn't been a lot of good news this year. For that reason alone, investors are liable to keep piling into stocks. And that's a big reason why every dip in this rally has been a buy.

Today, with economic data improving and few other good options presenting themselves to investors, I'm buying the dip once again. I got into the S&P December e-mini at 1,790, and I am targeting a move up to 1,820.

Anthony Grisanti is the founder and president of GRZ Energy. Follow him on Twitter: @AnthonyGriz

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