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Traders look to take advantage of economic growth

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A recent spate of strong data has showed much better-than-expected economic growth. And that has some traders proclaiming it's time to play for a stronger economy with less Federal Reserve involvement.

"The economy's starting to turn," said Brian Stutland of the Stutland Volatility Group. "We're starting to see some real economic strength."

The biggest economic number, the non-farm payrolls provided by the Bureau of Labor Statistics, showed that 203,000 jobs were created in November, beating economist expectations of 180,000. This, after revised third-quarter GDP came in at a better-than-expected 3.6 percent on Thursday.

(Read more: Here's what was behind gold's wacky jobs reaction)

All the good news has some traders advocating bullish positions in energy and bearish positions in Treasurys.

"I'm surprised at the economic strength we've been seeing," said Anthony Grisanti of GRZ Energy. "We've seen decent numbers across the board, and that all should take energy higher."

Grisanti, who is bullish on crude oil, saying the commodity's recent $5 rise is "a reflection is a stronger economy."

A trader works the floor of the NYSE.
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Jim Iuorio of TJM Institutional Services says the economic strength will lead the Fed to roll down their quantitative easing program.

"If you beamed yourself right to this moment in time, and only took the current data that we have within a couple-week window, and you said to yourself, is it appropriate, really, for the Fed to be buying $85 billion a month in bonds? You'd probably answer that, no," Iuorio said. "So I think as we move forward we're going to start talking more and more about the taper, and not just as something in the distant future."

(Read more: Is QE behind the rally? Wien and Siegel debate)

A taper, or reduction, in QE is likely to spike interest rates, and consequently depress bond prices (which move inversely to rates). That's why he advocates selling Treasury futures.

"I think that 10-year rates are going to go above 3 percent some time in the next couple weeks or so," Iuorio said. "And I think the 10-year futures contract will hit 123-even within the next week or so as well."

Yet not everyone thinks the trade is quite so clear-cut. Stutland, for his part, is taking the opposite side of Grisanti, and selling oil.

Economic strength "is definitely the risk to the trade," he said. "But if it can't stay above the 50-day moving average, then this recent move higher was probably just a short squeeze, and you'll see crude trade down to $95."

—By CNBC's Alex Rosenberg. Follow him on Twitter: @CNBCAlex.

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