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The stock market could be shaping up for a supercharged rally if concerns about tariffs ease up, veteran trader Jack Bouroudjian told CNBC on Wednesday.
"We are talking about a potential melt-up scenario, and it could be a December to remember," the chief economist and co-founder of UCX said on "Closing Bell."
Fear over trade and rising interest rates have been weighing on investors, causing a sell-off in October and the worst Thanksgiving week decline since 2011.
However, the market began to climb back up on Monday. On Wednesday, investors breathed a sigh of relief after Federal Reserve Chairman Jerome Powell said interest rates are close to neutral. The Dow Jones Industrial Average surged more than 600 points, its biggest one-day gain since March. The and Nasdaq Composite finished up 2.3 percent and 2.95 percent, respectively.
There are also positive signs in the bond market, said Bouroudjian, a CNBC contributor.
"The fact that you have got a steepening of this yield curve and the way it's being done is very, very bullish for stocks," he said.
Bouroudjian predicted this week's rally. On Monday, he said the market may have seen the bottom. He also said the bar is so low on trade now that any type of progress will be better than nothing.
Urban Wealth Management founder and CEO Rene Nourse, also appearing on the segment, co-signed Bouroudjian's assessment now that the Fed has provided some reprieve.
"If we do get to some dissemination with the trade war and the tariffs, that is going to be amazingly profitable for the business for this market," she said.
Still, Nourse cautioned that an economic slowdown could be in store for the new year.
"I think this is a good time to be adding some boring sectors and boring stocks to the portfolios to be defensive and be ready for the next level of volatility that I expect is to be coming in 2019," she said.
President Donald Trump and Chinese President Xi Jinping are set to meet for dinner on Saturday, on the sidelines of the G-20 summit in Argentina. They are expected to discuss trade, among other issues.