This data point makes me want to buy stocks: Pro

Ben Bernanke, chairman of the Federal Reserve.
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Ben Bernanke, chairman of the Federal Reserve.

I am not going to sugarcoat this: The durable goods number that was released Monday morning was terrible.

We expected to see orders for U.S. durable goods drop 4 percent, but they actually declined by 7.3 percent. A number this bad begs us to ask: Can the U.S. ever pull back on QE?

The reaction in the S&P e-mini indicated a belief that it won't happen anytime soon. Once that durable goods number was released, we saw the Dow erase all its early losses, and trade higher.

(Read more: The hidden reason why the Fed will taper: Pro)

Why would that happen after such a bad number? Because market participants believe that this indicates that there will be no tapering in September, and QE will continue. And I am beginning to believe that they are right.

After all, housing looks bad, and employment is not at the target that was set. And even though there have been some positives in the economy, we are still projected to grow by only 2 percent.

So what does it all mean for the market?

There is support in the e-mini at 1,658 and then 1,646. If we get down to 1,658, then I am a buyer. The next resistance level of any significance is 1,677, and after that, it's 1,690.

(Read more: US we have a problem, and its name is durable goods)

There are many theories about why the economy is stalling or not growing as fast as we would like. My theory is that new regulations from Obamacare, Dodd-Frank and the EPA are halting business investment.

But no matter what it is, one thing is clear: If we have a few more bad numbers like Monday's, the Fed will keep easing for the foreseeable future.

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

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