500 Point Rally Coming?

Halfway through a year where the Dow has lost nearly 1000 points, could a rebound be right around the corner?

Although it’s hardly a sure thing, Miller Tabak chief bond market strategist Tony Crescenzi suggests that the market could rally substantially next week if a few key items fall into place.

Here’s a synopsis of the case he made live on Fast Money.

“There is a scenario that has a low but reasonable chance of occurring next week that could result in a very large rebound…. say 500 points or so, in the Dow.”

”If the G-8 delivers a communiqué showing a preference for a stronger dollar and if OPEC boosts oil production, the combination could jolt the commodities markets, and bring a huge sigh of relief to investors.”

That combined with positive earnings news next week could send stocks soaring, according to Crescenzi.

Traders what do you think?

Tabak seems pretty convinced, says Guy Adami. I think you can position yourself on Friday for a big down move in oil and a big up move in stocks. Just put tight stops on everything.

It’s hard for me to see a scenario coming about next week that creates a buying panic in stocks, counters Jeff Macke.

Only time will tell…

For the entire conversation between Tony Crescenzi and the Fast Money traders please watch the video.

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Trader disclosure: On June 10, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (INTC), (MSFT), (DIS), (WMT); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman Owns (GS); Finerman's Firm Owns (MSFT), (SUN), (TSO), (VLO), (AAPL); Finerman's Firm Owns SPX Index Puts; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Owns (XME) Puts; Finerman's Firm Is Short British Pound; Finerman's Firm Is Short (GLD), (IYR), (IJR), (MDY), (SPY), (IWM); Seymour Owns (AAPL), (F), (INTC), (MER), (MSFT), (TSO), (EEV); Seygem Asset Management Owns Gazprom, (HAL), (TUR); azprom Trades Over The Counter In The U.S. But Trades On The Exchange In London