“I’m taking solace that this could have been one of the worst days ever in the capital markets but we traded higher.” (In other words, the market is taking some bad news pretty well.) “I’ve come away thinking the capital markets and commodity markets have held together well.”
But let’s not stop there. We have more good news.
There appears to be less fear in the market. Jon Najarian says, “The VIX (Wall Street’s favorite measure of fear) is down.” And over the next thirty to sixty days Najarian anticipates the VIX to trade between 30 and 55. Not terribly low, but well off its higher.
“I’m glad to see volatility coming out of the market,” adds Gartman. “My propensity is to increase the size of my positions. If and when the VIX comes back down to the teens I think health will be restored to the market.”
Gartman says, “own infrastructure and the things that if you drop them on your foot they hurt. And at the same time I might short the rest of the market.”
Watch Goldman ahead of earnings, adds Najarian. It probably trades down and then bounces quickly.
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CNBC.com with wires