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Are S&P Gains Done For The Year?

The S&P continued its downward trend on Monday with investors running for the exits due to growing chatter that the Federal Reserve may scale back its efforts to stimulate the economy.

"There's been concern that the quantitative easing is going to be scaled back. There is certainly the skepticism and uncertainty over QE 2 out there," explains John Canally, an investment strategist and economist at LPL Financial in a Reuters interview.

Nonetheless, the bulls have something to celebrate, The S&P 500 held above its 20-day moving average, now near 1,196.

How should you position now?

If you’re bullish you have to be disappointed by the market action, muses Guy Adami. We had decent retail sales figures, a big merger in materials as well as tech, a mutual fund Monday and the market closed on weakness.

A lot of the easy money has been made, adds Joe Terranova. I think now we’re looking at a market that consolidates the gains. If you want to stay in the market I’d also buy some puts.

I’m concerned about the price action in the bond market, adds Brian Kelly. There was talk that if the Bush tax cuts are extended permanently the US may be looking at a ratings downgrade.





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Trader disclosure: On November 15, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (AAPL), (BAC), (POT); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Terranova owns (UPL), (C), (PEP), (OIH), (HES), (AXP), (GS), (FCX), (VRTS), (POT), (AAPL), (IBM), (DIS), (MCD)

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