He too is looking for gains - but not right away. “If the market pulls back 3-5% I’m a buyer,” says Nathan.
Chris Verrone of Strategas Research Partners tells us the technicals suggest to him that the market is range bound.
In other words, don’t get to bulled up but don’t get to beared up either.
“The floor is probably around 1200 – if we pull back to that level, I think that’s attractive,” he says.
In addition to the charts, Verrone agrees with Nathan that the calendar favors bulls. "The 3rd week of October to the fourth week of December is seasonally a very good time for stocks," he says.
Trader Karen Finerman sees the market a little differently. She thinks the market continues to be all about Europe. "I don't think the pain is over," she says. The headlines will continue to dictate the market’s direction.
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Trader disclosure: On Oct 31, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Nathan is long Jan puts BAC; Nathan is long Nov & Jan puts MS; Nathan is long Jan calls NFLX; Nathan is long Jan puts INTC; Nathan has long Nov puts CSCO; Kelly is long GLD; Terranova is long APC; Terranova is long F; Terranova is long AAPL; Terranova is long FCX; Terranova is long CAT; Terranova is long AXP; Terranova is long EMC; Terranova is long IBM; Finerman owns BAC; Finerman owns GOOG; Finerman owns JPM; Finerman’s firm owns AAPL; Finerman’s firm owns YHOO and short calls; Finerman’s firm owns IBM and short calls
For Brian Kelly
Shelter Harbor Capital is long VLO
Shelter Harbor Capital is long SPY
Shelter Harbor Capital is long COL
For Todd Gordon
For Dennis Gartman
Gartman is long gold
Gartman is short Euro
For Chris Verrone
For Evan Gold
For Jim Iuorio
Iurorio is long JNJ short calls
For David Greenberg
Greenberg is long CME
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