Trader Josh Brown agrees. He says there's a lesson to be learned from the sell-off earlier in the week. "Negative headlines out of Euorpe have now shifted from risk-off, to buying opportunities. When you see a day like last Wednesday, add to positions. You're buying US stocks at 12 or 13 times earnings. You're not going that far out on a limb."
Trader Steve Grasso thinks technical action tells the same story.
When the S&P sold off “the market held around the 100-day. That was support. The market did not make a new lower low. As a result I’m positive on the market,” Grasso says.
Trader Brian Kelly just doesn’t buy it.
“The only thing that has changed in the last 48 hours is that political volatility in Italy has gone down. But in Europe we’re still looking at a recession. And I think eventually the euro-zone breaks apart.”
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Trader disclosure: On November 11, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Karabell is long AAPL; Karabell is long MS; Karabell is long IBM; Karabell is long CAT; Grasso owns AA; Grasso owns AKS; Grasso owns ASTM; Grasso owns BA; Grasso owns BAC; Grasso owns D; Grasso owns KEG; Grasso owns LIT; Grasso owns MHY; Grasso owns PFE; Grasso owns PRST; Grasso owns S; Grasso owns XLU
For Zach Karabell
Rivertwice is short XLF
Rivertwice is short SMH
Rivertwice has long calls GMCR
Rivertwice is long TGT
Rivertwice is long SBUX
For Josh Brown
Brown’s fund is long AAPL
Browns’ fund is long ARCO
For Steve Grasso
Stuart Frankel & Co and its partners own (CSCO)
Stuart Frankel & Co and its partners own (CUBA)
Stuart Frankel & Co and its partners own (GERN)
Stuart Frankel & Co and its partners own (HPQ)
Stuart Frankel & Co and its partners own (HSP)
Stuart Frankel & Co and its partners own (HSPO)
Stuart Frankel & Co and its partners own MET
Stuart Frankel & Co and its partners own MU
Stuart Frankel & Co and its partners own (NYX)
Stuart Frankel & Co and its partners own (PFE)
Stuart Frankel & Co and its partners own (PRST)
Stuart Frankel & Co and its partners own UAL
Stuart Frankel & Co and its partners own XRX
For Amelia Bourdeau
No disclosures
For Ron Insana
No disclosures
For Nishu Sood
Deutsche Bank and/or its affiliate(s) owns one percent or more of any class of common equity securities of this company calculated under computational methods required by US law.
Deutsche Bank and/or its affiliate(s) has received non-investment banking related compensation from this company within the past year.
Deutsche Bank and/or its affiliate(s) owns one percent or more of any class of common equity securities of this company calculated under computational methods required by US law.
Deutsche Bank and or/its affiliate(s) has a significant Non-Equity financial interest (this can include Bonds, Convertible Bonds, Credit Derivatives and Traded Loans) where the aggregate net exposure to the following issuer(s), or issuer(s) group, is more than 25m Euros.
For Toni Sacconaghi
Toni Sacconaghi maintains a long position in Seagate Technology (STX).
Mit Shah maintains a long position in Apple Inc. (AAPL).
Bernstein currently makes a market in the following companies AAPL / Apple Inc.
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