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Jonathan Corpina, Meridian Equity Partners, on where he sees the market heading, and his take on investments such as Facebook.
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SMP with the S&P erasing its losses from last week.
Is this a time recent now everything's fine -- you show some caution.
Floor traders are finding the best investments for their big clients.
Meridian equity partners Jonathan scorpion has a lot of those guys who made the trip all the way down from the New York Stock Exchange up to Fox Business here on our set for an -- with -- from happening in studio thanks for having me what you've got Goldman Sachs coming out -- the report saying another 8%.
Will be chopped off the S&P before the year end and yet -- a day like today.
You know it's surprising to see the way the market reacts today but that just shows us how fragile our markets are.
Headlines can really dictate our markets and we're seeing the swings whether it's headlines coming out of Europe.
Washington or economic data earnings season are our market is weeding is yearning for information because everyone's been waiting we've been talking about weeding so we -- on the sidelines waiting for the European crisis and waiting -- for the election outcome from that.
Fiscal cliff all this waiting has pushed investors away so we see major headlines that we think can move the market -- move money back in.
Investors are getting in but what happens is the short term basis that's why I've been seeing a lot of one way markets.
Up 1% down 1% as Ben was saying before about the stopping traders and reward best thing -- I couldn't I couldn't agree more because as they wait wait there's.
Always going to be some fear some worries some negative story on the horizon.
In the meantime Wall Street has climbed the proverbial wall of worry so what happens between now and the end of the year do you see -- meaningful Santa Claus rally at all.
I do historically over time you do see -- across -- -- the markets tried to move higher.
I think it's already got started to be priced into our markets short week this week not a full month in December we got a couple holidays -- -- that shorten our -- -- are trading strategies there.
But at this point I do think there we're gonna see the market tried to move higher.
Because they negative headlines that happened out there have really only started our markets now you -- orders in from clients who have been in the business along Thomas made a lot of money I got copies the side window trades -- less obvious ones.
You an interesting side window trader talking about and that is of all things FaceBook well its it's not -- eight you know hiding type of in the weeds type a traitor if you look at FaceBook I think people look -- -- a few things about it.
One is that everyone was focusing on the fiasco of the IPO pricing in what happened afterwards.
And you can see from the chart to it and the stock traded and it wasn't it launched it at 38 dollars this is just the one week because it's had a nice weeks certainly it but if you look back to when it launched in May.
38 bucks all the way down -- what the low -- around 919 -- And then I think people got a little lot scared of the lock up.
And when the insiders were had the ability to sell I think investors waited too long to get into this so the stock got below twenty.
There was a teenager for a while if you look -- the chart there it sat there -- found it a nice little base for a short period time.
We're starting to see that stock -- now I think it's got couple extra percentage points and it running towards the end of the year you feel that may be some of the monetization of the the mobile.
Positivity might really help this company OK John is coming back.
With some of his favorite sector plays -- again.
His clients the big money faster money -- and what they are doing with their money right now closing bell ringing in fifty minutes right now.
What kind of via -- brand new versions of hot gains.
