With so many pundits and prognosticators talking gloom and doom, could the market surprise the Street and bounce?Trader Guy Adami thinks it's entirely possible.Adami is hardly a bull but he always says price is truth and the price action on Thursday suggests to him that the bulls may be about to run.“In the long-term I think the market is going lower,” Adami says, “but if the bears can’t break 1300, I think the market sets up for a huge snap back rally on Friday.”Largely Adami thinks that if declining oil prices, a stronger dollar, 10-year yields at 60 year lows, and other catalysts can’t drive the S&P below 1300 – then it’s not going to happen immediately.“The economic data was not great on Thursday, but it wasn’t catastrophic either. I think the shorts could be getting ahead of themselves.”In other words, if buyers prevail on any positive news – the market could get caught in the throes of a short covering rally and move sharply higher.
What do you think? We want to know!
Posted by CNBC's Lee Brodie
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