Najarian ‘Completely Out of Everything’

Najarian 'Completely Out of Everything'

With the likelihood that the U.S. will go over the so-called "fiscal cliff," OptionMonster's Jon Najarian takes the rare step of exiting all his positions.

With the likelihood that the U.S. will go over the so-called "fiscal cliff," OptionMonster's Jon Najarian said Thursday he has exited all his positions.
"For the first time in 31 years in the market, I'm completely out of everything," he said. "I see no reason to stick with this thing – no reason to get short, either."
On "Fast Money," Najarian did not believe there would be a last-minute grand victory in the Washington budget negotiations to avoid the so-called "fiscal cliff," a series of tax hikes and federal spending cuts that will take effect Jan. 1 if an agreement isn't reached.
"I think we've assured ourselves that we are going to get very small deals done," he said, adding that the United States was probably headed for another debt downgrade in February.
Josh Brown of Fusion Analytics said that he had closed out his books for the year.
"We raised a little bit of cash, but we're nowhere near fully out of the market," he said.
Brown reiterated that most investors trading in the last few days of 2012 were doing so because they had no choice.
For most people, however, it was "garbage time," he added. "This is not my type of atmosphere."
Rosecliff Capital's Mike Murphy was hedging his bets.
"We're sticking with our long positions," he said, adding that he put on protection.
Joe Terranova of Virtus Investment Partners also wasn't adding to any positions, adding that his Apple holdings were half of what they were.
The one area that still holds upside beyond the "fiscal cliff" was financials, Terranova said.
"When you look at the market, whether you get the resolution or not, you're going to need something to be a catalyst to the upside beyond what we get in January," he said. "That to me is going to come down to earnings, and I think you have to begin to think about what those earnings look like."

Watch this link   http://www.cnbc.com/id/100341721