Yes. You have a needle too long for the stitches, but it's too short to do magic loop with on those stitches. So you can do the single or traveling loop version of magic loop to work on those sts. Just try it out instead of trying to figure it out; with knitting, things ofter work when you actually do it instead of visualizing them.
Since you don't have dpns or another circular the same size to use both of them, you can make a loop in the one you have to make the needle fit the stitches.
sue- knitting heretic