FAST MONEY: ALL THE TRADERS SAY EXPECT VOLATILITY BUT WE’RE OK

Posted: August 11th, 2007 | Author: Stock Pitcher | Filed under: Fast Money | No Comments »

OPENING COMMENTS:

Guy Adami says that the down is still going to 12750 but it’s a healthy correction. Jeff Macke on the other hand said that he was just a little skeptical about he transparency in the financial market. Tim Seymour said that the 38 billion pumped in by the Fed suggested that the Fed is supportive of the environment. Adami then later that earnings were solid and in the end it’ll be ok. Pete Najarian says that for two more weeks there will be wild volatility and he owns VIX, volatility options.

FINANCIALS:

Tim Seymour says Countrywide, CFC was having problems selling their good loans so it was a sign that right now, there is a lot of uncertainty in terms of valuing. Adami recommends American Express, AXP because of insider buying.

TECH TRADES:

Najarian says that you should keep your eye on Ebay, EBAY and Yahoo, YHOO. Macke says that techs may be too crowded now but still the best to be.

STEEL TRADE:

Tim Seymour recommends US Steel, X because there is growth and it’s in a consolidating industry meaning BUYOUT! Adami recommends gold, GLD – which is a Gold ETF. AngloGold, AU and Ivanhoe Mines, IVN, should be interesting due to options activity according to Najarian.
RETAIL TRADE:

Jeff Macke says stay away from Walmart, WMT and Home Depot, HD and go with Costco, COST and Target, TGT on any dip.

Potash TRADE:

Chief Executive William Doyle of Potash Corp, POT was on the show and suggest that the AGU play or the agriculture play was still strong and globally as well. All the trader except Macke say this is a buy. Macke seems to be skiddish about everything though. BUY they say. BUY.

POPS AND DROPS:

POPS: CME (CME) – Pete Najarian buy because of volume.

DROPS: Apple (AAPL) – Jeff Macke believes if the stock breaks $121 it is going down to $100. Lockheed Martin (LMT) – Guy Adami says at $90 the stock is a buy. Tiffany (TIF) – Jeff Macke says buy Blue Nile (NILE) instead. Molson Coors (TAP) – Guy Adami it’s a good time to buy.

OIL TRADE:

Although gas dropped to $70 from approaching $80, Tim Seymour says that it’s a buying opportunity because the demand is still there.

FINAL TRADE:

Jeff Macke likes Callaway Golf (ELY). Pete Najarian prefers Ivanhoe Mines (IVN). Guy Adami says Hilton (HLT) is a buy. Tim Seymour recommends US Steel (X).

Disclosure: Macke Owns (INTC), Najarian Owns (GS), CBOE Volatility Index (.VIX) Options; Seymour Owns (AAPL), (BX), (GLD), (SBUX), (X), (BBD) Seymour Owns Bank VTB OAO

---