FAST MONEY: TRADERS ARE BULLISH…FOR NOW

Posted: August 17th, 2007 | Author: Stock Pitcher | Filed under: Fast Money | No Comments »

Fast Money traders sounded a little more optimistic.  Guy Adami said that the Dow will move 500 points higher from here.  Macke said that it should be up tomorrow and this is just a short-term bottom.  All the financials led everything up and it finished strong.  Eric called everyone and didn’t quite understand why it led the market up.  But most of the traders were more optimistic in the short term.  Eric Bolling says he feels that the market has bottom and stopped his yen carry trade by closing his positions in yen.  Bolling seems to be the most bullish.   Eric says he didn’t get out of many positions and he pointed out that the VIX, volatility index.  On the other hand, Jeff Macke was still very negative on the market and says that he’s sleeping like a baby still. 

TRADE PICKS

Najarian noted that Alcoa (AA) saw lots of call buying.  Adami says the low may be close.  Keep in mind commodities are still getting beat down.

Hewlett-Packard got strong numbers after hours.  Macke said that the business was strong and Najarian said that it should carry the market.  Adami says Dell (DELL) should be good after the accounting investigation. 

Adami picks some strong stocks like Biogen Idec (BIIB) and Hewlett-Packard (HPQ). 

Thornburt Mortgage (TMA) insider buying suggested that the stock was safe and Pete Najarian is now long. 

 In fanancials, Adami picked that Bank of America (BAC) and Goldman Sachs (GS) while Najarian says Wells Fargo (WFC).  Jeff Macke says Goldman Sachs is a trade. 

 

INTERVIEW WITH DENNIS GARTMAN

 Commodities traders were killed and Dennis Gartman of the Gartman Letter says that the market was a little over extended and the market will move back for a few days.  He’s watching Euro/Yen currency trade says the trading is violent.  Gartman says that he’s still going to stay away from US Steel and he may start buying oil.  Gartman says we’re in a bear market in stocks and bull market in volatility.  He says the bounce will be on very weak volume but he could park.  Gartman says you’ll get a strong bounce for the next few days on short covering from Friday and Monday.  But he says sell into the rise. 

INTERVIEW WITH CORNING CEO

Corning Inc (GLW) James Flaws, CFO says he has seen no slow down in glass fiber demand and the company is doing fine.  He says that he feels that slow down in consumer spending will not hurt them (defy economics?).  Also other segments are growing as well.  Jeff Macke is hold on it.  Najarian says it’s a buy.  Adami and Bolling says hold it.  Bolling says the chart is horrible. 

 

POPS AND DROPS: Mostly drops today.  How weird. 

Drops:

Ford (F) – Adami says sell

Freeport – McMoran (FCX) – Eric Bolling says stay away.

Gold (GLD) – Bolling says you can own it.

Sotheby’s (BID) – Macke says you can buy it. 

 

SONY INTERVIEW

Sony (SNE) CEO was on the show but after his presentation, all the traders said it was a total sell.  Poor CEO who came on the show.  He looked really disappointed – it was borderline sad.  Can’t help but feel bad for the guy.

WEB EXTRA:
Eric Bolling says Beazer Homes (BZH) is the bulleye of the market and should go bankrupt while Macke says that JC Penny (JCP) was doing well despite a good retail environment.

 

FINAL TRADES:

Mackes wants General Motors (GM) because it’s at the bottom.  Najarian says that Thornburg Mortgage (TMA) might be bought but Macke says or bankruptcy.  Adami says Network Appliances (NTAP).  Bolling says buy financial XLF

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