RECENT POSTS
FAST MONEY FEATURES
FAST MONEY POLLGet in the post game. Respond to our "Question of the Day" right now.
FULL SHOWSMissed an episode of Fast Money? Watch the lastest show here.
TRADE SCHOOLGrab a pencil because school is in session and the Fast Money traders are teaching class.
FAST MONEY PODCASTSDownload Fast Money onto your MP3 Player.
FAST MONEY WIDGETGrab this all-in-one application and get recaps of the show sent right to your desktop or blog.
SHOP FOR FAST MONEY MERCHANDISEGet your game on with Fast Money gear.
FAST MONEY PHOTOS!Check out our scrapbook. These "pix" are guaranteed winners.
NEWSLETTERSign up and receive a recap email every Friday after the show!
FAST MONEY MOBILE ALERTSGet advanced information about the next Fast Money.
Text Size 
 |
] was little changed mid-day Wednesday as rising oil prices and nagging concerns about the credit crisis offset a strong profit outlook from Hewlett-Packard.MARKET CAN'T SHAKE CREDIT FEARS
Shares of Fannie Mae [FNM
Loading...
()
] and Freddie Mac [FRE
Loading...
()
]. fell to the lowest levels in more than 17 years as concerns mounted that the U.S. housing finance companies may need a government bailout.
Fannie and Freddie are strictly trades, counsels Jon Najarian. In and out.
I think you should either bet on red or black. It’s about the same odds, exclaims an annoyed Jeff Macke.
Meanwhile Sanford C. Bernstein & Co analyst Brad Hintz cut his earnings estimates for Goldman Sachs [GS
Loading...
()
] and Morgan Stanley [MS
Loading...
()
].
“Weakening credit market conditions in the third quarter indicate that more write-downs and hedging failures will likely impact U.S. investment banks' performance for the period,” the analyst said Wednesday.
Hintz rates Lehman [LEH
Loading...
()
] and Goldman "market perform," and has an "outperform" rating on Morgan Stanley.
What’s troubling to me is that we don’t know whether the commercial mortgage backed securities are continuing to weaken, adds Joe Terranova. I think that’s why we’re seeing the downgrades. For a trade I’d get long Goldman and Morgan and short most anything else.
I don’t trust the current rally in Lehman, adds Guy Adami. I don’t think we’ve seen capitulation.
In the space I like JP Morgan [JPM
Loading...
()
] best, adds Jon Najarian.
----------------------------------
H-P LEADS TECH.
Hewlett-Packard [HPQ
Loading...
()
] offered a ray of hope in an otherwise bleak market; the stock is higher on a strong earnings report.
This stock looks cheap on a valuation basis, says Guy Adami, but I didn’t think their quarter was that great.
----------------------------------
OIL GIVES UP GAIN
Oil prices [US@CL.1
Loading...
()
] reversed earlier gains following a government report that showed U.S. crude oil inventories rose far more than expected last week while gasoline inventories dipped more than expected.
Despite the downward momentum in oil Goldman Sachs’s reiterated on Wednesday its year-end price forecast of $149 a barrel for U.S. crude oil, and said strong fundamentals were a more important factor than a strengthening dollar.
I agree with the fundamental theme behind that forecast, says Joe Terranova. I think the play is integrated oil.
----------------- (Scroll Down For More Trades) -----------------
What do you think? Answer the Charles Schwab Question of the Day.
- Halftime Report: Dubai - First Ripple Of Larger Crisis?
- Your First Move For Friday November 27th
- Web Extra: Private Equity, Conviction Buy?
- Pops & Drops: Abercrombie & Fitch, Nucor...
- Giving Thanks: Seymour
- Your Questions About... Alcoa & The Dollar
- Best Wishes Regis
- Gartman's Annual Rules For Trading
- Chartology: December Outlook
- Holiday Toy Trades
----------------------------------
TOPPING THE TAPE: COMMODITY STOCKS
Spooked by financials it appears investors are putting money to work in commodity stocks. From steel to energy the commodities sector is among the biggest gainers mid-day.
Look at US Steel [X
Loading...
()
], says Guy Adami. I know the chart is broken but not the company. Otherwise, I think we’re in a sell the rally mode.
I’d stay away from commodities right now, counters Joe Terranova.
----------------------------------
CASINO STOCKS NEED A MARKER
Both Las Vegas Sands [LVS
Loading...
()
], and MGM [MGM
Loading...
()
] are trading lower mid-day after hitting heavy resistance on a technical level.
The Chinese government came out and threatened to limit business in Macau, explains Jeff Macke. I think China wants a bigger piece of the action. Get ready for a shake-down!
I like Boyd Gaming [BYD
Loading...
()
] if you want to play the space, says Guy Adami. They don’t have Macau exposure.
----------------------------------
OPTIONS ACTION
Jon Najarian is seeing unusual options activity in Nvidia.
With Apple doing as well as they are, I’m hearing good things about other chip stocks, he says. I expect Nvidia [NVDA
Loading...
()
] as well as Marvel [MRVL
Loading...
()
] to go higher.
----------------------------------
BACK TO SCHOOL TRADE....GOLDMAN SAYS BUY TARGET
Despite posting weak earnings earlier in the week, Goldman Sachs has given Target a “Buy” rating sending shares of this merchant as well as other retailers higher, mid-day.
I’ve been telling you to get long Target [TGT
Loading...
()
], says Guy Adami, through the second half of the year.
I think you’re wrong, counters Jeff Macke. They have credit card exposure and they keep missing same store sales.
I like Ross [ROST
Loading...
()
] stores, adds Jon Najarian. I’m impressed with the way that stock has been performing.
----------------------------------
IN THE ZONE: GARTMAN ON OIL, GRAINS
Chicago soybean, corn and wheat futures rose more than 1 percent on Wednesday on active technical buying amid supply concerns, with gains in oil prices and other commodities providing additional support.
How should you trade commodities?
I think investors have beaten the living tarnation out of the grain market over the past month and a half, says strategic investor Dennis Gartman on Fast Money. That’s shaken all of the long-only funds and now they're out. I think it’s time to start taking a look on the longside.
(Before the live broadcast Gartman told our producers he recommends playing it with IPATH AIG GRAINS ETN [JJG
Loading...
()
]
Meanwhile, oil prices continue their slide lower after a government report revealed an unexpected increase in supply.
If you want to play crude I’d own Suncor [SU
Loading...
()
] or if you want to play nat gas I’d get long San Juan Basin [SJT
Loading...
()
], counsels Gartman.
______________________________________________________
Got something to to say? Send us an e-mail at and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send those e-mails to .
Trader disclosure: On Aug 19, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (WMT), (MSFT); Adami Owns (AGU), (C), (BTU), (GS), (INTC), (MSFT), (NUE); Jon Najarian Owns (MRVL) Calls, (BRCM) Calls, (CSIQ) Calls; Jon Najarian Owns (AAPL) And (AAPL) Calls; Jon Najarian Owns (C), (CSCO); Jon Najarian Owns (TSO) Call Spreads; Jon Najarin Owns (NVDA) And (NVDA) Call Spreads; Jon Najarian Owns (XTO) Call Spreads; Terranova Owns (AAPL), (BNI), (CME), (EOG), (FCX), (GS), (GOOG), (INTC), (KOL), (NOV), (POT), (RIMM), (SA), (XLF), (SU), (X), (VLO), (YHOO); Terranova Owns (AIG) Puts; Terranova Is Short Crude Oil Time Spread (Short Dec. 2009, Long Dec. 2012); Terranova Is Long Crude Oil Futures (Dec. 2012)
Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; Phoenix Investment Partners Owns More Than 1% Of (ABD), (ARE), (BRE), (CNTY), (CLB), (OFC), (DLR), (ESS), (EXR), (FL), (IAT), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (SKT), (BLV)
Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO; Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
CIBC Gartman Index Owns Wheat, Corn, Soybeans; CIBC Gartman Index Owns Natural Gas, Is Short Crude Oil; CIBC Gartman Index Owns Gold
Gartman Owns (AFFY), (SJT), (UNH), (DBA), (QCOM), (CSCO), (SDS); Gartman Owns (ANDE) And Is Short (ADM); Gartman Owns (QQQQ) And Is Short (TLT)
Gartman Is Short (X), (TAP), (KBE), (GS), (GRMN)
Data is a real-time snapshot *Data is delayed at least 15 minutes