Fast Money: Rapid Recap - The first and only official show synopsis
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Time To Get Short Christmas?
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Producer
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Steve Cortes of Veracruz thinks so.
He’s not green with red eyes and bad teeth -- and he doesn’t live on Mount Crumpet just north of Whoville -- but he’s as done with Christmas as the misanthrope who’s heart was two sizes too small.
With the S&P Retail Index [XRT
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] jumping on Thursday he says the Christmas trade is over.
Disinflation is leaving stores with no pricing power, he laments. As evidence I’d point to last week’s earnings from Kroger [KR
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]. Even grocery stores don’t have pricing power and I think that's a problem.
I’m also "grinchy" because of action in Apple [AAPL
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] , he says. Apple is an excellent read on consumer discretionary and an excellent lead. But Apple has been lagging the market for the past 6 weeks and lately having trouble getting above $200.
What’s the trade?
I’d short the XRT [XRT
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] versus the SPY [SPY
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], says Cortes.
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Trader disclosure: On December 10th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman's Firm Owns (MSFT), (WMT), (AAPL), (FLS); Finerman's Firm Is Short (IJR), (IWM), (SPY), (MDY); Finerman's Firm Is Short (UNG); Finerman's Firm Owns (BAC) Preferred, (BAC), (BAC) Call Spread; Finerman Owns (BAC) Preferred, (BAC); Finerman's Firm And Finerman Own (WFC) Preferred; Seymour Owns (AAPL), (EMM), (INTC), (PFE), (TKC), (BAC), (FXI), (GE), (POT); Seymour's Firm Owns (MTL); Najarian Owns (BRCD), ; Najarian Owns (PFE); Najarian Owns (TEVA); Najarian Owns (AAPL) Calls; Najarian Owns (DELL) Calls; Najarian Owns (FCX) CAlls Spread; Najarian Owns (INTC), Is Short (INTC) Calls; Najarian Owns (TXN), Is Short (TXN) Calls; Najarian Owns (RIMM) Call Spread
For Steve Cortes
Cortes is Short (XRT)
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