"Bull Market Intact. Dow Rallies Back 160 Points, Biggest Climb Since July. Is the bull market intact or should you still play defense?"
A broad-based rally lifted everything from banks to mining shares today. Treasury Secretary Paulson said that home lending blowups are contained and investors realized the China growth story is still intact. In this age of YouTube and short attention spans, that may have been the quickest correction we've ever seen. Is the selling really over and what's the trade if the bull market is, indeed, still intact?
Bolling said he woke up to good news. “The Nikkei was up 200 points” he said. “And then there’s word from Secretary Paulson that the sub-prime thing was contained. And also the yen carry trade is in shape. A good treasury chief should do that, back up his Fed chief!”
Still, the charts say that more weakness is ahead. Bolling doesn't think anyone should start buying this market yet.
According to Strazzini “When you get this kind of sell-off, any negative sentiment we get will drag down the market - the bias will be to the downside. If we get any kind of bad news you’ll see the downward pressure on the market.”
Jeff Macke was the one trader of the four who said he would be buying now. He thinks the retail stocks, through the Retail Holders ETF , are a short term buy trade.
Dylan Ratigan asked if the exchanges are still in play.
Adami would buy the NYSE Group . He thinks Nymex may be a buyout candidate.
On MAR 6, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders.
Strazzini Owns (MO)
Bolling, Short Nasdaq Futures, Short S&P Futures, Short Corn, Owns Gold, Owns Soybeans, Owns Silver, soybean meal, soybean oil
Macke Owns (JWN)
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