Straight Talk From The Trading Floor
SAME STORE SALES:
The news: Major retailers release same store sales on Thursday.
The word: Macke said for a very fast trade you can go long on these names into Thursday’s number. Names such as Guess are good buys ahead of the numbers. But, the trade expires Friday.
TRADE OF STEEL:
The news: Steel stocks surge as investors realize the China growth story is still intact.
The word: Eric Bolling said if steel works – the best play in the space is Rio. Chase it tomorrow, next month, and next year.
The news: Barrier Therapeutics, a pharmaceutical company focused on dematology products, said Tuesday that Novartis AG agreed to market its Vusion Ointment to pediatricians. Also, the drug maker received U.S. approval for the hypertension drug Tekturna -- a potential blockbuster that has shown the ability to lower blood pressure more effectively than common treatments.
The word: Strazzini said the diabetes drug and the blood pressure drugs are strong. You’ve got great drugs and a great company - They’re the number #1 ADR – hold Novartis until the diabetes drug comes out.
BURNING RUBBER TRADE:
The news: Tire stocks rally taking the air out of Greenspan's grumblings about recession.
The word: Adami said tire stock are up 184% which is telling you that economies around the world are still growing. I like the tire stocks, he said. And the demand isn’t cars, it’s coming from the machiners.
TAKE YOUR POSITION: GETTING AHEAD OF COSTCO
Costco reports earnings on Thursday before the bell, and they are still a favorite of Macke's. "You’ve got to suck it up and buy this stock. They make an excellent buy-out candidate. You want to get long in this name," he said.
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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