The news: OPEC administrators met in Vienna today and didn't do much. They did decide that their next meeting likely won't be until after Labor Day. So with OPEC out of the way, what's going to drive oil prices as the summer driving season approaches?
The word: Eric Bolling says if prices slide more, OPEC will call another meeting. But right now, it's all about weather and hurricanes.
The news: Stocks which were sold-off to the point of being overdone got a pop today.
The word: Guy Adami says the top or bottom of a move can often be defined by huge-volume events. We've seen this in stocks like Countrywide Financial, he says. These "volume events" might look scary, but if you step back for a minute, you could be rewarded. Right now, Guy likes H&R Block (HRB). Tim Strazzini likes USG (USG) even though it's had two big overhangs and people are selling out of concern about the housing slowdown.
BULLISH ON BEAR?:
The news: Bear Stearns (BSC) shares jump on higher profits, and the company says subprime problems are under control.
The word: Guy doesn't get it. Bear beat estimates by 2%, while Goldman Sachs (GS) beat by 36%. Yet Goldman still trades at a 4% discount to Bear and Lehman Bros. (LEH) on a valuation basis. He still thinks Goldman will get rewarded down the line.
OPEN ROAD TRADE:
The news: Winnebago (WGO) shares soar after earnings beat Wall Street expectations.
The word: Jeff Macke says this will be a critical summer for the RV industry. He likes Winnebago, especially after the company's CEO said he sees solid demand for the back half of 2007. Jeff says the rally will continue and WGO will come up big.
PICK A WINNER:
The news: American Eagle Outfitters (AEO), and Big Lots (BIG) saw a pick-up in interest in CNBC's million dollar challenge.
The word: People who got into retailers saw nice gains, Jeff says, because they played against the weak expectations. But he thinks the game for these guys ends tomorrow with the retail schedule declining.
QUADRUPLE WITCHING TOMORROW:
The news: Options on stocks, futures and indexes are due to expire tomorrow in a so-called 'quadruple witching.'
The word: Tim reminds people that index options expire in the morning, while the others expire later in the day. In the grand scheme of things, it won't matter, he says, but there is a chance there could be some volatility tomorrow morning. Typically, there would be dramatic reversals in trading between 9 a.m. and 11 a.m. if this were a big expiration - but it isn't.
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On MAR 14, 2007, 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 (JWN) Bolling Owns (DIS), (ICE), (NMX), Gold, Silver, Soybeans, is Short S&P Futures, is short Nasdaq Futures, is Short Corn