Karen Finerman owns S&P puts as protection in this market, which has run so far in such a short amount of time that she thinks a correction could be coming.
Eric Bolling agrees. There has to be a day of reckoning coming, he says, because every short keeps getting taken out of the market. “Eventually the shorts are going to be right and you’re going to see some long selling,” he says. “And selling begets more selling.”
But you don’t have to sell your whole portfolio if you think the market is headed for the red, Dylan says. Eric recommends S&P shorts or ETF shorts as a way to pick up some protection. And Jeff says you can always just sell a little bit if you think the market is out of steam. Take a little caution and sell some, but not all, he says.
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On May 1, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:
Bolling Owns (DIS), (NMX), Gold, Silver; Karen Finerman’s Firm Owns (BBI); (ISE), (DVA), Finerman’s Firm Owns S&P Puts, CNBC Is A Service Of NBC Universal And Dow Jones.