No. 2 - Show Me The Money
Next week is "show me" time for the biggest brokers on Wall Street. Investors will learn if the subprime slime has soiled companies such as Lehman Brothers (LEH), Bear Stearns (BSC) and Goldman Sachs (GS). How are the guys trading?
Note: Tim Seymour of Red Star Asset Management substitutes for Eric Bolling on this show. We call him "The Ambassador"
Pete Najarian recommends buying the brokers Monday morning because he feels M&A is on fire and their retail business is starting to take off.
Pete plans to ride the financials through the Lehman report, but then might sell on the evening before Goldman earnings because he thinks GS might include cautionary words about rising interest rates.
Guy Adami doesn’t like Lehman but likes Goldman and Bear.
Jeff Macke says BSC presents the best trading opportunity because the stock likely has sumprime concerns already factored into it.
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Trader disclosure: On June 8 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:Najarian Owns (AAPL), (BTU), (NFLX), (.VIX) Seymour Owns (AAPL), (EWZ), (GLD), (EWZ), (GLD), (VIP, (MTL), (X), (TWX, Gazprom,) Red Star Asset Management Owns (MBT), (MTL), Gazprom ,Lukoil,,Severstal; Red Star Asset Management Is Short (EEM); Red Star Asset Management Is Short (WBD); Coronat Capital Management Owns (SNE)