Play The Market And Sometimes You Get Burned
You can’t win them all. Following are recent picks in biotech, metals and technology that didn’t quite pan out.
On May 11st, The Negotiator was bullish on biotech. He said, “Would you like to know the way I play bio tech? Gilead (GILD) is a personal favorite. Tamiflu and 9 other drugs; 5 stocks in clinical trials."
But shares have since fallen -- the stock was hurt Wednesday by two analyst downgrades.
Today Guy says he still likes this stock and is buying it on the dip.
On May 31st, The Pit Boss pulled for an iron ore play. He said, “Options contracts on Cleveland-Cliffs (CLF) went from 55 cents to $3 on Friday. They're $9.50 now. June 85 calls same type of scenario… This has been a monster trade."
Cleveland-Cliffs has since taken a monster fall, shares down 6% since Pete's call. The company announced Wednesday it will sell its stake in a mining venture.
Today Pete says the stock remains in play and he tells investors to stay long and buy puts as protection.
On May 31st The Lone Wolf recommended selling Herb Greenberg’s favorite stock, Palm (PALM). He said "If your long Palm (PALM) waiting for a buy back, you're going to be waiting for (a long time)…Sell Palm."
But since then, shares have been up about 2%, although they did fall a bit Friday.
Today Jeff says sell this stock and stay away.
The Admiral had the day off. Don't worry - Dylan will fast fire him next time!
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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)
Najarian Owned (CLF) On 5/31/07