Did Ben Save Housing Market?
The cracks that are the basis for this rate cut started with poor lending practices in the housing market. Did Bernanke signal that he won’t standby and let the housing slump drag us into a recession? As a result, should housing stocks be back in the ‘buy’ column?
As a trade, and only as a trade, some homebuilders are back in play, Guy Adami said. He stressed that he doesn’t believe the industry is safe but there may be further upside in names like Hovnanian (HOV), Pulte Homes (PHM) and Toll Brothers (TOL).
Karen Finerman, who has been a holder of Home Depot (HD), said it will all pan out for the retailer when the housing cycle turns. Until then, she will continue to be “married to” Home Depot.
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Trader disclosure: On Sept. 18, 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 (INTC); Pete Najarian Owns (XLF); Pete Najarian Owns (GS) Options; Pete Najarian Is Short (ETFC); Finerman's Firm & Finerman Own (HD); Finerman's Firm Owns (ASD), (AA), (COP), (TXI), (TGT), (MO), (NMX); Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns (WMT)