BEST DAY FOR DOW THIS YEAR
The headline: Biggest 2-Day Rally In 5 Years...Best Day For Fow Of The Year
I think it was all about the Fed and liquidity, says Tim Seymour. A lot of the assets that were sold-off recently get a boost from lower rates. But I’m not convinced we’re out of the woods. Wait for the Fed on Dec. 11th, he counsels.
Don’t chase this market, Pete Najarian echoes. It could pull back.
BANKS SHARES ROAR BACK
The headline: Banks Bounce Back On Rising Hopes For Rate Cuts, Mergers, More Capital Infusions.
Karen Finerman says news came out of Well Fargo (WFC) and Freddie Mac (FRE) that could have dragged down the financials, but didn’t. That suggests to her this could be the bottom. She adds Barclay’s (BCS) and Citigroup (C) look interesting to her on Wednesday’s action.
Guy Adami recommends looking at two stocks he considers best of breed; U.S. Bancorp (USB) and Goldman (GS).
Pete Najarian prefers Fannie Mae (FNM).
OIL UNDER $91
The headline: Crude Oil Continues Slide, Slipping 4% To $90.62; Oil Falls On Better-Than-Expected Supply Picture.
It’s as simple as the dollar says Guy Adami, which is leveling off. I think the trade might be get long the dollar and shorting oil and gold.
Tim Seymour doesn’t think oil will back-off, too much.
Pete Najarian likes the very large shippers of crude such as Nordic Tankers (NAT). However, he thinks the better trade is solar and recommends SunPower (SPWR), Suntech (STP) and Cypress (CY) in the space.
TECHNOLOGY NAMES EXPLODE
The headline: Technology stocks extended their gains Wednesday as the Nasdaq Composite Index rallied more than 1%.
Pete Najarian says without pressure to take profits in tech, stocks such as Google (GOOG), Research In Motion (RIMM) and Apple (AAPL)will likely move higher.
Guy Adami feels Intel (INTC) was unfairly “beatten-up” with the tape and he likes this stock and other chips at current levels.
Karen Finerman prefers the EMC stub which involves owning EMC Corp. (EMC) and shorting Vmware (VMW).
Picking up on Karen’s trade, “Investors could also go long EMC and buying EMC downside puts,” adds Pete Najarian.
MY CART RUNNETH OVER
The headline: Online Retailers Surge After 'Cyber Monday' Sets Single-Day Online Retail Sales Record.
Guy Adami likes Mastercard (MA) for transaction volume.
Pete Najarian thinks eBay (EBAY) has the most upside potential. He’s not as enthusiastic about Amazon (AMZN), which he says is near its 52-week high.
BUCKING THE TREND
The headline: U.S. Dollar Continues Its Rebound Wednesday; Dollar Finishes Higher Vs. Japanese Yen, But Surrenders Gains Against The Euro
“Don’t be fooled by the rise in the dollar against the yen,” says Tim Seymour. “That’s more about the carry trade. Short the dollar against Asian currencies and emerging market currencies,” he recommends.
None of the traders are long-term bullish on the dollar.
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Trader disclosure: On Nov. 28, 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 (NAT), (EMC), (ISIS),Najarian Owns (BSC) Options, (COP) Options, (GOOG) Options, (YHOO) Options: Finerman's Firm Owns (PLCE), (TSO), (WMT), (YHOO), (LOW): Finerman's Firm Owns (BIIB) Options, (MSFT) Options: Finerman's Firm Is Short (SPY), (IWM), (IJR), (IYR), (MDY), (MBI): Finerman's Firm And Finerman Own (GS): Finerman's Firm Owns (HD) And (HD) Puts, Finerman Owns (HD): Finerman's Firm Owns Russell 2000 Puts: Finerman's Firm Is Short (LEH) And Owns (LEH) Puts: Seymour Owns (AAPL), (MS), (MSFT), (YHOO), (GFA), (ITU), (SWC), Gazprom, Lukoil: Seygem Aset Management Owns (EEM), (CTCM): NBC Universal Is The Parent Company Of CNBC