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The headline: Renewed Violence In Nigeria And Supply Concerns Sent Oil To $100 A Barrel.
The market hated that crude traded at $100 and sent the Dow [.DJIA
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]plunging says Jon Najarian. It was the worst first day of the year percentage drop since 2001. Don’t get in right now, he counsels. Wait until the middle of the month. Or if you must play the volatility, play the exchanges.
Traders are nervous adds Jeff Macke. I think the direction in the near term is down.
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GOLD RECORD
The headline: Gold Stocks Surging With Gold At 28-Year High.
Gold and oil appear to be trading in tandem here, says Tim Seymour. I don’t think there was a fundamental factor that sent gold higher.
If you’re bullish gold buy the Gold ETF [GLD
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]says Adami but not the mining stocks.
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BROKEN BROKERS
The headline: Goldman Sachs [GS
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], Morgan Stanley (MS), Brokers Stumble As Subprime Concerns Carry On Into New Year
Options activity suggests that 15 days into the month will be a “key time” to play these brokers, says Jon Najarian.
Guy Adami finds GS extremely attractive right now.
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BLACKSTONE DROPPED THE BALL
The headline: PHH Announced Termination Of Sale To GE Capital, Blackstone 18 Minutes After Midnight On Jan. 1.
At these levels, Blackstone [BX
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] looks attractive says Guy Adami. I think it’s a buy at $20. Also, I think M&A activity will increase in ’08 so you might consider playing Lazard (LAZ).
It’s too early for that play counters Jeff Macke.
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WHEN THE CHIPS ARE DOWN
The headline: Intel [INTC
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], Texas Instruments (TXN), Chip Makers Drop On Banc Of America Downgrade.
Banc Of America downgraded major semiconductor makers on weak '08 profit expectations explains Dylan Ratigan.
Jump into Intel (INTC) at current levels, says Guy Adami.
Get short KLA-Tencor (KLAC) adds Jon Najarian. They supply the semi-conductor equipment and future demand could be bleak.
Or you can short the Semiconductor HOLDRs (SMH) adds Tim Seymour, although personally, I wouldn’t do it right now.
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NATIONAL CITY CUTS DIVIDEND: NATIONAL PITY
The headline: National City [NCC
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] Tumbles After Announcing 49% Dividend Cut, Additional Job Cuts
There’s probably more room on the downside in Nat says Guy Adami. But I don’t think it’s a sign of things to come in the broader market.
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JOBS REPORT ON FRIDAY: HELP WANTED?
The headline: What's The Trade Ahead Of Friday's Crucial Jobs Report?
Analysts are expecting non-farm payrolls to add 50,000 jobs in December explains Dylan Ratigan.
For a trade buy the Retail HLDRS [RTH
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] at $90 says Jeff Macke.
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Trader disclosure: On Jan 2, 2008, 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), (DIS); Jon Najarian Owns (AGU), (CSIQ), (AMZN), (BG), (DE), (DPTR), (GFI), (GS), (GT), (MON), (MOS), (MRO), (POT), (TSO), (UBS), (VLO), (CME), (GM),(UA); Jon Najarian Is Short (KLAC); Seymour Owns (CSCO), (INTC), (BX); Seygem Asset Management Owns (EWT), (TSM), (X), (PKX)
Data is a real-time snapshot *Data is delayed at least 15 minutes