If you’re brave enough to trade against the trend you could make a lot of money. Following are the traders' high risk and high reward plays.
If you’re brazen, go right to Citigroup (C ) says Guy Adami. And I think John Thain will probably turn Merrill (MER) around, so check out that stock, too.
I’d also play Citigroup, adds Karen Finerman, but I recommend buying the stock and the put a year out.
I prefer Morgan Stanley (MS), says Jeff Macke
Check out Fannie Mae (FNM), Pete Najarian chimes in, for moderate risk and high reward.
I think Mastercard (MA) is a buy, says Guy Adami. It will probably get beaten up on the back of Thursday’s Amex news, but it’s a different story.
Blue Nile (NILE) is my brazen consumer trade, says Jeff Macke. They’re an on-line jeweler that’s way off their high.
If you have a huge contrarian bend and you’re bullish the consumer, look at Bon-Ton (BONT) says Karen Finerman. However, personally, I'm not bullish the consumer.
I recommend betting with Barry Diller and buying IAC/InterActiveCorp (IACI), Pete Najarian says.
I think Home Depot (HD) is cheap, says Guy Adami.
Or check out Lowes (LOW), says Jeff Macke.
Again, if you’re contrarian, take a look at Hovnanian (HOV), says Karen Finerman.
I like Lennar (LEN) says Pete Najarian because they’re sitting on 90,000 homes that they’re ready to sell. It could explode.
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Trader disclosure: On Jan 10, 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 (YHOO); Najarian Owns (AMR), (BIIB), (C), (MSFT), (EBAY); Najarian Owns (CFC) Options, (WM) Options,(YHOO) Options; Finerman's Firm Owns (KSS), (WMT), (YHOO), (AEO); Finerman's Firm Owns (MDY) Puts And Is Short (MDY); Finerman's Firm Owns (MSFT) Options; Finerman's Firm Is Short (IJR), (IYR), (SPG); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm Owns Russell 2000 Puts And Is Short (IWM); Finerman's Firm Owns S&P 500 Puts And Is Short (SPY)