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#1 – The Golden Bear
Amid a global sell-off where should you put your money? Find out as we take the temperature of this irritable market.
Strategic investor Dennis Gartman, author of The Gartman Letter, joins the panel for this conversation. Following is a synopsis of his main points.
What do you anticipate in the morning?
I think it's going to be ugly Wednesday morning just because Apple (AAPL) missed Q2 expectations. Don't expect a pretty day, replies Gartman. I’m net short, just a tad.
Are we near the end of the bear market?
No. Since October each low has been lower and each high has been lower in the major indexes, he replies. Bear markets rarely end with “V” bottoms. Bear markets tend to end after you have a “V”, then you go down and check the bottom again and then lethargy sets in. I suspect this one will end the same way.
How do you trade it?
I’m long agriculture and gold, explains Gartman. Also I’m thinking about owning Potash (POT) and I will continue to own wheat, corn and soybeans. And I’m a seller of high tech and probably steel.
He adds, I think the US is in recession. It’s only a matter of time, when we look back and say it started late in the third quarter of 2007. And I think the rest of the world will be taken down with us slightly.
#2 - Is There Anyplace Safe In This World?
Which stocks can help you tap into foreign growth if the US enters a recession?
Despite the 5% and 10% declines seen around the world over the last few days, there could be opportunity in the BRIC names, says Tim Seymour.
With central banks lowering rates worldwide and sovereign wealth funds now moving their focus away from the U.S. and into faster growing economies I like this space, he adds. And on a valuation basis, they're still relatively cheap.
Specifically, check out iShares MSCI Emerging Markets ETF (EEM), as well as the infrastructure, oil & gas and consumer sectors in Russia, and India’s Tata Motors (TTM).
Resource companies such as Brazilian miner CVRD (RIO), Petrobras (PBR) and Gazprom are bellwethers and look cheap to me on a cash flow basis. I think they can withstand weakness, he adds.
And I think the China story is alive and well. I would own the iShares FTSE/Xinhua China 25 Index (FXI) for the next 6 – 12 months.
#3 Plays Amid The Panic
As investors panic you might find value. Find out were the Fast Money traders recommend building positions.
Macke: Wal-Mart (WMT)
I think the stock is behaving well, says Macke. And they’ve gotten their act together fundamentally.
Adami: Microsoft (MSFT)
The global PC story should remain in tact, says Adami, and Xbox sales could be surprisingly strong. Also Goldman just but this stock on its conviction buy list.
Najarian: ConocoPhillips (COP)
Sooner or later margins should improve, says Pete Najarian. If this stock dips toward $68 I say own it.
Finerman: Altria Group (MO)
We also bought refiners Tuesday, explains Karen Finerman.
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Trader disclosure: On Jan 22, 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 (DIS), (YHOO), (INTC); Finerman Owns (GS), (M); Finerman's Firm And Finerman Own (HD); Finerman's Firm Owns (MO), (SKS), (WMT), (YHOO); Finerman's Firm Is Short (IYR), (IWM), (SPY), (IJR), (MDY); Finerman's Firm And Finerman Own (CROX); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm Owns (RIO) Puts; Najarian Owns (BIIB), (C), (CSCO), (MS), (MSFT); Najarian Owns (WM) Calls, (YHOO) Calls, (AAPL) Calls, (NSC) Calls; Gartman Owns (CIM), (AAPL), (UNG), (SJT), (GLD), (COIN), (SDS); Gartman Is Short (AMZN), (GOOG), (X), (RIMM); CIBC Gartman Index Owns Crude Oil, Natural Gas, Wheat, Corn, Soybeans, Gold; CIBC Gartman Index Is Long The EUR; Seygem Asset Management Owns (EEM), (TTM), (AMX), Gazprom, Unified Energy System of Russia
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