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Best Rally of the Year Stalls

BERNANKE SIGNALS FED READY TO ACT

The headline: Bernanke Hints Fed Will Cut Rates Again Even As Inflation Rises

Federal Reserve Chairman Ben Bernanke warned Congress that the nation is in for a period of sluggish business growth and sent a fresh signal Wednesday that interest rates will again be lowered to steady the teetering economy.

While stocks ended almost unchanged, there was considerable intraday volatility on Bernanke’s comments and other factors, Tim Seymour said. But one thing this market doesn’t seem to care about anymore are new economic numbers.

DOLLAR DIVES TO NEW LOW

The headline: Dollar Sinks to New Low against Euro on Durable-Goods Data, Bernanke Comments

The weak U.S. dollar is hardly a new story. And in a lot of ways, it’s good for the stock market when the dollar weakens, according to Jeff Macke.

AFTER HOURS ACTION: APPLE

The headline: Shares of Apple Rising After Hours on COO's Bullish Comments on iPhone Sales During Goldman Sachs Conference

Shares were up almost 4% in the after market as Apple COO Tim Cook reportedly told the Goldman Sachs Technology Investment Symposium that the company is on track to sell 10 million iPhones.

Karen Finerman reaffirmed her satisfaction as an Apple shareholder. After being beaten down so much lately, it’s time to consider Apple a value stock, she said.

>Listen to the audio webcast of the conference here.

OIL TOUCHES $102

The headline:Crude Oil Crosses $102 For First Time before Retreating on Supply Report

If OPEC cuts production, oil prices would actually go down – that’s how Tim Seymour sees it. Higher prices are negative for demand, he said. OPEC would much rather see oil at $90 than $110.

OPTIONS ACTION: JEFFERIES

The headline: Pete Najarian Seeing Unusual Options Activity in Brokerage Jefferies Group

The buyers were out in force today, Pete said, snatching up the March 20 calls in Jefferies at a rate of five times the open interest. He even bought some for himself.

RIO FEELING GRAND

The headline: Brazil ETF Breaking Out, Up $20 Over Last Month

Tim Seymour, an expert on developing markets, said that Brazil is one of his favorite long-term plays. Brazilian commodities companies - think Vale (RIO) and Petrobras (PBR) - are so hot that they are practically driving the world economy right now, he said.

NOT A PRETTY PICTURE

The headline: Sotheby’s Profit Tops Estimates but Shares Tumble on Pricing Concerns

Sotheby’s is benefiting from great revenues, which surprises Karen Finerman. Evidently there is no bear market gripping the art world as everyone suspected.

BIOGEN DROPS ON SAFETY WARNING

The headline: Biogen Idec Falls after FDA Issues Safety Warning about MS Drug Tysabri

Biogen recovered modestly after dropping after the warning was issued. Pete Najarian thinks this is because investors realized they had misread the actual warning, which had to do with the need to monitor toxicity levels in the liver. The FDA did not say anything dire enough to spell really bad news for the company, Pete said. He’s confident enough that he bought Biogen after the warning was issued.

WEEKEND AT EDDIE’S

The headline: Eddie Lampert’s Sears May Report Earnings Thursday as Awful as ‘Weekend at Bernie’s 2’

Sears earnings will undoubtedly be a horror show, Jeff Macke said. Sears is simply not a good retailer, according to him. But its earnings could be the litmus test for other big-box retailers coming up. Since the expectations are so low, Jeff said the stock could bounce but he wouldn’t own it for anything more than a trade.

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Trader disclosure: On Feb.27, 2008, 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 (XTO) Calls, (JEF) Calls, (CNET) Calls, (BIIB), (C), (CSCO), (MS), (MSFT), (XLF), (YHOO) Calls; Macke Owns (INTC), (DIS), (ATVI); Seymour Owns (AAPL), (CSCO), (INTC), (MER), (MSFT), (SHLD), (TSO);Seygem Asset Management Owns (INFY), (EWT), (AUO), (UMC), (TSM), Gazprom, Is Short (PBR); Finerman Owns (HD), (GS), (LOW); Finerman’s Firm Owns (FNM), (MSFT), (YHOO), (WMT), Is Short (IYR), (IJR), (IWM), (SPY), (MDY), (LEH), Finerman’s Firm and Finerman Own (FLS)

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