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A huge rally in a precarious market could open up a window to unload dead-weight stocks at good prices. Fast Money’s Jon Najarian offered up his “trash” picks – stocks he would sell if the rally holds on Wednesday.
USO [USO
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]: This oil fund has rallied so dramatically that it’s due for a pullback, Jon said. He also noted that he saw increasingly heavy put buying in the stock, solidifying his belief that a sell off is imminent. After all, the USO moved $18 in the last month alone. Few things stay that hot forever. Check out the DUG ETF [DUG
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], he added, which is a leveraged short bet against oil.
Washington Mutual [WM
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] and Fannie Mae [FNM
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]: Both these financials are becoming hotbeds of put activity, Jon said. On the flip side, student loan provider Sallie Mae [SLM
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] is benefiting from heavy call buying. Why the disparity? As Jon put it, people can default on their home loans but not on their student loan payments.
Williams-Sonoma [WSM
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]: After seeing a huge move higher on very little volume, Guy Adami predicted bad news could be coming in this retailer that would move its stock substantially lower.
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Trader disclosure: On Mar.11, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Pete Najarian Owns (AAPL), (AMAT), (BIIB), (C), (CSCO), (MS), (MSFT), (NOK), (XLF), (YHOO), (CPHD); Pete Najarian Owns (AA) Calls, (COP) Calls; Pete Najarian Owns (FNM) Puts; Finerman Owns (GS), Finerman's Firm Owns (AAPL), (AEO), (FNM), (GE), (JCP), (MO), (MSFT), (TSO), (VLO), (WMT), (YHOO); Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Seymour Owns (CFC), (CSCO), (INTC), (MBI), (MSFT), (S), (TMA), (TSO), (TSM); Seygem Asset Management Owns (VIP); GE Is The Parent Company Of CNBC
Jon Najarian Owns (SLM)
Jon Najarian Is Short (WM), (WSM). (USO). (FNM)
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