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The headline: Fed Rate Cut, Better-Than-Expected Earnings from Goldman [GS
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], Lehman [LEH
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] Spark Monster Rally
When Jeff Macke reads a Fed decision, he looks for three things: Growth, Inflation and Guidance. Today’s decision shows that the Fed thinks growth is getting worse, inflation is accelerating but will moderate and guidance is all about liquidity. The bottom line? Credit markets will not fail on Bernanke’s watch. The meeting is almost an afterthought. The Fed’s actions this past weekend changed everything, Macke said.
Guy Adami thinks the Fed put a floor in for the financials. The easy money to be made shorting these stocks is over, he said. Now it’s time to buy the dips.
BANK STOCKS SOAR
The headline: Financials ETF [XLF
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] Jumps 8.4%, Second-Biggest Move of All Time
Take your gains in Lehman, Jeff Macke said. But otherwise, he would be a buyer of financials on dips going forward because, again, the Fed “changed everything.”
Tim Seymour is reluctant to group together the whole sector with one trading strategy, although Guy Adami echoed Macke’s “buy the dips” approach.
Whatever you do with these stocks, buy protection. Pete Najarian can’t stress this enough. These stocks are still toxic and could still hurt, so buy the appropriate puts, he stressed.
BREAKING: VISA IPO PRICES ABOVE RANGE
The headline: Visa Prices at $44, Above Top of Range; Raises $17.9 Billion in Largest IPO Ever
The traders are in agreement that Visa, which will trade under the ticker V, is a screaming buy. The question is when is the best time to jump in.
For Guy Adami, he would take it slow. He still thinks Mastercard [MA
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] has 10 to 15% of upside left. Wait and see what happens this week with Visa, he said.
Pete Najarian, on the other hand, is so bullish on Visa he would recommend selling out of MA to get in.
Tim Seymour thinks this IPO sets a good tone for the market and could be even be a bellwether of things to come.
But Jeff Macke isn’t buying that. Visa is a nice one-time deal, he said.
>Read More: Visa Priced at $44 a Share, For Record $17.9 Billion
MORGAN STANLEY EARNINGS WEDNESDAY
The headline: Morgan Stanley [MS
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] to Report Earnings Before the Bell Wednesday
Morgan could blow away numbers, according to Guy Adami. He thinks 15 to 20% upside is left in MS.
Pete Najarian agrees that it should beat, but would sell into strength because of the overall tone of the financials.
Look for Morgan to benefit from poaching some of Bear Stearns’ prime brokerage business in quarters to come, Tim Seymour said.
BIZARRE BUYING IN BEAR
The headline: Bear Stearns [BSC
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] Mysteriously Trades Above JPMorgan [JPM
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] Deal Price
There are countless reasons this could happen. What if the deal goes into litigation that lasts long enough that, at the end of it, Bear’s assets are worth more than they are now? Guy Adami offered that scenario while Jeff Macke said it could just be shareholders buying up more of a stake in order to secure their say when they vote on the deal.
OPTIONS ACTION: HOP INTO BED BATH & BEYOND?
The headline: Pete Najarian Seeing Unusual Call-Buying in BBBY [BBBY
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The April puts are especially active, Najarian said. This is a play on discretionary spending but the environment is not necessarily one that will be kind to this stock.
IS CHINA STORY OVER?
The headline: China Stocks Slide to 8-Month Low after Premier Promises to Fight Inflation
While the FXI [FXI
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] is pulling back, Tim Seymour would stick with stocks like China Mobile [CHL
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] that aren’t as hyped and are still great long-term consumer plays.
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Trader disclosure: On Mar. 18, 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), (YHOO), (EMC); Najarian owns (AAPL), (AMR), (BBBY) Puts, (C), (COP) Calls, (CSCO), (JEF) Calls, A Neutral Put Spread In (LEH), (MS), (MSFT), (TSO), (USB) Puts, (YHOO), (XLF); Seymour Owns (AAPL), (BX), (CSCO), (F), (INTC), (MBI), (MER), (MSFT), (SBUX), (TMA), (TSO)
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