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Stock Pickers Paradise

As the market begins to trade sideways, which stocks do the charts suggest you buy?

Within individual industries there’s a case to be made for being very much in favor of one player at the expense of another player, explains Oppenheimer Chief Market Technician Carter Worth. It’s called a "pairs trade" where you buy one and sell the other and I think this market lends itself to that.

Symbol
Price
 
Change
%Change
IBM
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Charts:IBM vs. Hewlett Packard



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Price
 
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%Change
HPQ
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Charts:IBM vs. Hewlett Packard

I recommend getting long IBM and shorting Hewlett-Packard , says Carter Worth.

I'd be long both, counters Guy Adami.

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Symbol
Price
 
Change
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XOM
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Charts:ExxonMobil vs. Apache



Charts:ExxonMobil vs. Apache

I think you go long Exxon and get rid of Apache , says Worth, because Apache has probably gone too far too fast.

I like getting long Exxon but I'd short some of the EM names instead, such as Petrobras, counters Tim Seymour.


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Symbol
Price
 
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%Change
PG
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Charts:Procter & Gamble vs Clorox



Symbol
Price
 
Change
%Change
CLX
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Charts:Procter & Gamble vs Clorox

I’d take the long side of P&G and short Clorox , says Worth because P&G has much more international exposure.

Be careful of these trades, warns Tim Seymour. Sometimes they play themselves out over only a few days.


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Trader disclosure: On Apr. 16, 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 (AAPL), (BIIB), (CSCO), (TSO), (YHOO), (XLF), (AMR), (ETFC), (ATI); Najarian Owns (EBAY) Calls, (IBM) Calls, (BSC) Calls, (COP) Calls, (MSFT) Calls, (HK) Calls; Najarian Is Short (INTC) Calls; Najarian Owns (LEH) Puts; Seymour Owns (AAPL), (CSCO), (INTC), (MER), (MSFT), (TSO); Seygem Asset Management Owns (TIE), (COP), (PKX), (GGB); Oppenheimer & Co. Is A Market Maker In (GOOG), (AMZN), (EBAY), (BIIB), (MLNM), (CSCO), (RIMM), (MSFT), (INTC); Oppenheimer & Co. Has Provided Investment Banking Services For (XTO) In The Past 12 Months; Oppenheimer & Co. Has Received Compensation For Investment Banking Services From (XTO) In The Past 12 Months; GE Is The Parent Company Of CNBC; Charles Schwab Is A Sponsor Of "Fast Money"

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