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It might not have been implicit in the statement, but the Fed still seems to be signaling that it is going to stop cutting rates for a while, Jon Najarian said on Wednesday’s Closing Bell. That’s why he cautioned staying long the crude oil, gold or euro trades for the time being.
Those commodities are done rallying for a while, Najarian said. If they go higher, it’s nothing more than a “fool’s rally” and likely won’t last longer than a day or two. He recommended investors take the opportunities to sell those commodities into strength if they can get it.
Najarian also said he was noticing unusual options activity in two stocks that are getting set up to report earnings: Bare Escentuals [BARE
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], the fast-growing cosmetic company, reports Thursday and the stock is seeing heavy put buying ahead of those numbers, indicating that investors are concerned, Najarian said.
On the other side of the tape there’s Giant Interactive [GA
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], another red-hot growth stock. This one is based in China and boasts a huge online gaming business that’s gaining share by the day. Traders were buying calls in GA on Wednesday as if they’re expecting a takeover, Najarian said.
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