Now that Lehman's out of the way, all eyes are on Goldman Sachs and Morgan Stanley. What should you expect?
I think Goldman presents the biggest dice roll I’ve ever seen since Goldman has been a public company, says Guy Adami on CNBC’s “Closing Bell.” My instinct tells me they’re knocking the cover off the ball in commodities. (Goldman is heavily involved in commodities trading.)
How would you trade Goldman?
I think the way to play Goldman is to take money off the table into earnings understanding that you might miss an $8 move to the upside, but knowing that you also could sidestep a $10 move to the downside.
How would you trade Morgan Stanley?
Morgan Stanleyaround $41 looks okay to me, says Adami. I don’t think the downside is anymore than $39.50 and I think you could take a run up to $50.
How would you trade Lehman?
If you’re long Lehmantake at least half your position off the table, he replies.
And remember all these are trades. None of these stocks are to buy and hold.
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Trader disclosure: On June 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;
Adami Owns (NUE), (AGU), (C), (GS), (INTC), (BTU), (MSFT)