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Paulson, who earned $3.7 billion in 2007 according to Alpha Magazine by going short the subprime sector during the U.S. mortgage meltdown, also said a deterioration in consumer spending was set to drive the U.S. economy into recession this year.
As if that’s not depressing enough RBS also jumped on the doom and gloom wagon. Bob Janjuah, a respected credit market strategist at the Royal Bank of Scotland, predicted the credit crunch combined with soaring inflation would send the S&P plunging 300 points lower before September.
Sure there's negative news out there, but these predictions can't keep a good trader down. Here's what the Fast Money gang says could be worth a look.
Jeff Macke
Go bigger cap. Look at Citi [C
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]with a $19.50 stop and the United States Oil Fund [USO
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]with a stop at $100.
Guy Adami
Look at Deere & Co [DE
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]. I think the ag play still works.
Joe Terranova
Integrated oil could begin to rally.
Pete Najarian
Play Market-Vector Coal ETF [KOL
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]. I think coal has a lot farther to run.
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Trader disclosure: On June 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), (MSFT), (WMT); Pete Najarian Owns (AAPL), (BHI), (ENER), (MS), (TSO), (XLF), (XTO), (CHK), (HPQ), (MYGN); Pete Najarian Owns (RF) Puts; Adami Owns (AGU), (BTU), (C), (NUE), (GS), (INTC), (MSFT); Terranova Owns (XLF), (YHOO), (LUV), (FXC); Terranova Is Long Dec 2008 Crude Oil; Terranova Is Short Dec 2009 Crude Oil
Terranova is chief alternatives strategist at Phoenix Investment Partners; Phoenix Investment Partners Ltd. Owns (RWX), (DBC), (DBV), (IGE), (AAI), (ALK), (AMR,) (APA), BP plc, British Airways plc, (CHK), (CVX), (COP), (CAL), (DAL), ENI SPA, (XOM), Gazprom, (HA), (HES), (HOC), (HSE), (JBLU), Lukoil, (MRO), (MUR), (OXY), Petrobras Intl Fin, Petro-Canada, (PBR), Petroleos De Venezuela, (QAN), (RJET), Royal Dutch Shell plc A Shares, (SKYW), (LUV,) (SU), (TSO), Texaco Capital, Total SA, (UAUA), (LCC), (VLO)
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