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The Dow [.DJIA
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] closed higher Tuesday after General Motors surprised Wall Street with stronger-than-expected June sales and financial shares reversed earlier losses as investors scoured for bargains. Both the S&P [.SPX
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] and Nasdaq [.NCOMP
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] also ended higher.
I don’t buy into anything positive that happened today, says Pete Najarian. The whole world is out doing high kicks. Whopdedoo! It’s not over yet! I think the S&P has plenty of room to break back down.
A lot of investors are watching the VIX [VIX
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], explains Tim Seymour. They’ve got their eye on the 30 level. If and when it gets there they think it will signal a buying opportunity.
Rallies in bear markets tend to be the violent, adds Guy Adami. But there are certainly buying opportunities.
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GM TO THE RESCUE
General Motors [GM
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] surprised investors with a sales decline that was much smaller than expected, and the company's shares reversed earlier declines. By midday the car maker lifted the Dow out of bear territory.
It’s good for the market but not exactly inspiring, says Karen Finerman. It’s just the unlikeliest of heroes imaginable.
I told you that GM shares could bounce, reminds Guy Adami. I think you can get long with a well defined stop.
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BANKS FINALLY BOUNCE.
Lehman [LEH
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] shares jumped after the WSJ reported that a bigger write-down was not ahead. Also Morgan Stanley recommended Lehman as a buy setting a price target of $31. Meanwhile Bank of America Corp. [BAC
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] said Tuesday that it had completed its purchase of Countrywide Financial Corp.
Although the financials [XLF
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] turned positive late day, Pete Najarian wouldn’t touch the banks with a ten foot pole.
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APPLE AWAKENS
Apple [AAPL
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] surged Tuesday on bullish Wall Street commentary. Lehman said the new 3G iPhone, as well as the Mac notebooks and general excitement about the company should boost year end sales.
I own Apple as well as upside call in RIMM, reveals Pete Najarian. And keep an eye on the semiconductor space.
Go downstream, adds Guy Adami. I like AT&T [T
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] better.
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OPTIONS ACTION
Keep your eye on Prudential [PRU
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] says, Pete Najarian. Options traders are buying Sep 50 puts. Also watch HSBC [HBC
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]for put buying.
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SAFER AT HOME?
Japan’s benchmark Nikkei [NIKKEI
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] fell for a ninth day on Tuesday, reversing earlier gains as investors remained jittery over inflation fears stemming from soaring global oil prices. But of all the global indexes Turkey fell the most on record oil and rising inflation.
I remain cautious on emerging markets, says Tim Seymour, especially in countries where inflation is higher than the cost of savings. Although the long term story remains in tact, in the short term interest rates could soar.
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PEDAL ON THE METALS?
Alcoa [AA
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]