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Fast Money Now: Mid-Market Trades

The Dow added to gains on Monday, with the Nasdaq climbing more than 1 percent, as the stronger dollar boosted the allure of U.S. investments and Citigroup projected strong sales for Amazon.com Inc's electronic book reader.

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OIL DIPS BELOW $114

The news: An improbable run higher for stocks continued Monday as oil traders ignored global unrest and sent prices down more than $2 a barrel, while the dollar continued its rally and a renewed belief in the consumer also pushed Wall Street higher.

The plays: My trade is to buy anything that was negatively impacted by oil’s superspike in the spring, says Joe Terranova.

I’d short the XLE or buy the DUG , counters Quint Tatro.

I was long the refiners but I’m out now, reveals Jon Najarian.

I bought the UUP , adds Jeff Macke because I think the dollar is breaking out.

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NO PLACE LIKE HOME

The news: Home Depot Jumping 6% to Breakout Above Key Techincal Level

The plays: HD is a hallmark name and is now trading above the 200-day moving average on the upside, says Joe Terranova. I think it’s a name you want to own.

It’s a function of the dollar, counters Jeff Macke. It’s too late to buy it now.

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GOLDMAN LEADS WALL STREET COMEBACK

The news: Shares of Goldman were breaking out Monday afternoon lifting the financials and the market with it.

The plays: I love Goldman all the time and I think now is a reasonable time to get long, says Jon Najarian.

If you want a basket look at the XLF, counters Qunit Tarto with a stop below $21. I think the risk reward is fantastic.

I don’t think it’s a sustainable rally in the financials, but it’s a trade that should work over the next few days, says Jeff Macke.

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CHIPS, APPLE LEAD TECH HIGHER

The news: KLA-Tencor as well as other chip equipment names surged Monday afternoon. Meanwhile Apple jumped after reporting over 60 million users have downloaded iPhone programs from the Apple store.

The plays: I’m riding Intel , Taiwan Semiconductor and Marvell Technologies on the long side, says Jon Najarian.

I’m bullish of tech right now, adds Jeff Macke.

I am too, says Joe Terranova.

A high tide lifts all boats, says Quint Tatro. I would be very selective here.

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MOVE OF THE DAY: AMAZON JUMPING 11%
The news: Amazon was trading higher on Monday afternoon on two positive analyst notes. Piper Jaffray said that Amazon could lower third party transaction fees and Citigroup wrote that sales of Amazon’s “Kindle” e-book reader appear stronger than expected.

The plays: I think it all ties into the dollar thesis, says Jeff Macke. Right now retail is a strong dollar trade. But don’t chase these trades.

There’s a turn in sentiment, adds Jon Najarian. I think consumers are spending more as they see prices go down at the pump.

The connection is oil, says Quint Tatro. If the consumer has more money in their pockets because gasoline prices come down, they’re going to buy more stuff.

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ANALYZE THIS: SOLAR NAMES RIPPING

The news: According to UBS demand for solar looks strong. As a result they’ve upgraded Energy Conversion Devices but downgraded shares of SunPower .

The plays: I would sell the rip in ENER, counsels Jon Najarian.

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BRINING DOWN BEAR STEARNS

The news: Jon Najarian reveals that options action in Bear Stearns during the days before it was bought out, is raising suspicion about the demise of the company. “Many people knew this animal was really wounded. Why were they buying so many puts?” he questions.

The plays: Najarian seems to think there’s more than meets the eye here.







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Trader disclosure: On Aug 11, 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 (MSFT), (WMT), (COST), (UUP); Jon Najarian Owns (C), (MRVL), (TSM), (XLY); Jon Najarian Owns (TSO) Calls, (VLO) Calls; Jon Najarian Owns (CSCO) Call Spreads, (INTC) Call Spreads, (AAPL) Call Spreads; Jon Najarian Is Short (GLD); Quint Tatro Is The Principal Of Tatro Capital; Tatro Owns (C), (JPM); Tatro Capital Owns (INTC), (IBM), (QQQQ), (SPY), (XLF), (SSO); Tatro Capital Is Short (RIMM); Tatro Owns (GS); Tatro Capital Owns (SMN), (EEV)

Terranova Owns (RIMM), (IYT), (INTC), (CME), (GOOG), (FCX), (VLO), (SA), (KOL), (SU), (BNI), (YHOO), (XLF); Terranova Is Short Crude Oil (Dec. 2008); Terranova Is Long Crude Oil (Dec. 2012)

Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; Phoenix Investment Partners Owns More Than 1% Of (ABD), (ARE), (BRE), (CNTY), (CLB), (OFC), (DLR), (ESS), (EXR), (FL), (IAT), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (SKT), (BLV); Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO; Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)

Symbol
Price
 
Change
%Change
DJIA
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AMZN
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DUG
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GS
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HD
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INTC
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MRVL
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2330
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UUP
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SPDR NRG SEL
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SPDR FIN SEL
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