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The news: The Dow [.DJIA Loading... ()
]declined by triple digits on Wednesday with financial shares selling off for a second straight day on fresh concerns about the widening impact of the mortgage crisis.-----------------------
BANKS KNOCK MARKET AGAIN
The news: Investors sold off shares of major banks and other financial firms, a day after JPMorgan Chase [JPM
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] said it had racked up an additional $1.5 billion in write-downs stemming from soured mortgage-related investments.
Both Citigroup [C
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] and Bank of America [BAC
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] were hit hard after Merrill analyst Richard Bernstein wrote in a client note that the credit crisis is “far from over.”
The play: I see more room to the downside in banks, says Karen Finerman. That’s not to say they can’t bounce but I’m happy to be short.
I’m a little nervous, says Pete Najarian. Wells Fargo [WFC
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] and JP Morgan [JPM
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] had “hung in there” through the whole mess. But they’re both raising cash and it makes me concerned.
They’re raising money for one of two reasons, adds Finerman. They either need the capital or they see opportunity in the sector. I’m going with the former.
It’s technical analysis 101, exclaims Jeff Macke. Once these things break their support, the trend lines are gone!
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BIGGEST OIL JUMP THIS MONTH
The news: A rebound in oil prices [US@CL.1
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] added to the negative tone in the market after a government report showed unexpectedly large declines in crude and gasoline stockpiles in the latest week. Gasoline stocks fell by 6.4 million barrels, the Energy Information Administration said, which was far greater than analysts had expected.
The play: In crude I wouldn’t buy the dip, I’d sell the rally, counsels Guy Adami. I expect to see a little more bounce but I’m not impressed. If you’re looking for a trade look at Schlumberger [SLB
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]. At current levels it looks attractive.
The Energy Select Sector SPDR [XLE
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] and Oil Service HLDRS[OIH
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] moved up but not to the magnitude they should have, says Pete Najarian. I’m not impressed. If you get one more day down in oil, I’d get into the airlines. United [UAUA
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] around $10 looks attractive to me as a way to trade oil.
I’m longer oil services stocks, reveals Karen Finerman.
I think the industry is garbage and I don’t think these stocks are going anywhere, says an annoyed Jeff Macke.
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TOPPING THE TAPE: COMMODITY STOCKS ROAR HIGHER
The news: U.S. Steel [X
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], Potash [POT
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], and Mosaic [MOS
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] all rebounded on Wednesday from the August commodity swoon. Also gold has soared after recently d