CASINO STOCKS NEED A MARKER
Both Las Vegas Sands , and MGM are trading lower mid-day after hitting heavy resistance on a technical level.
The Chinese government came out and threatened to limit business in Macau, explains Jeff Macke. I think China wants a bigger piece of the action. Get ready for a shake-down!
I like Boyd Gaming if you want to play the space, says Guy Adami. They don’t have Macau exposure.
Jon Najarian is seeing unusual options activity in Nvidia.
With Apple doing as well as they are, I’m hearing good things about other chip stocks, he says. I expect Nvidia as well as Marvel to go higher.
BACK TO SCHOOL TRADE....GOLDMAN SAYS BUY TARGET
Despite posting weak earnings earlier in the week, Goldman Sachs has given Target a “Buy” rating sending shares of this merchant as well as other retailers higher, mid-day.
I’ve been telling you to get long Target , says Guy Adami, through the second half of the year.
I think you’re wrong, counters Jeff Macke. They have credit card exposure and they keep missing same store sales.
I like Ross stores, adds Jon Najarian. I’m impressed with the way that stock has been performing.
IN THE ZONE: GARTMAN ON OIL, GRAINS
Chicago soybean, corn and wheat futures rose more than 1 percent on Wednesday on active technical buying amid supply concerns, with gains in oil prices and other commodities providing additional support.
How should you trade commodities?
I think investors have beaten the living tarnation out of the grain market over the past month and a half, says strategic investor Dennis Gartman on Fast Money. That’s shaken all of the long-only funds and now they're out. I think it’s time to start taking a look on the longside.
(Before the live broadcast Gartman told our producers he recommends playing it with IPATH AIG GRAINS ETN
Meanwhile, oil prices continue their slide lower after a government report revealed an unexpected increase in supply.
If you want to play crude I’d own Suncor or if you want to play nat gas I’d get long San Juan Basin , counsels Gartman.
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Trader disclosure: On Aug 19, 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 (WMT), (MSFT); Adami Owns (AGU), (C), (BTU), (GS), (INTC), (MSFT), (NUE); Jon Najarian Owns (MRVL) Calls, (BRCM) Calls, (CSIQ) Calls; Jon Najarian Owns (AAPL) And (AAPL) Calls; Jon Najarian Owns (C), (CSCO); Jon Najarian Owns (TSO) Call Spreads; Jon Najarin Owns (NVDA) And (NVDA) Call Spreads; Jon Najarian Owns (XTO) Call Spreads; Terranova Owns (AAPL), (BNI), (CME), (EOG), (FCX), (GS), (GOOG), (INTC), (KOL), (NOV), (POT), (RIMM), (SA), (XLF), (SU), (X), (VLO), (YHOO); Terranova Owns (AIG) Puts; Terranova Is Short Crude Oil Time Spread (Short Dec. 2009, Long Dec. 2012); Terranova Is Long Crude Oil Futures (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)
CIBC Gartman Index Owns Wheat, Corn, Soybeans; CIBC Gartman Index Owns Natural Gas, Is Short Crude Oil; CIBC Gartman Index Owns Gold
Gartman Owns (AFFY), (SJT), (UNH), (DBA), (QCOM), (CSCO), (SDS); Gartman Owns (ANDE) And Is Short (ADM); Gartman Owns (QQQQ) And Is Short (TLT)
Gartman Is Short (X), (TAP), (KBE), (GS), (GRMN)