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Dow Jumps 90 Points
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The Dow [.DJIA Loading... ()
] rose on Wednesday as surprisingly strong data on durable goods orders soothed some concern about the sluggish economy while Fannie Mae and Freddie Mac led a rally in financial shares.I have a very hard time getting excited about this market, says Quint Tatro. I see nothing to do in it.
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STORY OF THE DAY: THE ECONOMY
The S&P [.SPX
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], was cheered on Wednesday by data showing new orders for big-ticket manufactured items jumped a surprisingly strong 1.3 percent in July. Boeing [BA
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] shares added nearly 2 percent after the data showed a 28 percent rise in orders for civilian aircraft.
"Durable goods orders were up very nicely, and the market is going up because that has helped people start to look beyond the valley of all the economic and credit concerns to better times ahead," said Al Goldman, chief market strategist at Wachovia Securities in St. Louis. "People are a little less pessimistic."
"I (also) think it was a good report," adds Deutsche Bank chief US economist Joe LaVorgna on Fast Money. "It showed a lot of firm exports which could lift the Q2 GDP number to close to 3% when it’s released on Thursday."
However, the report shows what’s already happened and it’s where we’re going that really matters.
"What scares me is the consumer," adds LaVorgna. "I think consumer spending could be flat or negative in the next quarter and (consumers) drive our economy."
As a result he thinks the weak consumer will keep this stock market, "at best range bound or more likely it's going to re-trace."
How should you trade? "I wouldn’t buy equities quite yet,” he concludes.
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TROPICAL STORM BOOSTS OIL
Traders pushed the price of crude oil [US@CL.1
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] higher on Wednesday on forecasts that Tropical Storm Gustav will intensify into a hurricane as it ploughs toward the U.S. oil and natural gas platforms in the Gulf of Mexico
I have no idea what’s going on with the hurricane, says Guy Adami. But I’d take profits ahead of the storm. Also Exxon Mobil [XOM
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] is trading with nearly an 81-handle, he says. I’d sell it at current levels and buy it back around $78.
> Click here to find out how Joe Terranova recommends trading Gustav
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BANKS ARE THE BIGGEST GAINERS
Singapore's Temasek Holdings has received U.S. antitrust approval to raise its stake in Merrill Lynch [MER
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] to as much as 14 percent, according to Bloomberg.
Playing the financials are tricky, counsels Quint Tatro. I’m long the Financial Select Sector SPDR [XLF
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], he says but only as a trade.
And if you’re long USB [USB
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], adds Guy Adami, now is the time to take profits.
---------------(scroll down for more trades)---------------
- Special Feature: Wall Street History - How Wall Street Got Its Name
- Gene Munster Expects Apple Growth, Dividend
- LinkedIn CEO Calms Post-Lockup Concerns
- Anthony Scaramucci: S&P 500 Stocks Still Cheap
- Home Builder Optimism Up, Industry Expert Says
- Chart Patterns Suggest Pullback at Hand
- UPDATE: Massive Trend Just Getting Underway in Financial Services: Finerman
- Terranova: Beware Nuance Play On Apple Spike
- Top Fashion Stocks for 2012
- Pros Bullish On Visa, Even After It Hits a New High
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GREENBACK GIVES BACK
The dollar [UUP
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] erased gains on Wednesday due to a rebound in oil prices, as well as persistent concern about the U.S. economy and banking system.
Someone in Europe said there was going to be a rate hike, explains Guy Adami. But I don’t see any way they can do it.
I expect the euro to make a little bounce, says Jon Najarian, and then keep rolling over.
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APPLE LEADS TECH HIGHER
Apple [AAPL
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] led the tech sector higher with analysts and bloggers speculating that new Mac products could be on the way.
I also think we might see a new product or two, muses Jon Najarian. And it makes a lot of sense for Apple.
Expect tech to be a leader when the market turns higher, adds Joe Teraanova. Apple and RIMM [RIMM
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] are my favorites because they’re not directly exposed to the housing woes.
I agree with both guys, says Quint Tarro. Apple traditionally low balls estimates. If the company blows numbers away it’s exactly where you want to be.
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PICKED THE WRONG DAY TO TRADE AIRLINES
The airlines sector [XAL
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] closed lower on Wednesday after Citigroup downgraded AMR [AMR
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]to “Sell” from “Hold” saying airlines are “not out of the woods yet. Meanwhile, Southwest [LUV
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] said it would cut 190 flights from its winter schedule to streamline expenses.
Airlines stocks are trading vehicles, says Guy Adami. If you think oil is going lower then buy. Or go down the line and look at Boeing [BA
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]which I like lower or Rockwell Collins [ROC
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]which I like at current levels.
The airlines are adjusting their business model to $130 oil, and if oil goes down their margins should get wider, adds Joe Terranova.
Also capacity is coming out of the system, says Jon Najraian. That’s good news for them, bad news for travelers.
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OPTIONS ACTION: AFLAC
Jon Najarian is spotting unusual options action in AFLAC [AFL
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].
Options traders are buying $65 out of the money calls in AFLAC, Najarian explains. That suggests the stock could snap higher.
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TOPPING THE TAPE: FERTILIZER STOCKS
Fertilizer names including Potash [POT
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], Agrium [AGU
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], and Mosaic [MOS
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] all traded higher on Wednesday. Is the top in for fertilizer stocks after this pop?
I’m short Monsanto [MON
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], Mosaic and Potash, says Quint Tatro. I think the story is done and these stocks go lower. As far as I'm concerned the trends are broken.
I’d also look to sell, says Joe Terranova.
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Trader disclosure: On Aug 27, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Jon Najarian Owns (C), (JPM); Jon Najarian Owns (AAPL) And (AAPL) Calls; Jon Najarian Owns (ALF) Calls, (NTAP) Calls, (RMBS) Calls, (EWH) Calls, (UNG) Calls; Tatro Owns (C); Quint Tatro Is The Principal Of Tatro Capital; Tatro Capital Owns (FXI), (SHLD), (XHB), (XLF), (SMN); Tatro Capital Is Short (MON), (MOS), (POT), (RIMM); Terranova Owns (POT), (NOV), (SA), (GS), (KOL), (EOG), (VLO), (FCX), (RIMM), (AAPL), (X); Terranova Owns (AIG) Puts; Terranova Owns Dec. 2008 RBOB Gasoline Crack Futures
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)
Data is a real-time snapshot *Data is delayed at least 15 minutes
