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The Dow [.DJIA Loading... ()
] rose sharply on Thursday after the government reported the economy grew at a surprisingly robust clip in the second quarter and oil prices eased. It was GDP that really propelled the market, says Jon Najarian. Maybe it was program trading, maybe it wasn’t, but that’s what sent this market higher.
I don’t think the GDP is enough to turnaround the fundamental asset quality issues that will affect the banks going forward, adds Karen Finerman.
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TRADING THE STORM
Tropical Storm Gustav was forecast to strengthen into a major hurricane in the Gulf of Mexico over the next few days, posing the biggest threat to U.S. energy infrastructure since the devastating hurricanes of 2005.
However, the price of oil [US@CL.1
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] moderated after the International Energy Agency pledged to open its emergency stockpiles if Tropical Storm Gustav damages U.S. oil and natural gas facilities in the Gulf of Mexico.
I think the thing to watch is reformulated gasoline, says Joe Terranova. I’d get long it (reformulated gasoline) and I think you can get long EOG Resources [EOG
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] . But the hurricane is not a crude spot trade.
Terranova gets snaps from the forecasters. Planalytics senior vice president of energy Paul Corby says, “If you want to play it, I also think you should go long reformulated gasoline. But buy some puts because the market could come off again once the storm goes through.”
XTO Energy [XTO
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] gets interesting if it dips down to $48, adds Guy Adami.
I don’t see a commodities trade based on this information, says Jon Najarian. But if Gustav is downgraded it could be good for AFLAC [AFL
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]. And in energy I’m long the United States Natural Gas Fund [UNG
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] but way out in April with bull call spreads.
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AFTER HOURS ACTION: DELL
Dell [DELL
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] posted a disappointing drop in quarterly earnings and said spending cutbacks have spread from the United States to Western Europe and Asia, sending its shares down more than 10 percent after hours.
I didn’t think the numbers were a disaster, says Guy Adami. Yes gross margins were down but I see huge opportunity for them in India and China. I still like this stock.
Unusually heavy selling of calls suggests that investors were nervous ahead of earnings, adds Jon Najarian. But at current levels, I’d own some before the week is out. Also look at Lenovo [LNVGY
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] and Hewlett-Packard [HPQ
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] if they’re dragged down on the back of the Dell numbers.
I like the fundamental story of Dell, as well as Hewlett Packard and Intel [INTC
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]. There’s so much potential overseas, adds Joe Terranova.
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BANKS LEAD MARKET
The brighter economic outlook coupled with a management shake-up at top U.S. mortgage finance company Fannie Mae [FNM
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] boosted financial shares, which led market gains.
Also a Lehman analyst Bruce Harting became the latest among Wall Street analysts to say Fannie and Freddie [FRE
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] have no immediate need for capital.
In the sector, Bank of America