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As fears about the stability of major financial institutions spook global markets, how should you trade next?
As you'd expect, financial shares [XLF
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] led Monday’s steep decline in the stock market as the Street worried about the impact of the credit crisis on the broader economy.
Investors are scrambling to figure out what comes next, who loses and who wins. “There’s a need for customer service in the financial services sector,” says Guy Adami. “I think firms that do well going forward are those that get back to basics.”
Look at Jefferies [JEF
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] , he says, which was higher on the day. They’re actually hiring and building up in anticipation (of landing new business).
Also, Raymond James [RJF
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] is a great asset manager, adds Adami. They’re not in the same league as Merrill but maybe one day they will be.
Or for a best of breed trade, look at US Bancorp [USB
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], Adami says.
Meanwhile, from video game makers to consumer product makers traders are seeking new opportunities in retail. How does the situation shake out on Main Street?
”Consumers are at the very end of this huge whip,” explains Jeff Macke. "The aftermath from the credit crisis will likely be tighter consumer credit. But there have also been substantial reductions in the price of oil and other commodities.”
”When it comes to consumer plays, the jury is out,” he concludes. For the time being the best place to be in retail is on the sidelines.
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