How Do You Trade A Day Like Today?
Find out what strategies the Fast Money traders are using to navigate this murderous market!
To the extent that I am hedged, I always have a short book, says the Chairwoman. But I covered my short position in the XLF on Wednesday. If you’re short the XLF what are you waiting for but something like this. It feels awful to take off protection when the market is like this, but that’s how I trade.
The one name I have on my radar is Boeing , she adds. But I haven’t pulled the trigger, yet.
The rules of the game are in constant flux right now, adds the Lone Wolf. Goldman used to be thought of as a blue-chip stock. But they could be annihilated tomorrow if some credit agency decides the equity looks bad. I can’t get long in that situation so I choose to hang out in cash.
However I’ve got my eye on Apple, he adds. I think at $121 is a buy with a tight stop at $115.
I try to throw out the emotion of trading, says the Pit Boss. Instead I keep a close eye on volatility. On Wednesday the VIX hit its highest level since 2002 when the bear market bottomed.
For a trade, I also like Apple as well as Novartis, he says.
Look at US Bancorp , counsels the Negotiator. If the stock trades around $30 I think it’s a buying opportunity. I also like Lockheed Martin right now, he adds. At $105 it seems attractive.
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Trader disclosure: On Sept 17, 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), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (AAPL) And (AAPL) Collar; Najarian Owns (MS) And (MS) Collar; Najarian Owns (TSO) Call Spread; Najarian Owns (WB) Put Spread; Najarian Owns (XLF) And (XLF) Collar; Finerman Owns Owns (GS), (JNJ), (MSFT), (SUN), (TSO); Finerman's Firm Is Short (XLF), (IYR), (IJR), (MDY), (IWM), (SPY), (BBT), (COF)
Gartman Owns (MCD), (SDS); Gartman Is Long KBW Bank Index; CIBC Gartman Index Owns Copper, Wheat, Corn, Soybean, Natural Gas, 10yr Canadian Bond, Australian Dollar; CIBC Gartman Index Is Short Crude Oil, Sugar, Canadian Dollar, Euro
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