RECENT POSTS
- Your First Move For Monday November 16th
- Web Extra: Where Will The Next Bull Come From?
- Burned by Yahoo!, Disney and More
- The Latest Picks That Paid – Friday November 13th
- Pops & Drops: Dow Chemical, Macy's...
- Chartology – Can Stocks Break Above 1100?
- Fast Action: Using Options To Play Housing Bottom
- Bold Call Of The Day – Microsoft
FAST MONEY FEATURES
FAST MONEY POLLGet in the post game. Respond to our "Question of the Day" right now.
TRADE SCHOOLGrab a pencil because school is in session and the Fast Money traders are teaching class.
FAST MONEY PODCASTSDownload Fast Money onto your MP3 Player.
FAST MONEY WIDGETGrab this all-in-one application and get recaps of the show sent right to your desktop or blog.
SHOP FOR FAST MONEY MERCHANDISEGet your game on with Fast Money gear.
FAST MONEY PHOTOS!Check out our scrapbook. These "pix" are guaranteed winners.
NEWSLETTERSign up and receive a recap email every Friday after the show!
FAST MONEY MOBILE ALERTSGet advanced information about the next Fast Money.
Text Size 
 |
The Dow [.DJIA Loading... ()
] roared back Tuesday, a day after its worst sell-off in 21 years. Investors bet Washington would revive a plan to stabilize the U.S. financial sector after Monday's surprise defeat on Capitol Hill.Senate Banking Committee Chairman Christopher Dodd, D-Conn., told reporters, "I'm told a number of people who voted 'no' yesterday are having serious second thoughts about it." He added, however, "There's no game plan that's been decided."
Senate Republican Leader Mitch McConnell of Kentucky said it was time for all lawmakers to "act like grown-ups, if you will, and get this done for all of the people." He predicted a bill would pass this week, although the House, not the Senate, is the focus of the dispute.
If anyone sees the glass has half full, it’s Guy Adami. I think we’re entering an environment where strong banks are at a huge advantage, he says. Wells Fargo [WFC
Loading...
()
], JP Morgan [JPM
Loading...
()
] and US Bancorp [USB
Loading...
()
] look like they’re setting up for a huge rally.
Joe Terranova doesn’t share Guy’s optimism. It didn’t feel like the market was up that much to me, he says Joe Terranova.
------------------------------
CREDIT MARKET STILL IN SHAMBLES
Despite a widely held belief that Congress will pass some kind of bailout credit markets are still frozen, more of less. Libor, the rate which banks charge each other hit a 7 year high while the Libor-OIS spread, a measure of availability of cash among banks has grown wider.
It’s going to be bleak Christmas, says Jeff Macke. (Retailers are having trouble borrowing money to increase their inventory ahead of the Holidays.) But this separates the retailers who can pay their bills from those who can’t and that’s why I like Wal-Mart [WMT
Loading...
()
].
------------------------------
DOLLAR SETS RECORD GAIN VS EURO
The dollar jumped against major foreign currencies on Tuesday including the euro and yen as investors rushed into the greenback on concerns that Europe is going to take a turn for the worse.
I still believe the trade for the second half of '08 is long the US dollar, adds Guy Adami. And think twice about running into gold.
I’m long the PowerShares DB US Dollar Index Bullish [UUP
Loading...
()
], adds Jeff Macke.
I think Europe is behind the curve, adds Joe Terranova.
I expect the other economies of the world will fall in line, counters Karen Finerman. Look at what happened in Ireland on Tuesday. (The government intervened in the banking crisis) I’m no longer short the pound because I think they're starting to get it.
------------------------------
NASDAQ JUMPS 5%
Tech stocks along with the broad market surged higher on Tuesday as investors went bargain shopping in the sector.
I would rather wait for tech stocks such as Apple [AAPL
Loading...
()
] to prove themselves, says Jeff Macke. Apple works for me if it gets over $120 which has been a point of resistance.
------------------------------
GOOGLE MANIPULATION
The Nasdaq Stock Market said it will cancel some of the late trades in Google [GOOG
Loading...
()
], whose shares appeared to plunge as low as 1 cent at the close of North American markets on Tuesday.
Bethany Sherman, a Nasdaq spokeswoman, said the exchange was investigating trades that took place after 3:57 p.m. EST – three minutes before close.
There was a tremendous amount of volatility in Google [GOOG
Loading...
()
] adds CNBC’s Scott Wopner. Turns out they busted some erroneous trades. They cancelled trades that were deemed to be erroneous at or above $429.25 or at or below $400.52.
The exchange set Google's closing price at $400.52, up 5.12 percent.
------------------------------
HOME PRICES FALL AGAIN
Prices of single-family homes plunged a record 16.3 percent in July extending declines that have plagued the housing market for two years, according to the Standard & Poor's/Case-Shiller Home Price Indexes.
It’s important to remember that the number met expectations, adds Karen Finerman, although that’s a big move down.
I’d keep an eye on lumber, adds Joe Terranova. When prices rise I think it could signal a turn in the housing market.
- Your First Move For Monday November 16th
- Web Extra: Where Will The Next Bull Come From?
- Burned by Yahoo!, Disney and More
- The Latest Picks That Paid – Friday November 13th
- Pops & Drops: Dow Chemical, Macy's...
- Chartology – Can Stocks Break Above 1100?
- Fast Action: Using Options To Play Housing Bottom
- Bold Call Of The Day – Microsoft
- Hold 'Em Or Fold 'Em
- Off The Record w/ Charlie Gasparino: Bank of America
______________________________________________________
Got something to to say? Send us an e-mail at and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send those e-mails to .
Trader disclosure: On Sept 30, 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); Macke Owns (MSFT), (UUP), (WMT); Finerman's Firm is short (IYR), (IJR), (SPY), (MDY), (IWM); Finerman's Firm is short (BBT); Finerman's Firm Owns (DELL); Finerman Owns (GS); Finerman's Firm Owns (IMCL) Call Spreads; Finerman's Firm Owns (MSFT)
Terranova Owns (AAPL), (EOG), (FCX), (FTD), (X), (GS), (KOL), (NOV), (POT), (VLO), (YHOO);
Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Virtus Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (BRE), (CNTY), (CNW), (CLB), (OFC), (DLM), (DRH), (DLR), (EPR), (ESS), (EXR), (AGM), (FL), (GBL), (GNET), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (GWX), (SSYS), (SKT), (UA), (BIV), (VV), (BLV); Virtus Investment Partners Owns More Than 1% Of Goldman Sachs Financial Square Fund - Money Market Fund; Virtus Investment Partners Owns More Than 1% Of Seagate Technology Tax Refund Rights
Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes