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The Dow [.DJIA
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] closed lower on Wednesday as nervous investors found it difficult to muster enthusiasm ahead of the Senate’s vote on a revamped $700 billion rescue plan.
Of course, the Fast Money traders spent the day doing what they do best; trading.
I was a buyer of stocks on Wednesday, says Pete Najarian, because the lawmakers started to show a shift in their thinking. (In other words, Najarian thinks a bailout is coming.) I like the Financial Services Select SPDR [XLF
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], he says, because “those big names should react.” And I like Nasdaq [NDAQ
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] stock too. Their numbers are unbelievable because they process trades all day long.
I bought Mastercard [MA
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] on Wednesday, adds Joe Terranova. They have a small debt profile, global exposure and double digit growth potential.
I’m long the dollar [UUP
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], reveals Jeff Macke although I have no fundamental basis for that trade. And I think you can be long financials for a short-term trade.
JP Morgan [JPM
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] hit a 52-week high, reveals Guy Adami. In this environment, good banks will do better and bad banks will get taken out to the woodshed. And I’ve told you about US Bancorp [USB
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] for a while, he adds.
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BUFFETT BRINGS GE TO LIFE
In a major vote of confidence, Warren Buffett's Berkshire Hathaway said it will buy $3 billion worth of General Electric [GE
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] preferred shares, even as the diversified conglomerate is preparing to sell at least $12 billion worth of common stock to the public.
Holy Cow is it a good deal for Warren Buffett, exclaims Jeff Macke. I think it’s one of the greatest endorsement deals ever signed. He’s renting out his name and giving some stability to the system.
If you like what Buffett is doing, I’d look at Honeywell [HON
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], adds Guy Adami.
You can also look at 3M [MMM
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], adds Pete Najarian. I think it could also have some upside.
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OIL FALLS BELOW $100
Oil prices [US@CL.1
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] fell on Wednesday after the government showed supplies rising. Meanwhile, industrial stocks fell on Wednesday after the ISM Manufacturing Index plunged to it’s lowest level since 2001 signaling a recession might be inevitable.
At the end of the day, I still believe there is a fundamental story that will resurrect itself, says Joe Terranova.
And maybe your grandchildren can benefit by getting long, counters Jeff Macke. But right now the parade’s gone by. I wouldn’t touch these names.
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ICAHN'S MYSTERY BIDDER REVEALED
On Wednesday the market learned that Eli Lilly [LLY
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] was, in fact, the “mystery company” often referenced by Carl Icahn as a suitor for ImClone [IMCL
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] and they’ve offered to buy the biotech for $70 / share. Bristol Myers