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] on Thursday as fear grew that even a $700 billion bailout won’t be enough to counter tight credit markets and a bleak economy.The most economically sensitive stocks in the market were sold-off today, explains Dylan Ratigan. The reality is setting in that it might not matter whether we get a bailout or not.
It’s terrible out there, exclaims Pete Najarian.
Shortterm borrowing is dead, adds Tim Seymour. I think the economy is in very difficult shape.
Cash and the fetal position are the only two trades I have for you, exclaims Jeff Macke.
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GE LEADS DOW DROP
Despite a vote of confidence from Warren Buffet, shares of GE [GE
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] closed lower for a second consecutive day after the conglomerate priced a share offering below the stock's closing price on Wednesday.
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TOPPING THE TAPE: HEALTH CARE ONLY SECTOR UP
On a day when most sectors were down, Pharma & Health Care was a bright spot.
Keep your eye on Church & Dwight [CHD
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] and Johnson and Johnson [JNJ
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] counsels Guy Adami. If you need to be in the market these names should get you through.
There is no such thing as a safe haven, adds Pete najarian. But I’d look at a JNJ or Novartis[NOV
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] . Both continue to work. People won’t suddenly stop needing their medication.
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OIL, COMMODITIES TUMBLE
Fears of a global slowdown sent commodities tumbling across the board. The price of oil [US@CL.1
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] plummeted more than 4 percent while ag stocks including Mosaic [MOS
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] and Potash [POT
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] ended down. Meanwhile, precious metals slid as the dollar rose.
Merrill Lynch put out a bearish report, explains Tim Seymour. They said the price of oil could drop to $50 by next year. In addition a report came out suggesting that China’s economy is cooling off.
If you’re piling into gold as a short term trade, adds Guy Adami, you’re wrong!
Global growth isn’t going to save the world, exclaims Jeff Macke. Investors were desperate to sell because the space is way ahead of itself.
And as for transports, don’t think you should short them, adds an aggravated Macke. They are far too volatile.
It’s all about redemptions, Pete Najarian counters. Fundamentally it might look great but right now “everyone” is getting rolled out of these hedge funds. Why would you get involved with that?
With volatility so high the hedge funds are getting smaller, adds Tim Seymour. That’s also driving down commodities.
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Trader disclosure: On Oct.2, 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 (UUP), (MSFT), (WMT); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Seymour Owns (AAPL), (BAC), (MER), (MS); Seygem Asset Management Owns (FXI); Pete Najarian Owns (AAPL) And (AAPL) Puts; Pete Najarian Owns (GS) Call Spread; Pete Najarian Owns (MS) And (MS) Put Spread; Pete Najarian Owns (NCC) Call Spread; Pete Najarian Owns (RF) And Is Short (RF) Calls; Pete Najarian Owns (SPLS) Put Spread; Pete Najarian Owns (WB) Call Spread; Pete Najarian Owns (XLF) Call Spread; Finerman's Firm Owns (MSFT), (PM)
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