Where Are The Buying Opportunities?

Tuesday, 7 Oct 2008 | 6:59 PM ET

If you’re like many investors you’re probably just itching to snap up beaten down shares in desperate sectors such as technology and retail. But is that really a smart thing to do?

With so many uncertainties in this market it takes a lot of guts to bite the bullet and buy. But if you’re an investor who sees the glass as “half full” you’re in good company. Hedge fund manager Bill Ackman tells us, “I am long term bullish.”

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In fact, Ackman sees opportunity right here, right now. “I think this is, short term, a very good opportunity to make investments in high quality, great businesses at cheaper prices than I’ve seen in a long time.”

He’s particularly bullish on Target . “We think the company trades for less than it’s real estate value. You’re getting a retailer for free and you’re getting a credit card business for free. They’re a well capitalized business and they generate a lot of cash."

Traders, how would you play it?

I’m long McDonald’s , says Jeff Macke.

I’d look at Yum Brands , adds Guy Adami. Their current valuations are too low. And Lockeed Martin also looks good to me.

I bought Excel Maritime at $11, counsels Joe Terranova.

Play pharma, exclaims Pete Najarian. I like Pfizer as well as Celgene at $55.

Want more trades?

Click here to find out how Zack Karabell recommends trading this market.

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Trader disclosure: On Oct. 7, 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 (UUP), (DIS), (WMT), (SDS), (MCD), (MSFT); Macke Is Short (TM); Najarian Owns (AAPL) And (AAPL) Puts; Najarian Owns (BIIB) Calls; Najarian Owns (GS) Call Spread; Najarian Owns (MS) And (MS) Puts; Najarian Owns (MTW) Call Spread; Najarian Owns (NCC) Calls; Najarian Owns (NOK) And (NOK) Calls; Najarian Owns (RF), Owns (RF) Put Spread, Is Short (RF) Calls; Najarian Owns (XLF) Call Spread

Terranova Owns (AAPL), (EOG), (EXM), (FCX), (FTO), (GS), (MA), (NOV), (POT), (X), (VLO); Terranova Owns (AIG) And (AIG) Puts; Terranova Owns (MS) And Is Short (MS) Call; Terranova Is Short Crude Oil Straddle

Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.: Virtus Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (CNW), (OFC), (DLM), (DRH), (DLR), (EPR), (EXR), (FL), (SLB), (LNET), (MAC)
, Shares Of Incitec Pivot Ltd., (DBC), (DBV), (SKT), (UA), (BLV), (VV), (CLB), (GWX), (IGE), (FSMXX); Virtus Investment Partners Owns Seagate Tax Refund Rights; Virtus Investment Partners Owns Seagate Technology Tax Refund Rights; Virtus Investment Partners Owns More Than 1% Of Shares Of Incitec Pivot Ltd.; Virtus Investment Partners Owns More Than 1% Of Shares Of Essex Property Trust Inc.

Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)

Karabell Owns (MTW), (RIO), (FCX)

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  • Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

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  • Najarian, the "Pit Boss," is cofounder of optionMONSTER.com, a news site for options traders.

  • Finerman is president of Metropolitan Capital Advisors, Inc., a company she co-founded.

  • Founder of EmergingMoney.com

  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

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