And the Wall Street Journal reported that even the fastest and most savvy hedge fund heavies ---aka John Paulson and Steve Cohen --- have given up making sense of this crazy market and are also hiding out in dollars.
They’re probably sitting on a mountain of cash, and perhaps you are too. Considering so much wealth has been destroyed already should you just sit the rest of the year out or hold your nose and dive in?
That’s kind of a non-question for the Fast Money traders. They always think there’s money to be made in any market. Here’s where they suggest “diving in.”
I like United Technologies , says the Negotiator. At 10 times forward earnings I think this company looks cheap.
I’m a believer that nat gas prices have found a bottom and as a result I suggest EOG Resources , says the Liquidator.
I’m a fan of cigarettes and alcohol, says the Chairwoman with a wink and a grin. Check out Diageo and Altria .
Abbott Labs is my pick, says the Pit Boss. This company’s numbers were outstanding and worldwide sales were up 17%.
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Trader disclosure: On Oct.16, 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); Pete Najarian Owns (AAPL), Is Short (AAPL) Calls, Owns (AAPL) Puts; Pete Najarian Owns (C) Put Spread; Pete Najarian Owns (GS) Call Spread; Pete Najarian Owns (MS), Is SHort (MS) Calls, Owns (MS) Puts; Pete Najarian Owns (YHOO) Call Spread; Pete Najarian Owns (SLB) And Is Short (SLB) Calls; Pete Najarian Owns (SCHW) And Is Short (SCHW) Calls; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (DEO), (MO); Finerman's Firm Owns (DNA) Call Spreads; Finerman's Firm Is Short (USO), (IYR), (IJR), (MDY), (SPY), (IWM); Terranova Owns (AAPL), (EXM), (FCX), (FTO), (MA), (NOV), (POT), (X), (VLO);
Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
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), (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.
GE Is The Parent Company Of CNBC; Charles Schwab Is A Sponsor Of "Fast Money"