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] closed in positive territory on Thursday, buoyed by hopes that world wide interest-rate cuts will help stave off a prolonged downturn. Also, the rate banks charge one another to lend dollars fell, providing investors with new signs that efforts to loosen up clogged credit markets are taking hold.
Strategy Session with the Fast Money Traders
Increased access to credit seems to be working and it’s restoring confidence, muses Tim Seymour.
We’ve had a big move in the equity market, observes Karen Finerman. But I’m still concerned about commercial real estate and insurers are taking big hits. I think there could be another shoe to drop in real estate.
Money that was on the sidelines and in bonds is starting to go into equities, adds Pete Najarian. Also the VIX [VIX
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] is hitting lower highs which suggests the big boys are stepping in and starting to buy.
I’m hearing that European pension funds could have to rebalance on Friday and as a result they could send money into US equities. It’s quite possible we’ll have a big rally on Friday.
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FAST MONEY WORLD
Markets around the world surged on Thursday with Japan’s Nikkei up 26% in just three days. The move is largely due to a softer yen and talk of a rate cut by the Bank of Japan after similar moves here and in China.
Reducing the strength of the yen reduces pressures on exporters based in Japan and that’s very bullish for them, explains Tim Seymour.
Remember Morgan Stanley [MS
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] received money recently from Mitsubishi, adds Pete Najarian. The whole yen thing could actually be good for Morgan. (In other words the dollar could command more yen.)
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GOLDMAN'S SLIDE CONTINUES
Shares of Goldman Sachs [GS
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] continue to slide lower despite relative strength in the rest of the financial services sector.
I’m not concerned because the yield in their bonds is holding solid, explains Pete Najarian. The yield of Lehman or Bear bonds really tipped right ahead of their trouble.
It’s true that the bonds are hanging in there, adds Karen Finerman, but I’m cautious.
October is typically a tough month and I think investors are pricing that into Goldman stock, says Guy Adami. That’s all it is.
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INTEL LEADS TECH SURGE
On the Nasdaq, shares of Apple [AAPL
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] and Intel [INTC
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] both surged higher on the belief that technology will be among the biggest beneficiaries in an economic revival.
Chip sales at Intel were impressive, reveals Pete Najarian. And they were strongest in emerging markets. If EM can show any kind of growth it’s clearly good for chip makers. I’m also keeping an eye on Hewlett-Packard [HPQ
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] and IBM [IBM
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]. There’s an unbelievable amount of movement in all these stocks.
I wouldn’t chase Intel here, says Guy Adami. But at current valuations it’s interesting. On pull backs I’d own Intel as well as Orcale [ORCL
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].
OPTIONS ACTION: YAHOO!
Pete Najarian is seeing unusual options action in Yahoo! [YHOO
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The activity in the November 16 calls suggest to Pete that a deal could be coming with Microsoft, especially with Carl Icahn inside the Internet firm.
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Trader disclosure: On Oct.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); Pete Najarian Owns (MS) Calls; Pete Najarian Owns (MSFT) And Is Short (MSFT) Calls; Pete Najarian Owns (PBR); Pete Najarian Owns (TSO) Call Spread; Pete Najarian Owns (YHOO) And Is Short (YHOO) Calls; Pete Najarian Owns (BNI) Put Spread; Finerman's Firm Owns (RIG), (MSFT), (SUN), (TSO), (VLO); Finerman's Firm Is Short (IYR); Finerman's Firm Owns (OIH) Puts; Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO), (COF), (BBT); Seymour Owns (AAPL), (BAC), (BX), (F), (MER), (TSO), (CHL); Seygem Asset Management Owns (PBR), (EEM)
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