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Stocks [.SPX
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] rose on Wednesday, capping the S&P 500's longest winning streak since November, as financial stocks soared on optimism the Obama administration was making progress on a plan to relieve banks of money-losing assets.
Financial stocks stood out, with JPMorgan [JPM
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] Bank of America [BAC
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] and Citigroup [C
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] among the Dow's [.DJIA
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] top advancers.
Strategy Session with the Fast Money Traders
I think the market could go higher for a 5th day in a row, muses Guy Adami. I feel optimistic.
We’ve heard good earnings this week and I expect to hear more, adds Tim Seymour.
It seems to me that investors are getting more comfortable with risk, adds Karen Finerman. But as for the 'bad bank' plan, the devil is in the details. How are they going to price the assets? And I’d like to point out every response to the crisis in the past has been an opportunity to sell.
So we’re going to stick the taxpayers with every bad asset the banks have ever created, bristles Jeff Macke. Obama’s plan is the worst plan I’ve ever heard. We are being screwed so bad.
> For in-depth analysis of the Obama 'bad bank' plan click here!
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YAHOO BOUNCE SENDS TECH HIGHER
Shares of Yahoo [YHOO
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] led the Nasdaq [.NCOMP
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] higher after the Internet firm's quarterly results beat Wall Street's low expectations. Investors also liked comments from the firms new CEO which suggested that she could make a Yahoo-Microsoft search deal happen.
Tech stocks rallied on Wednesday because so many of them have so much bad news already baked in, explains Jeff Macke.
In this space, I’d look at Hewlett-Packard [HPQ
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], adds Guy Adami.
I’m impressed by growth in wireless, adds Tim Seymour. I’d check out Vodafone [VOD
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] as an emerging market play.
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OIL REBOUNDS AFTER YESTERDAY’S STEEP LOSS
Oil prices [US@CL.1
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] rose on Wednesday after U.S. government data showed declines in gasoline and distillate inventories and OPEC vowed to fully implement its steep supply cuts by the end of the month.
I think Schlumberger [SLB
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] is going higher, adds Guy Adami. And put Haliburton [HAL
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] on your radar, too.
Look at all the oil services equities, counsels Karen Finerman. They’re starting to outperform because they have huge cash flows.
To me, Karen is making the argument for getting out, counters Jeff Macke. I’d take profits.
In the commodities space I like Freeport [FCX
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], and Vale [RIO
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] , adds Tim Seymour.
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CHART OF THE DAY: ULTRASHORT TREASURY ETF SURGES
The traders noticed that the The ProShares Ultrashort Lehman 20+ Yr. ETF [TBT
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] surged after the Fed said it hasn’t bought T-Bills.
This is a volatile trade, says Karen Finerman. But I own this ETF and I’m inclined to hold it.
I wouldn’t put a TBT position on, counters Jeff Macke. It’s double levered and I think you have to be careful.
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PFIZER STILL DROPPING ON 'BAD' DEAL
Shares of Pfizer [PFE
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] continued to sell-off – investors are apparently giving its takeover deal with Wyeth the thumbs down.
It’s interesting to me that banks can get out of the deal if Pfizer’s credit rating goes lower, muses Guy Adami.
I suspect Pfizer will do everything in their power to prevent that from happening, adds Karen Finerman.
- Your First Move For Tuesday November 17th
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- Chartology: Rally Losing Steam?
- Trading The Globe: China
- Wall Street Whale Watching: Noteworthy Moves
- Paulson Betting Unemployment Not Getting Much Worse?
- Stocks Surge To New '09 Highs
- Halftime Report: Will Bernanke's Dollar Talk Sideline Rally?
- Your First Move For Monday November 16th
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Trader disclosure: On Jan 28, 2009, 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 (BAC), (MSFT), (MS), (TM), (MCD); Seymour Owns (AAPL), (BAC), (EEM), (F), (FXI); Adami Owns (AGU), (C), (BTU), (GS), (INTC), (MSFT), (NUE); Finerman's Firm Owns (MSFT), (UNH); Finerman's Firm Owns (DNA) & (DNA) Call Spread; Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (COF), (USO)
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