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This bear market feels a little like a thrill ride at Six Flags – it whooshes higher then plunges lower. And much like a thrill ride, it’s probably not for the faint of heart. However if you’ve got guts Jeff Macke's got the trades.
But make no mistake, this bear has to be watched at all times. That’s right, trading in this environment means being hyper-aware because it involves selling the rips and buying the dips.
Now, what’s Macke's trade?
Right now Apple [AAPL
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] and Goldman Sachs [GS
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] are nearing the critical $100 level, he says. I think it will be difficult for either to break higher.
Also Morgan Stanley [MS
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] has had a huge run over the past 10 days or so and it too is hitting a point of resistance.
I would be a seller of all of these names, Macke says.
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Trader disclosure: On Mar. 17th, 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 (GE), (GS), (MS), (MOS), (AAPL); Macke Is Short (BRK.b); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU) ; Terranova Owns (MA), (AAPL), (RIG), (CVX), (GS), (AMZN), (BP), (KCE), (JPM), (X), (POT), (WYNN), (XBI), (HESS), (INTC), (BRCM), (DELL), (JOYG), (FXC), (MS), (XOM); Terranova Owns (AMGN) & (AMGN) Puts; Terranova Owns (IBM) Spread; Terranova Owns (DIS) & (DIS) Calls; Terranova Owns (COP) Calls; Terranova Owns MACI Oil Futures; Najarian Owns (GDX); Najarian Owns (C) Call Spread; Najarian Owns (FCX) Call Spread; Najarian Owns (GD) Call Spread; Najarian Owns (X) Call Spread; Najarian Owns (GLD) Put Spread; Najarian Owns (JPM) & (JPM) Calls; Najarian Owns (MS) & (MS) Calls; Najarian Owns (MSFT) & (MSFT) Calls; Najarian Owns (WFC) & (WFC) Puts; Najarian Owns (XHB) Call Spread; Najarian Owns (XLI) Calls
Data is a real-time snapshot *Data is delayed at least 15 minutes