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IN DIMON WE TRUST
Around lunchtime Wednesday the Dow [.DJIA
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] was trading higher with JPMorgan [JPM
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] among the strongest names in the blue chip index. Investors appear to be optimistic that this bank could follow in the footsteps of Goldman Sachs [GS
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] and report surprisingly strong numbers on Thursday. Also they’re betting that CEO Jamie Dimon did a good job at managing expectations.
Strategy Session with the Fast Money Traders
There are three banks that I like, counsels Joe Terranova. They are Goldman Sachs, Morgan Stanley [MS
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] and JPMorgan. Right now I’m long JPMorgan and see no reason to get out.
I disagree, counters technical analyst Dan Fitzpatrick. I think JPMorgan is a buy before earnings but then it’s a sell on the pop. They’re just kind of late in the earnings cycle. Leave your faith at church. In this market, you’ve got to be a trader.
JP Morgan has the ability to trade, adds Jon Najarian. Yes, they have issues from their credit card business but they also have considerable drive from the trading. I like the stock, but I don’t think it goes much higher than where it is now.
And if you’re in Goldman, I think this is a good time to take profits, Najarian adds.
As you likely know, there's growing concern that banks with big exposure to consumer credit card debt could be in for some rough sledding due to the weak economy.
As a result Joe Terranova adds, I’d forget about banks like Capital One [COF
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] and American Express [AXP
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]. They’re too tethered to the consumer.
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INTEL KILL THE WINNING TECH TRADE?
By midday, tech investors bid the Nasdaq [.NCOMP
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] lower partly due to unhappiness over Intel’s [INTC
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] murky forecast. The chip firm did not provide guidance and as a result investors appear to be anticipating the worst.
As you may know, many tech investors watch Intel closely and consider their results a proxy for the overall health of the industry. That’s because Intel's chips serve as the nerve center for a wide range of computers.
I would take this as a lowering of the bar for Intel because Intel beat on revenue and EPS. I would buy the stock if it breaks $15, says Jon Najarian.
The bar is now set so low it could be set up for a blow-away quarter, echoes Joe Terraniva.
I’m also a huge buyer of Intel at $15, adds Dan Fitzpatrick.
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OIL FAILS TO RUN
Oil [US@CL.1
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] fell below $50 on Wednesday, after new data showed that oil stocks rose last week to their highest level in nearly two decades.
There is short covering going on at the front end of the curve, explains Addison Armstrong. But the back end still remains weak. The path of least reistance appears to be lower.
I don’t agree, says Joe Terranova. A market that doesn’t go down on bearish news is turning bullish and I think that’s what you’re seeing in crude.
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THE HOUSING TRADE.
Shares of Home Depot [HD
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] were trading higher midday with the firm positioning itself for a turnaround. Home Depot co-founder Bernie Marcus tells us, “I was in the store last week and the week before and I will tell you that they are doing all the right things and when the economy turns they are ready to go."
That may be the case, but Home Depot has gone from $17 to $25, explains Guy Adami. It might be time to take some money off the table.
If you’re looking to play housing, I'd look at copper [US@HG.1
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], adds Fitzpatrick.
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CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes