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Halftime Report: Do Markets Need A Rest?
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Around lunchtime stocks had pared earlier gains and started to roll into negative territory, perhaps on word that Chrysler will proceed with Chapter 11 bankruptcy protection after attempts to reach concessions with lenders faltered.
The tale can be told in the charts of the financials, explains host Melissa Lee. JP Morgan [JPM
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] cracked early on and then the whole market rolled over.
Strategy Session with the Fast Money Traders
That 875 level on the S&P [.SPX
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] is an absolutely critical level, explains Fast Money trader Jeff Macke. (875 has been a point of technical resistance.) It seems a ton of investors got long Thursday morning and then lost confidence and started selling into the rally. However, that’s not a bad thing because after the markets huge run-up, we need a rest like you can’t believe. It’s not time to commit new capital.
Turning attention to Chrysler, it’s important to understand that this bankruptcy doesn’t put them out of business – they’re not going to go away, explains Brian Stutland of Stutland Equities. In fact, I think the bankruptcy is a good thing because it should allow them to clear the bad debt from their books.
In this environment I would definitely protect profits, counsels Jared Levy of Peak6 Investments. And as for Chrysler and the overall auto industry I would take a wait and see attitude.
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DOW CHEMICAL BEATS
Dow Chemical [DOW
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] posted a 97 percent drop in first-quarter profit on Thursday due to plunging sales, though results easily beat Wall Street's expectations.
The company earned $24 million, or 3 cents per share, compared with $941 million, or 99 cents per share, a year earlier.
Options investors were gobbling up the May-16 calls Thursday morning, explains Jared Levy. That seems bullish to me.
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TOPPING THE TAPE: MGM LEADING CASINO SHARES HIGHER
Shares of MGM [MGM
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] are leading the entire casino space higher after MGM and Dubai World said they have reached an agreement with lenders on a plan to fully fund their $8.5 billion CityCenter joint venture on the Las Vegas Strip.
In the casino space I’ve noticed investors buying the 9-calls in Las Vegas Sands [LVS
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], explains Jeff Macke. To me, it signals a top and I’d take profits.
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SELL IN MAY AND GO AWAY?
There’s an old Wall Street adage that you might be familiar to you. It says, “sell in May and go away.” Is that your best trading strategy for the rest of this year?
Not according to Fast Money trader Joe Terranova.
I think 2009 is going to be different than any other year, he counsels. This is a traders market and investors will have to be far more tactical that that adage allows.
To find out more about the concept behind sell in may and go away – make sure to watch Fast Money tonight at 5pm ET. And for more plays including the latest fast & furious trades please watch the video above.
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CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes
