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It might seem that the market has only pulled back temporarily but you have to protect yourself in case this is the start of the next leg down.
How should you do it? Pete Najarian recommends buying puts.
(Remember a put is an options contract that gives the owner the right, but not the obligation, to sell a specified amount of an underlying security at a specified price within a specified time.)
Najarian says he starting to see a lot of active downside put buying in the XLI [XLI
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], and the XLY [XLY
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]. That says to him that big investors are protecting themselves in the industrials as well as consumer discretionary space and you should consider doing the same.
Jeff Macke adds that if you do hedge your position with a put, it should only be as a short term trade.
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Trader disclosure: On Apr 30th, 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 (LVS), (AAPL), (WFC), (SDS); Seymour Owns ( AAPL), (BAC), (EEM), (FXI); Seymour Is Short (X); Finerman's Firm Owns (AXP), (PBR), (RIG), (UNH), (TBT); Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Owns (C) Preferred; Finerman's Firm Owns(MSFT) & (MSFT) Put Spread; Finermans Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO); Najarian Owns (BX) Call Spread; Najarian Owns (INTC) Call Spread; Najarian Owns (MS) & (MS) Calls; Najaria Owns (NTRS); Najarian Owns (ORCL) Call Spread; Najarian Owns (PALM) & (PALM) Calls; Najarian Owns (RHT) Calls ; Najarian Owns (UNH) Puts; Najarian Owns (VAR) Call Spread; Najarian Owns (XHB) Cal Spread; Najarian Owns (XLB) Call Spread
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