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The bears just won’t quit. On Monday stocks rallied again sending the S&P 500 [.SPX
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] above the psychologically important 900 level and into positive territory for the year.
The S&P 500 is now up 34 percent from its 12-year closing low on March 9.
Strategy Session with the Fast Money Traders
We’ve been looking for 900 on the S&P [.SPX
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] and now we’ve got it, says Guy Adami. But I don’t think the rally continues at this rate. I’m not saying go out and short the market, just that the rally feels a little old.
I’m not sure what to think, muses Karen Finerman. Certainly, there are a lot of investors on the sidelines and now that the S&P is positive for the year, they could pile in. It’s one thing to be out when the market is negative and another when it’s positive on the year.
The Vix [VIX
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] was down for the day and in a market move like this, it’s curious, muses Pete Najarian. Perhaps it’s because investors are using options for protection and that’s taking panic out of the market.
I’m very excited by the price action, adds Tim Seymour. I expect to see more investors pile in all around the world on Tuesday.
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FINANCIALS LEAD GAINS TODAY
Bank stocks [XLF
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] were among the day’s big standouts, with Citigroup [C
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], Bank of America [BAC
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] and Wells Fargo [WFC
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] all climbing ahead of stress test results later in the week.
The move in Wells comes despite word that regulators have told the bank to shore up its finances on concerns it may have trouble surviving a deeper recession.
It’s no big secret that a lot of banks need more capital, says Sandler O’Neil analyst Jeff Harte. It’s just a matter of how badly. I fully expect to see a number of banks come to market and try and raise capital. The question is how well will the market receives it. If it goes well, there could be further upside in the sector.
If you’re looking for a trade in this space, I’d look at Fortress [FIG
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], counsels Guy Adami. I still think it has room on the upside.
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TOPPING THE TAPE: COMMODITY STOCKS ROAR HIGHER
Burgeoning optimism about the economy underpinned gains in some commodities.
I’d look at BHP [BHP
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] and Vale [VALE
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], counsels Tim Seymour. If demand recovers they’re very much in play.
Meanwhile, Goldman Sachs upgraded its Americas coal coverage view to "attractive" from "neutral," and said it expects demand to rise and prices to stabilize, sending coal stocks soaring Monday morning.
They love Massey [MEE
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], adds Pete Najarian. The name has performed however, when I look at how all these coal names are moving, it says to me take profits. The KOL [KOL
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] is currently trading at its 200-day moving average. If it can’t get through that area, it would make me wonder how much of a pullback lies ahead. But if it can get higher then there could be more upside.
I think anyone would be foolish if they have profits and didn’t take some off the table in this space, adds Guy Adami.
In the commodities space, I still like the oil services stocks, adds Karen Finerman.
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FAST MONEY WORLD: EMERGING MARKETS JUMP
The EEM [EEM
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] jumped Monday after new data showed that the manufacturing sectors in China and India grew for the first time in months in April. Investors interpreted results to mean the global economy may be through the worst of its slump.
If you’re looking for a play check out Femsa [FMX
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], counsels Tim Seymour.
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RIMM LEADS TECH HIGHER
Shares of Research in Motion [RIMM
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] popped on Monday after Goldman Sachs added the company to its prestigious Conviction Buy List.
And they got an upgrade from UBS on Friday, reminds Pete Najarian. To me, it feels like it’s come too far too fast. I’d wait for a pullback.
In the tech space I’d keep an eye on Intel [INTC
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], adds Guy Adami. I like it at $15.
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THE OBAMA TRADE: CRACKING DOWN ON TAX AVOIDANCE
President Obama introduced new proposals on Monday to tighten tax rules on some of the nation’s biggest companies. Specifically the President is looking to revise a tax policy that lets U.S.-based global companies defer income earned abroad.
A broad swath of companies -- from banking institutions and hedge funds to pharmaceutical and technology companies -- would be affected by the changes.
I think the rules need to be hashed out a little more before I can put a trading thesis on it, says Tim Seymour. Right now, we just don’t know.
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WARREN'S BIG WEEKEND
Billionaire investor Warren Buffett had lots to say over the weekend. And that included an answer to a question posed by the Fast Money Trader, Joe Terranova.
If you watched the TV show on Friday you remember that CNBC’s Becky Quick promised to take our questions to Mr. Buffett as part of her exclusive interview.
Terranova: Was Warren Buffett being greedy when everyone else was so fearful? Why was he buying equities during the first week of March when everyone else was being so damn fearful?
Buffett: The cheaper things go the better I like them. If I can buy the whole American economy at three quarters of X instead of X I feel better off… the cheaper things have become the more I wanted to buy.
Buffett also tells Quick the U.S. economy is "very slow" and "getting slower." However he repeats his long-held optimism that the economy will get better -- he just doesn't know when.
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Trader disclosure: On May 4th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Seymour Owns (AAPL), (BAC), (EEM), (FXI), (SBUX); Seymour' Firm Owns (PBR), (MBT); Seymour Is Short (X); Najarian Owns (BX) Call Spread; Najarian Owns (CROX) Call Spread; Najarian Owns (CX) Calls; Najarina Owns (FIG; Najarian Owns (INTC) Call Spread; Najarian Owns (MS) & (MS) Calls; Najarian Owns (PALM) & (PALM) Calls; Najarian Owns (VAR) Call Spread; Najarian Owns (XHB) Cal Spread; Najarian Owns (XLB) Call Spread; Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Owns (C) Preferred; Finerman's Firm Owns(MSFT) & (MSFT) Put Spread; Finerman's Firm Owns (AXP), (MA), (PBR), (RIG), (UNH), (TBT); Finermans Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO)
Sandler O'Neill Has Received Compensation From (BAC)
(BAC) Is A Client of Sandler O'Neill
Sandler O'Neill Had Received Compensation From (C)
(C) Is A Client Of Sandler O'Neill
Sandler O'Neill Has Received Compensation From (GS)
(GS) Is A Client Of Sandler O'Neill
Sandler O'Neill Has Received Compensation From (JPM)
Sandler O'Neill Has Received Compensation From (MS)
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes