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Buy The Dip?
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] sold off Monday after a 5% run up last week. Does this dip present the perfect entry point for stocks you've been waiting to buy?Jeff Tomasulo of SMB Capital tells Fast Money he remains overall bullish. "As long as SPDRs [SPY
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] are above $90 the market is healthy overall," he says. "And my trade is to buy market leaders that are pulling back to key levels on heavy volume."
Here's what's on Tomasulo's radar.
Visa
"The stock is starting to consolidate," he explains. "If it trades above $68 on high volume and the SPDR goes through $93, the stock could break out."
IBM
"IBM hit a key level of $100 a share on Friday then popped back to $103," Tomasulo adds. "If the market continues on its upward trend I'd get aggressively long IBM above $106.50."
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Trader disclosure: On May 11th, 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), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Macke Owns (GE), (AGU), (AMZN), (APPL), (SDS), (IMAX), (WFC), (TGT); Seymour Owns (AAPL), (BAC), (C), (DRYJ), (EEM), (FCX), (PBR), (TSL); Seymour's Firm Owns (RIG); Najarian Owns (AMD) Call Spread; Najarian Owns (BX) Call Spread; Najarian Owns (CROX) Calls; Najarian Owns (FIG); Najarian Owns (INTC) Call Spread; Najarian Owns (MS) & (MS) Calls; Najarian Owns (PALM) & (PALM) Calls; Najarian OWns (XHB) Call Spread; Najarian Owns (XLB) Call Spread; Najarian Owns (XLU) Calls
Data is a real-time snapshot *Data is delayed at least 15 minutes
