Fast Money trader Guy Adami thought that the financials had gotten ahead of themselves, and would head lower ultimately holding at the secondary prices. . Brian Schaeffer of VDM Capital is looking for a short term pullback in the financials before buying into Citigroup and Bank of America .
Jared Levy of Peak6 holds that financials have been a little bit overbought, and is looking to buy only once they fall back to secondary levels.
Topping the Tape
The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in April, rose 6.7 percent for that month from March, well above economists' average forecast of a 0.5 percent rise, according to a Reuters poll.
Shares of home builders increased after the data, "this is our third monthly increase, and it really supports the bullish case," said Jim Awad, managing director at Zephyr Management in New York.
According to Guy Adami Home Depot is doing everything right and should be a good play.
U.S. crude oil futures slipped on Tuesday, after jumping more than 3 percent the previous session as crude futures settled above $68 a barrel. "The complex pulled back overnight as a high correlation between U.S. dollar fluctuations and crude values continues," Jim Ritterbusch, president at Ritterbusch and Associates, said in a research note.
Commodity trader Joe Terranova advises to get back in if oil breaks above $72.50.
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Trader disclosure: On June 2nd, 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); Seymour Owns (GA), (TTM), (AAPL), (FCX), (FXI), (EEM), (RIMM), (NOK), (MGM), (INFY), (FCX); Finerman's Firm And Finerman Own (BAC) Preferred Shares And Are Short (BAC); Finerman's Firm And Finerman Own (WFC) Preferred Shares, Finerman's Firm Is Short (WFC); Finerman Owns (TBT); Finerman's Firm Owns (TBT), (RIG), (MRO); Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO), (XRT)
Terranova Owns (FCX), (TER), (ABI), (XBI); Terranova Owns (POT) & (POT) Calls; Terranova Owns (JPM) & (JPM) Calls; Terranova Owns (BTU) & (BTU) Calls; Terranova Owns (RIMM) & (RIMM) Calls ; Terranova Owns (GENZ) & (GENZ) Calls; Terranova Owns (MS) & (MS) Calls; Terranova Owns (IBM) & (IBM) Calls; Terranova Is Short July Oil Futures; Terranova Is Short August Oil Futures; Terranova Is Short September Oil Futures; Terranova Owns December Oil Futures; Terranova Owns December 2010 Oil Futures; Terranova Is Short August Gold Futures; Terranova Is Short August Nat Gas Futures; Terranova Is Short July Nat Gas Futures; Terranova Owns December Nat Gas Futures; Terranova Owns (X) & (X) Calls; Terranova Owns (BRCM) & (BRCM) Calls; Terranova Owns (JOYG) & (JOYG) Calls; Terranova Owns (DIS) Call Spread
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