Get Shorty!
By: Lee Brodie | Producer
With the market stalling at 7-month highs is it time to game the losers?
As we first told you yesterday, if you’re a bull we may be approaching your exit. Powerful indicators suggest a correction is coming.
In a post titled “Correction on the Horizon” we explained how weak earnings from FedEx and patterns in the charts of the DJIA and DowTransports suggested the next leg was down. (Click here to read about that analysis.) And that's just the tip of the iceberg.
If you watch the show regularly you know that Fast Money trader Guy Adami has been pounding the desk for days about signals he considers bearish. "The path of least resistance appears to be lower," he says over and over.
Of course not every stock will decline. So, which stocks should you short? We asked Pip Coburn of Coburn Ventures.
Considering the consumer is facing so many headwinds Coburn told us consumer names seem particularly vulnerable to a pullback.
As a result he’s bearish of Best Buy and hhgreg .
And he also told the desk he thinks Motorola , Dell and Sony are itching to go lower.
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Trader disclosure: On June 18th, 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 (C), (GS), (BTU), (AGU), (INTC), (MSFT), (NUE); Seymour Owns (AAPL), (BAC), (BX), (EEM), (FXI); Seymour's Firm Owns (RSX); Levy's Firm Owns (MON); Terranova Owns (XBI), (TER), (BTU), (ABT), (MSFT); Terranova Owns (BRCM) & Is Short (BRCM) Calls; Terranova Owns (POT)& Short (POT) Calls; Terranova Is Short (JPM)& Is Short (JPM) Calls; Terranova Owns (MS) & Short (MS) Calls; Teranova Owns (X) & Is SHort (X) Calls; Terranova Owns July Nat Gas Futures ; Terranova Owns (DIS) Octovber Call Spread; Terranova Is Short (XOM) Call Spread; Terranova Is Short (GENZ) Call Spread; Terranova Is Short (OIH)& (OIH) Puts; Terranova Is Short (RIG)& (RIG) Puts; Terranova Is Short (FCX)& (FCX) Puts; Terranova Is Short (RIMM)& (RIMM) Puts; Terranova Is Short (IBM) Calls
Coburn's Fund Owns (ATVI), (LOGI), (STRA), (INFA), (G), (ANSS), (AAPL), (VPRT): Coburn's Fund Is Short (HGG), (BBY), (IPG), (PCS), (MOT), (KLAC), (LRCX), (EK), (SNE), (LXK), (DELL), (AVID)
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