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Fast Trades Into Thursday's Close

How are the Fast Money traders gaming this market into the close? Following are the “Fast & Furious” trades - hot ways to play today's market moving events.

BUY GENERAL MILLS? Shares of General Mills reversed course mid-day, one day after the cereal giant said it sees commodity prices easing; should you buy the relative strength?

I’m a buyer, says Jim Iuorio of TJM, but I’d put it on as a spread. I’d go long General Mills and short the market.

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BUY UNG? Weakness in oil dragged down the spot price of natural gas; is this a buying opportunity?

I’d stay away from UNG, counsels Jared Levy of Peak6, I’m a seller.

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BUY RIMM? In an uncertain market, is BlackBerry maker RIM a sure thing?

I love the device but I’m not crazy about sock, says Zach Karabell of RiverTwice. I think it’s come too far too fast.

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BUY DOLLAR? With the dollar rising versus a basket of six currencies should you follow investors into the greenback as a safe haven trade?

I think the dollar could continue to strengthen, speculates Fast Money trader Tim Seymour, and as a result commodities could weaken.

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TRADE TO GO: PETROBRAS

Tim Seymour is closely watching the action in Petrobras. At current levels he suggests it’s time to sell it short. “The chart is broken,” he says.

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CALL THE CLOSE

Tim Seymour: I’d stay flat.
Jim Iuorio: I’m a seller as long as the dollar stays strong.
Jared Levy: I’m a buyer.
Zach Karabell: Look for names that aren’t implicated by the jobs number such as ATHR and SINA.


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Trader disclosure: On July 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:

Seymour's Firm Owns (PBR) Puts
Iuorio Owns (XLU)
Iuorio Owns (SDS)
Iuorio Owns (GIS)

Levy's Firm Is Short (UUP)
Levy's Firm Owns (GLD) And Has An Options Position In (GLD)
Levy's Firm Is Short (LUV) And Has An Options Position In (LUV)
Levy's Firm Owns (UAUA) And Has An Options Position In (UAUA)
Levy's Firm Owns (DAL) And Has An Options Position In (DAL)
Levy's Firm Is Short (JBLU) And Has An Options Position In (JBLU)
Levy's Firm Is Short (AMR) And Has An Options Position In (AMR)
Levy's Firm Owns (AXP) And Has An Options Position In (AXP)
Levy's Firm Owns (USO) And Has An Options Position In (USO)
Levy's Firm Owns (UNG) And Has An Options Position In (UNG)
Levy's Firm Is Short (RIMM) And Has An Options Position In (RIMM)
Levy's Firm Is Short (POT) And Has An Options Position In (POT)
Levy's Firm Owns (PBR) And Has An Options Position In (PBR)

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