Don’t Bet On USA
Better not tell Ben Franklin but some traders may not be terribly patriotic this Independence Day. In fact, they’re betting against the USA!
At least that’s according to Mike Gurka of First Street Capital. Rather than falling for the stars and stripes he says put your money in our neighbor to the north – Canada!
Gurka reasons that Canada is resource rich; with crude being the nation’s top export. In fact, they’re the top exporter of oil to the US. And as the world economies begin to recover Canada stands to benefit greatly.
And he says technology has been a leader with the Ontario a hotbed for innovation.
Also there were no bank failures in Canada.
What’s the trade?
Gurka likes playing it with currency. He says go long Canada’s dollar with the CurrencyShares Canadian Dollar Trust .
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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 Owns (AA), (AAPL), (BAC), (BX), (EEM), (FCX), (FXI), (FITB); Seymour's Firm Owns (NOK); Seymour's Firm Is Short (PBR); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Terranova Owns (XBI), (ABT), (MSFT), (UUP), (RIMM); Najarian Owns (F) Call Spread; Najarian Owns (GS) Call Spread; Najarian Owns (INTC) Call Spread; Najarian Owns (V) & Short (V) Calls; Najarian Owns (PALM) call Spread; Najarian Owns (YHOO) Call Spread; Najarian Owns (WNR) & Short (WNR) Calls