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Both the Dow [.DJIA
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] and S&P 500 [.SPX
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] were trading higher on Friday with at least 10 stocks in the S&P 500 hitting new 52-week highs; Starbucks [SBUX
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] and Juniper Networks [JNPR
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] among them.
On the Dow, Procter & Gamble [PG
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] was the top boost after Citigroup upgraded the company to "buy," saying the consumer products company is ready to lower prices to win back market share.
In fact a string of upgrades is behind much of Friday’s bullish sentiment.
What should you be watching?
Instant Insights with the Fast Money traders
This is a quadruple witching day, reminds Steve Grasso aka The Governor. But I don’t expect to see anything dramatic into the close.
I’ve noticed that a lot of stocks that had pops this week are getting pushed lower, adds Option Monster Jon Najarian. Keep an eye on Continental [CAL
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].
Patterns in the charts of the S&P 500 suggest short-term momentum should remain bullish, reveals Bill Strazzullo of Bell Curve. But as the S&P approaches 1100 start taking profits.
I’ve noticed that options traders are buying S&P 500 downside puts, muses Brian Stutland of Stutland Equities. I interpret that as a bullish protection play and expect the market to rally further.
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TRADE OF THE WEEK: HOMEBUILDERS
Shares of Toll Brothers [TOL
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] and KB Home [KBH
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] traded higher on Friday after both were upgraded by J.P. Morgan Securities, which said the housing sector will continue to recover over the next 24 months and drive the current rally in homebuilder stocks.
Meanwhile, Robert Toll, chairman and chief executive of U.S. homebuilder Toll Brothers, sold 1.58 million shares on Wednesday, cashing in on the stock's rise in the past few months, according to regulatory filings.
What’s the trade?
I think there’s more negative to come in the space, muses Steve Grasso. I'm cautious.
It seems the smart money isn’t buying homebuilders for the long-term, says Pete Najarian. They're betting on pops and then taking profits.
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TRADE OF THE WEEK: GOLD
Gold [US@GC.1
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] continued to hover near it’s 18-month highs on Friday as light buying emerged on dips. Despite some technical indicators suggesting the market may be overbought, many market participants still expect gold to break through its record high of $1,030.80 an ounce.
What’s the trade?
It looks like gold is finally breaking to the upside, muses Bill Strazzullo. I think the next upside target is $1175 - $1200. I'd get long here.
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SMARTPHONE TRADE
Robust sales of the Pre smartphone helped Palm [PALM
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] post a smaller-than-expected loss, but a tepid second-quarter sales forecast and a plan to sell more shares helped snuff out a rally and sent its shares lower on Friday.
Also Palm plans to sell 16 million shares of common stock. Private equity firm Elevation Partners, which already owns a 33 percent stake in Palm, expects to buy $35 million worth of stock in the offering.
Analysts said the company's move to raise capital is bearish.
What’s the trade?
I expect to see Palm trend lower now, muses Brian Stutland. The stock has quadrupled this year.
In the space I like RIM [RIMM
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] better, adds Jon Najarian.
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FAST & FURIOUS: THE KEY QUESTIONS INTO THE CLOSE
BUY GOOG? Stuart Collins raised Google's [GOOG
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] price target to $600, should you buy?
I’m a buyer, says Steve Grasso. I think the trend is away from newspapers.
BUY RIMM? RIMM [RIMM
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] traded higher ahead of its earnings release next week, should you buy?
I’m already long and if I see any indications that institutions are buying I will too, reveals Jon Najarian.
BUY OIL? Oil [US@CL.1
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] slipped due to the weaker dollar; should you buy the dip?
If oil holds $72 then I think it makes a move to $80-$85, says Bill Strazzullo.
BUY AIRLINES? Airlines [XAL
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] gave up all of yesterday's gains, is this a buying opportunity?
I’m not a huge fan of ailines, says Brian Stutland, but if the economy continues to recover they should move higher too.
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CALL THE CLOSE
Steve Grasso: I’m a buyer.
Jon Najarian: I’m a buyer.
Bill Strazzullo: I’m staying long.
Brian Stutland: I’m neutral but I’d buy a dip.
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Trader disclosure: On Sept. 18, 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); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Finerman's Firm Owns (NOK); Finerman's Firm Owns (BAC) Preferred Shares And (BAC), Finerman Owns (BAC) Preferred Shares; Finerman's Firm And Finerman Own (WFC) Preferred Shares; Finerman's Firm Is Short (IJR), (IWM), (MDY), (SPY), (USO); Finerman's Firm Owns (APC); Finerman's Firm Is Short (BWA); Finerman's Firm And Finerman Own (RIG); Finerman's Firm Owns (WMT); Finerman's Firm Owns (ARO); Terranova Owns (AA) Puts; Terranova Owns (CAT) Puts; Terranova Owns U.S. Dollar Futures; Terranova Is Short (WFC), (HST), (JWN), (FCX)
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For Joe Terranova
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO
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