Is there a trade here?
It’s great that Rio de Janeiro won the Olympics -- it’s a plus, but it’s a short term plus, muses Bill Strazzullo of Bell Curve. However in the short-term I wouldn’t be surprised to see the EWZ move higher.
Right now, I’d only treat the Olympics as a short term blip, counsels Steve Grasso.
MARKETS FIGHT HIGHER
Around lunchtime stocks were attempting to fight their way off the lows after the latest jobs report left investors worried about the strength of the recovery.
A Labor Department report showed that employers cut 263,000 jobs in September, far more than the 180,000 job losses that had been expected.
The data also showed the U.S. unemployment rate rose to 9.8 percent in September, up from August's 9.7 percent rate.
What must you know to trade this market?
It seems like volatility is coming back into the market, muses Brian Stutland of Stutland Equities. Typically there’s a Vix spike in the second half of the year and October is historically a volatile month.
I’m seeing somewhat higher volatility in some sector ETFs but not all, muses JJ Kinanhan of TD Ameritrade. Volatility in the XLF is up but volatility in the SMH is fairly steady. That suggests to me investors are only seeking protection in the sectors they think could lead us lower.
With the market trending lower, I’m keeping an eye on 1020 as a level of support in the S&P, says Fast Money trader Steve Grasso. Personally, I think weakness will be short lived.
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Trader disclosure: On October 2, 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); Najarian Owns (C) Calls; Najarian Owns (FFIV) Call Spread; Najarian Owns (GE) Calls; Najarian Owns (JPM) And Is Short (JPM) Calls; Najarian Owns (INTC) And Is Short (INTC) Calls; Najarian Owns (MSFT) And Is Short (MSFT) Calls; Najarian Owns (PEP) Call Spread; Najarian Owns (WFC) Put Spread; Najarian Owns (YHOO) Call Spread; Finerman's Firm Owns (CSCO), (MSFT), (USO); Finerma's Firm And Finerman Own (WFC) Preferred Shares; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (UNG); Finerman's Firm Owns (BDX); Finerman's Firm Is Short (TLT); Finerman's Firm Owns (BAC), (BAC) Calls, (BAC) Preferred; Finerman Owns (BAC), (BAC) Preferred; Finerman's Firm Owns (WMT); Finerman's Firm Is Short (XRT); Finerman's Firm Is Short (BWA); Finerman's Firm Is Short (USO); Seymour Owns (ABV); Seygem Asset Management Is Short (PBR); Seymour Owns (EWZ); Seygem Asset Management Owns Lukoil Shares
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