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Traders and analysts are really ramping up their picks and pans as the the Fall becomes the season when so-called stock picking returns.
The challenge is to take this sell-off that began about 2 weeks ago (S&P 500's intraday high was on Sept. 23) and find stocks "whose weakness is judged to be a buying opportunity and stocks that have sold off over the past two weeks where weakness is judged to be a problem with negative intermediate-term implications," wrote Carter Worth, chief market technician for Oppenheimer Asset Management, in a note to clients today.
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Chevron [CVX
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], Bank of NY Mellon [BK
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], Aetna [AET
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] and U.S. Steel [X
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]are among the stocks Worth, one of the best technician regulars on Fast Money, said have "interesting patterns that are down to levels where rebound potential is judged to be high."
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Worth's value traps include Darden Restaurants [DRI
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], Family Dollar [FDO
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] and Advance Auto Parts [AAP
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] .
Last week, FM's Guy Adami said Research-In-Motion [RIMM
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], which got pummeled on an earnings miss earlier last month, was starting to look like a value trade at the $65 level after analyzing past support for the stock. Needham agrees with Guy this morning, upgrading the shares to 'buy' and slapping an $85 price target on them.
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The risky and surprising value call of the day is from Goldman, which upgraded Capital One [COF
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] and added the stock to its 'Conviction Buy List' after its slide the last two weeks, citing signs of a consumer credit recovery. Meanwhile, the firm removed Fifth Third [FITB
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] from the 'Conviction Buy List'. Goldman makes this Capital One call even after the majority of Fast Money viewers declared that the financials was a sector too risky to try and find values at the moment our Friday poll of the day.
Where does all this mixed stock picking and panning leave the overall market? Likely a volatile quarter that ends up not too far from where we are now, according to the latest sentiment from the traders.
John Melloy is the Senior Editorial Producer for Fast Money. Before joining CNBC, he was an editor for Bloomberg News, overseeing the U.S. Stock Market coverage team.______________________________________________________
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Trader disclosure: On October 5, 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); Grasso Owns (AAPL), (ABK), (BAC), (C), (COST), (CSCO), (PFE), (V), (MMT); Terranova Owns (NOV), (JPM); Terranova Owns Dec. Gold Futures; Terranova Owns March Sugar Futures; Terranova Owns Crude Futures; Terranova Is Short (CCL), (WYNN), (GRMN); Najarian Owns (C) Calls; Najarian Owns (BRCD) Call Spread; Najarian Owns (DELL) Call Spread; Najarian Owns (GE) Calls; Najarian Owns (JPM) & Short (JPM) Calls; Najarian Owns (MSFT) And Is Short (MSFT) Calls; Najarian Owns (TEVA); Najarian Owns (ORCL) & Short (ORCL) Calls; Najarian Owns (RIMM) Call Spread; Najarian Owns (WFC) Put Spread; Najarian Owns (YHOO) Call Spread
For Steve Grasso
Stuart Frankel Owns (ACS)
Stuart Frankel Owns (GERN)
Stuart Frankel Owns (MSFT)
Stuart Frankel Owns (NWS.A)
Stuart Frankel Owns (NYX)
Stuart Frankel Owns (PDE)
Stuart Frankel Owns (PFE)
Stuart Frankel Owns (ROK)
Stuart Frankel Owns (XOM)
Stuart Frankel Owns (SDS)
Stuart Frankel Is Short (QQQQ)
Jon Najarian Owns (YUM)
Pete Schiff Owns (POT)
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