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Burned By HSBC, JPMorgan & More

Friday, 29 Jan 2010 | 6:09 PM ET

They looked like hot stocks. So how are the traders playing HSBC, JPMorgan and more now that they’ve been burned.

Tim Seymour

On January 5th the Ambassador turned his attention overseas for a bank play. “I'm looking at HSBC, “ he said. “Barclay’s had a good note on European commercial banks with HSBC their main call because of improved liquidity.”

Unfortunately a bullish position in this overseas bank did little more than make his portfolio sea-sick. Since early January HSBC shares have ebbed significantly. What does Seymour have to say about HSBC now?

The Greeks have taken down the entire banking sector, admits Seymour. I misjudged that.

  Price   Change %Change
HSBA
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Joe Terranova

On January 12th the Liquidator expected JPMorgan to look like Monopoly icon Fineas T Moneybags. “My plan is to buy JPM absolutely. I think earnings will look very good, I think the stock will go to $45 after earnings.”

What can we say about this trade except, ‘Go directly to jail,’ Joe. 'Do not pass Go. Do not collect $200. What does Terranova have to say about JPMorgan now?

Fundamentally, I still like JPMorgan, he says. I'm staying with the name.

  Price   Change %Change
4642.T
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Karen Finerman

On January 8th the Chairwoman thought an auto trade was about to accelerate. “American Axle is a name I like. I think it’s very cheap here,” she said.

Unfortunately, shares went into reverse and it’s even cheaper now. What does Finerman have to save about American Axle now?

I don't know how they chose just one stock to fast fire me with this week, she chuckles. But I like this name, she adds. It's a longer play story.

  Price   Change %Change
AXL
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Fast Fire
Traders weigh in on how to learn from bad trades.


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Trader disclosure: On January 29th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders Finerman's Firm Is Short (IJR), (IWM), (MDY), (SPY), (UNG), (USO); Finerman Owns (AAPL); Finerman's Firm Owns (BAC), (BAC) Leaps; Finerman Owns (BAC), (BAC) Preferred; Finerman's Firm And Finerman Own (CVS); Finerman's Firm And Finerman Own (GOOG); Finerman's Firm Owns (IBM), (KFT), (MSFT), (WMT); Finerman's Firm And Finerman Own (RIG); Finerman's Firm Owns (PLCE); Seymour Owns (AAPL), (BA), (F), (INTC), (PBR); Terranova Owns (BAC), (JPM), (XOM), (HAL), (OIH), (FCX), (GOOG), (FMC), (AAPL), (DELL), (MSFT), (QCOM); Terranova Is Long March British Pound Futures; Terranova Owns (XLF) Feb. Calls; Terranova Is Short (AAPL) Feb. Calls

For Tim Seymour
Seygem Asset Management Is Short (VALE)
Seygem Asset Management Owns (POT)
Seygem Asset Management Owns (FCX) Calls
Seygem Asset Management Owns (PBR)

For Joe-Terranova
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
Virtus Investment Partners Owns More Than 1% Of (CLB)
Virtus Investment Partners Owns More Than 1% Of (DLR)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (UA)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (SKT)

For Brian Stutland
Stutland Owns (XOM)
Stutland Is Short (SPY) Directional Position, Long Volatility
Stutland Is Long VXX
Stutland's Firm Is A Market Maker In VIX And SPX
Stutland's Firm Is Short VIX Directional Position, Short Volatility
Stutland's Firm Is Short S&P 500 Directional Position, Short Time Spreads

Other Relevant Disclosures:
Seymour Owned (GOOG) On 1/21/10
Terranova Was Short Feb. Crude Oil Futures On 1/11/10
Finerman's Firm Owned (AXL), (AXL) Calls On 1/8/10
Kaminsky Was Short (QQQ) On 1/7/10
Terranova Was Short Feb. Crude Oil Futures On 1/11/10
Finerman's Firm Owned (TGT), (TJX) On 1/12/10

  Price   Change %Change
AXL
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HSBA
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JPM MLP ETN
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NTAP
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