Fast Money: Halftime Report
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Halftime Report: Goldman, Wells Make Furious Moves
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The bulls took control of key stocks [.SPX
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] Monday with Goldman [GS
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] and Wells Fargo [WFC
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] being two names that made notable moves higher.
Many investors believe the positive tailwind largely stems from a growing belief that Ben Bernanke will be confirmed for a second-term, relieving bank stocks (and the market) of an element of uncertainty that contributed to recent declines.
However, there may be another catalyst moving banks. What is it?
Instant Insights with the Fast Money traders
There’s chatter coming out of the Treasury that the market likes, explains Joe Terranova.
According to Deputy Treasury Secretary Neal Wolin, financial firms will need to choose between being a bank with insured deposits or engaging in hedge fund, private equity and proprietary trading activities under the Obama administration's new bank reform plan.
That kind of information provides investors with clarity and the market likes clarity, Terranova adds.
And financials were already a little weak after earnings, reminds Jon Najarian; that's an important catalyst in the banking sector too.
Options traders are betting on movement in Goldman Sachs, explains Brian Stutland. I don’t think it stays at this level for very long.
I would not be a buyer of financials [XLK
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] on the news, counsels Zach Karabell. Don’t look to the financials for market leadership. I don’t buy the thesis that you need the financials to do well for the market to go up.
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TOPPING THE TAPE: MATERIALS
Commodities moved higher on Monday largely due to dollar [US@DX.1
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] weakness; the greenback slipped against the euro and a basket of currencies.
How should you be trading?
I expect the dollar will continue to make gains over time, explains Dennis Gartman. The bounce we’re getting in materials is nothing more than a bounce. I’d be a seller of any rally.
I think the dollar gets material weaker over time making this is a buying opportunity, counters Joe Terranova.
I also see the 10% pullback in commodities is an entry point, echoes Zach Karabell.
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TAKE YOUR POSITION: ALL EYES ON APPLE
Investors are eager to hear from Apple [AAPL
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], which reports earnings on Monday after the bell.
Apple is expected to report earnings of $2.06 a share on revenue of $12.05 billion, according to Thomson Reuters I/B/E/S, with a gross margin of 35.7 percent.
But the traders are really waiting for Wednesday, when Apple could unveil a new tablet computer that investors hope will be as huge a phenomenon as its iconic iPod and iPhone.
The week could provide a pair of long-term catalysts for Apple's stock. But the company's shares often sell off right after major launches after months of rumor fuel big expectations.
What’s the Apple trade?
I’m very bullish long-term but I’m not in favor of upside speculation on earnings, says Jon Najarian. I’d buy protection.
I’m long, says Joe Terranova, and happy to be long.
I agree that the company has a lot of upside, adds Zach Karabell.
Elsewhere in the space, I’m seeing aggressive calling buying in Palm [PALM
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]and Motorola [MOT
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], reveals Jon Najarian. I think it’s a bet on takeover speculation.
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TAKE YOUR POSITION: TEXAS INSTRUMENTS
Investors are also eager to hear from Texas Instruments [TXN
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], which reports after the bell on Monday.
What’s the trade?
Options traders are pricing in a 6% move in either direction, explains Brian Stutland. And I’m seeing call buying in Intel [INTC
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].
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FAST & FURIOUS: THE KEY QUESTIONS INTO THE CLOSE
With a slew of earnings about to hit the Street how should you trade the following:
Corning [GLW
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]: I’m already long, says Jon Najarian.
Peabody Energy [BTU
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]: They may do fine but I’m not interested, says Zach Karabell
DuPont [DD
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]: I would hold my position if I were long, says Brian Stutland.
Johnson & Johnson [JNJ
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]: I’m a buyer on a pullback, says Joe Terranova.
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CALL THE CLOSE
Joe Terranova: I’m looking for an Amazon type rally in Apple.
Brian Stutland: I’m a seller of the rally.
Zach Karabell: I think the 10% pullback in commodities is an entry point.
Jon Najarian: I like the way the market is acting and I would be a buyer.
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Trader disclosure: On January 25th, 2010, 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 (AAPL), (BAC), (FXI), (INTC), (PBR), (X), (TSO), (VIP); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Finerman's Firm And Finerman Own (FLS); Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO), (UNG); Finerman's Firm Owns S&P Puts; Finerman Owns (AAPL); Finerman's Firm Owns (BAC), (BAC) Leaps; Finerman Owns (BAC) Preferred, (BAC); Finerman's Firm And Finerman Own (GOOG); Finerman's Firm Owns (MSFT); Finerman's Firm And Finerman Own (WFC) Preferred; Terranova Is Short (CMA), (ESS), (CAL); Terranova Owns (QCOM), (MSFT), (DELL), (AAPL), (EMC), (FCX), (MMM), (XOM), (BAC), (JPM); Terranova Owns March Copper Futures
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 Jon Najarian
Jon Najarian Owns (VMW)
Jon Najarian Owns (AAPL), (AAPL) Collar
For Mike Khouw
Cantor Fitzgerald & Co. Is A Market Maker In (SNDK)
Cantor Fitzgerald & Co. Is A Market Maker In (JAVA)
Cantor Fitzgerald & Co. Is A Market Maker In (ORCL)
Cantor Fitzgerald & Co. Is A Market Maker In (MSFT)
Cantor Fitzgerald & Co. Is A Market Maker In (AAPL)
Cantor Fitzgerald & Co. Is A Market Maker In (EMC)
Cantor Fitzgerald & Co. Is A Market Maker In (TXN)
Cantor Fitzgerald & Co. Is A Market Maker In (INTC)
Cantor Fitzgerald & Co. Is A Market Maker In (CSCO)
Cantor Fitzgerald & Co. Is A Market Maker In (QCOM)
Cantor Fitzgerald & Co. Is A Market Maker In (KLAC)
Cantor Fitzgerald & Co. Is A Market Maker In (AMAT)
Other relevant disclosures:
FBR Capital Markets Is A Market Maker Or Liquidity Provider For (YHOO)
Pete Najarian Owned (AAPL), (AAPL) Collar Today
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