Should traders wait for the yearly high high of 1147 for confirmation, or will a close over 1125 be sufficient to confirm a technical breakout? Gordon said a daily close above 1125 would be sufficient to disprove his belief that the break above the 50-day moving average was just an overshoot.
The British Pound was being pounded for the sixth consecutive day Tuesday, hitting a new nine-month low as worries over the UK elections and budget deficits gave the currency a drumming.
Brian Kelly of Kanundrum Capital says the “pound has rate differential working against it” and he is shorting the pound. "On rallies, I'd be a seller of it. I think over the next six months we could go much lower."
HIGH ON HERBALIFE
Herbalife as a deficit derivative play? You bet, says Patty Edwards.
"First of all, the stock is darn cheap," she says. Second, the company has great international exposure — only about 22 percent of revenues come from the US, and very little from Western Europe, which is good news, because the remainder of currency plays involved are fairly stable compared to USD, meaning the company has a fairly decent growth rate.
TOPPING THE TAPE
M&A activity continued today, this time in ag space as CF Industries makes another bid for Terra Industries after withdrawing its offer in January. It added to an already incredible amount of activity in the ag space, and all the traders think commodities in general are a segment to watch.
"This is a space that's very, very active right now," Najarian said. He's watching Patriot Coal and Airgas.
The favorite seems to be CF, Steve Grasso said. "It's a win-win for CF no matter how you pose the landscape at this point."
The traders will discuss how to play the entire space at 5ET today on Fast Money.
Good news from the auto industry today, with Hyundai reporting February sales up 23 percent and Ford blowing sales estimates out of the water. The traders say Ford is now posed for a breakout, though there was a little disagreement on where the resistance level sits — at $12 for Grasso or $12.50 for Gordon. Once above that level, though, Grasso and Gordon agreed it has plenty of air to shoot to $14 or even $15.
TRADE TO GO
Steve Grasso: Buy the market
Todd Gordon: Buy the market
Patty Edwards: Nibbling selectively
Pete Najarian: Buy the market, especially tech, commodities
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Trader disclosure: On March 2nd, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Edwards owns (COST) and holds (AAPL), (COST), (F), (MSFT), (SPY) and (QQQQ) for clients; Grasso owns (AAPL), (COST), (COSC) (WMT); Gordon is short EUD; Najarian owns (ARG), (HIG), (INTC), (PXC), (JOYG), (MRVL), (BAC), (CLF), Kelly's Kanundrum Capital is short GBP, JAP, EUD, long USD, owns (NBC), (FXY).
For Patty Edwards:
Edwards Owns (COST)
Edwards Holds (AAPL)For Clients
Edwards Holds (COST) For Clients
Edwards Holds (F) For Clients
Edwards Holds (MSFT) For Clients
Edwards Holds (SPY) For Clients
Edwards Holds (QQQQ) For Clients
For Steve Grasso:
Grasso Owns (AAPL)
Grasso Owns (COST)
Grasso Owns (CSCO)
Grasso Owns (WMT)
For Todd Gordon:
Gordon Is Short Euro
For Pete Najarian:
Najarian Owns (ARG) Calls
Najarian Owns (HIG) Call Spread
Najarian Owns (INTC) Calls
Najarian Owns (PCX)
Najarian Owns (JOYG)
Najarian Owns (MRVL)
Najarian Owns (BAC) Call Spread
Najarian Owns (CLF) Calls
Najarian Owns (F) Calls
For Brian Kelly
Kanundrum Capital Is Short Pound, Yen, Euro
Kanundrum Capital Is Long U.S. Dollar
Kanundrum Capital Owns (NBG)
Kelly Owns (FXY) Puts
***BRIAN KELLY DOES NOT HAVE DISCLOSURES ON FXB
CNBC.com with wires