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Halftime Report: Don't Think Jobs Report Signaled 'All Clear'

Friday, 5 Mar 2010 | 1:21 PM ET

Chances are your trader radar is a sea of green with the S&P , gold and oil all trading higher after an okay jobs number triggered an almost audible sign of relief on Wall Street.

But if you think the jobs number signals 'all clear' you'd better think again.

Fast Money Halftime Report
How to invest now, with the Fast Money crew.

What must you know?

I’m not sure I can buy the commodities rally, reveals Scott Gordon of Forex.com. As market 'tells' I'm watching BHP around $79, he expalins If it can’t get above that level it makes me cautious. And I’m also watching Freeport McMoRan. If it can’t break above 82.15 I just can’t get on board.

Looking at the market broadly, 1125 is a key level in the S&P, adds Steve Grasso of Stuart Frankel. If we close above 1125 I’d be bullish, but only short term. Longer term I think there are still plenty of landmines out there. If you’re looking for a trade I’m bullish on refiners, Grasso adds; they look ready to break out and I’d play it long Tesoro .

I like the S&P up to 1150, says Scott Nations of Nationshares. Above that level I get a little dubious. But one way to play this market is with a long position in Walmart. I consider that a relatively safe trade.

I’m keeping an eye of Goldman , says Patty Edwards of Storehouse. It broke above the 200-day moving average, the 100-day moving average and the 50. That suggests to me there’s more upside. I’d add to my position.

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CHART OF THE DAY VOLATILITY VACUUM

In the chart of the day the Fast Money traders take a close look at the action in the Vix, Wall Street’s favorite measure of fear. It’s fallen almost every day for a month.

What must you know?

The Vix has been down 16 of the last 17 days, says Scott Nations. With so much fear coming out of the market, I think some of the so-called problems are not going to be problems, after all.

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TOPPING THE TAPE: TECH

Shares of Apple surged on Friday to a 52-week high after the company said the iPad would go on sale in the US on April 3rd.

The tablet device, has a touch screen that is 9.7 inches diagonally and can be used for watching videos, browsing the Web and reading electronic books.

The gadget costs:
16 gigabytes of storage - $499
32 gigabytes - $599
64 gigabytes - $699

What’s the trade?

I expect the iPad to become the next must have device and my target for this stock is $265, says OptionMonster Jon Najarian. I’m long the stock as well as the calls.

Even when they pull back in other areas, consumers continue to spend on tech gadgets, adds Patty Edwards. I agree that there is upside and I too am long.

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BREAKING NEWS: GM

According to CNBC’s Phil Lebeau GM is expected to announce on Friday afternoon that it will close fewer dealerships that previously announced – as many as 1,000 less closures.

What must you know?

It could be a sign that the American auto market is stronger than expected. You might want to play it with a long position in Ford , says Todd Gordon. I think F could go to $14.

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CALL THE CLOSE

Steve Grasso: Above 1125 I’m a buyer of the market and I think refiners are ready to break out.
Scott Nations I like the S&P up to 1150.
Todd Gordon: I’d be long the 10 year.
Patty Edwards; I’d be long some stocks including Goldman.


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Trader disclosure: On March 5, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Grasso Owns (TSO), (AAPL), (ABK), (ASTM), (BA), (BAC), (BGP), (C), (COST), (CSCO), (PFE), (PRST), (V), (WMT), (FAZ); Nations Owns (MSFT), (SPY); Edwards Owns (AAPL) For Clients; Edwards Owns (GLD) For Clients; Edwards Owns (SPY) For Clients; Edwards Owns (QQQQ) For Clients; Edwards Owns (MSFT) For Clients; Edwards Owns (GOOG) For Clients; Edwards Owns (GS) For Clients ; Jon Najarian Owns (AAPL), (AAPL) Call Spreads; Jon Najarian Owns (GS), (PCX); Pete Najarian Owns (BAC) Call Spread; Pete Najarian Owns (TEX) Calls; Pete Najarian Owns (CEPH) Call Spread; Pete Najarian Owns (AKAM) Call Spread; Finerman's Firm Is Short (IJR), (MDY), (IYR), (SPY), (IWM), (UNG), (USO); Finerman's Firm Is Long 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 (WFC) Preferred; Kelly Owns (ELX) Calls; Kelly Owns (AMZN) Calls; Seymour Owns (CHL), (TSO)

For Tim Seymour
Seygem Asset Management Owns (CBD)

For Brian Kelly
Kanundrum Capital Owns (C)
Kanundrum Capital Owns (JPM)
Kanundrum Capital Owns (IPI)
Kanundrum Capital Owns (POT)
Kanundrum Capital Owns (MOS)
Kanundrum Capital Owns (EZU) Puts
Kanundrum Capital Is Long U.S. Dollar
Kanundrum Capital Is Short Copper
Kanundrum Capital Is Short (FCX)
Kanundrum Capital Is Short (GS)
Kanundrum Capital Is Short (JWN)
Kanundrum Capital Is Short T-Notes
Kanundrum Capital Is Short Yen
Kanundrum Capital Is Short Euro
Kanundrum Capital Is Short Pound
Kanundrum Capital Is Short Swiss Franc
Kanundrum Capital Is Short (SLX)

For Doug Kass
Kass's Fund Is Short (BEN)
Kass's Fund Is Short (TROW)
Kass's Fund Is Short (AB)
Kass's Fund Is Short (JNS)

For Charles Kantor
Neuberger Berman Owns More Than 1% Of (AMT)
Neuberger Berman Owns More Than 1% Of (BIP)
Kantor Or A Family Member Owns (BIP)

For Mike Khouw
Cantor Fitzgerald & Co. Is A Market Maker In (JPM)

For Steve Grasso
Stuart Frankel & Co. Inc. And Its Partners Own (ABK)
Stuart Frankel & Co. Inc. And Its Partners Own (CUBA)
Stuart Frankel & Co. Inc. And Its Partners Own (GERN)
Stuart Frankel & Co. Inc. And Its Partners Own (GLG)
Stuart Frankel & Co. Inc. And Its Partners Own (HSPO)
Stuart Frankel & Co. Inc. And Its Partners Own (NWS.A)
Stuart Frankel & Co. Inc. And Its Partners Own (NXST)
Stuart Frankel & Co. Inc. And Its Partners Own (NYX)
Stuart Frankel & Co. Inc. And Its Partners Own (PDE)
Stuart Frankel & Co. Inc. And Its Partners Own (PRST)
Stuart Frankel & Co. Inc. And Its Partners Own (RDC)
Stuart Frankel & Co. Inc. And Its Partners Own (TLM)
Stuart Frankel & Co. Inc. And Its Partners Own (TOL)
Stuart Frankel & Co. Inc. And Its Partners Own (XRX)
Stuart Frankel & Co. Inc. And Its Partners Own (SDS)
Stuart Frankel & Co. Inc. And Its Partners Are Short (QQQQ)
Stuart Frankel & Co. Inc. And Its Partners Are Short (CL)

CNBC.com with wires

  Price   Change %Change
S&P 500
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BHP
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F
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FCX
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GS
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TSO
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VIX
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WMT
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AAPL
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