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Has Goldman Bottomed Out?

Goldman Sachs has hit bottom and there should be a lot of upside to follow, says Fast Money trader Joe Terranova. Why's he so bullish, now?

Goldman Sachs , Morgan Stanley and other financial institutions were up Friday, even as the Senate passed financial regulatory reform late Thursday evening. That has Terranova and other traders feeling positive toward the financial sector right now.

Steve Cortes said he added to his position on Goldman and believes there is a lot of upside to the New York-based company. He said GS was getting near-book value and then it started to trade well. "As long as it doesn't break $137, I think $150 is possible," he says.

"A real tell for me was Wednesday when the S&P was down aggressively, Goldman was actually up for the day," Cortes said.

Terranova praised Cortes for adding more Goldman and said, "when a stock is working for you.. add more to your position."

He intended to buy pending the passage of FinReg, but froze. Goldman has hit the bottom, said Terranova, and the time to pull the trigger is now.

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Trader disclosure: On May 21, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova owns (PFE), (BMO), (SWN), (XCO), (EMC), (FTO), (YHOO), (AXP), (BBY), (TER), (STLD), (THC), (BTU), (AAPL), (DIS), (CVS), (IPSU); Terranova owns (GLD) JUN $115 Calls; Terranova Owns (GLD) June Calls; Terranova Owns (OIH) June Calls; Terranova Owns (PFE); Terranova Owns (RSX); Kinahan owns (C), (BAC), (AKS), (MSFT); Kinahan is short (SPY); Tomasulo owns (VXX); Tomasulo owns VIX calls; Tomasulo owns gold spot futures; Tomasulo owns (VZ); Tomasulo owns (PCLN); Tomasulo owns (V) calls; Grasso Owns (ABK), (BP), (BAC), (BGP), (C), (DYN), (JPM), (LPX), (NDAQ), (DCPA), (ASTM), (PRST); Kelly Owns (CAT) Puts; Kelly Owns (EMN) Puts; Kelly Owns (EXPE) Puts; Kelly Owns (WYNN) Puts; Jon Najarian Owns (BAC), (BAC) Preferred; Jon Najarian Owns (BP); Jon Najarian Owns (C); Jon Najarian Owns (JPM), (JPM) Puts; Cortes Owns (GS); Cortes Is Long Crude Oil; Cortes Is Short U.S. Treasuries

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 (AMKR)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
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Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (DRYS)

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Stuart Frankel And Its Partners Own (BAX)
Stuart Frankel And Its Partners Own (CUBA)
Stuart Frankel And Its Partners Own (DHR)
Stuart Frankel And Its Partners Own (DYN)
Stuart Frankel And Its Partners Own (GERN)
Stuart Frankel And Its Partners Own (GS)
Stuart Frankel And Its Partners Own (HSPO)
Stuart Frankel And Its Partners Own (MERC)
Stuart Frankel And Its Partners Own (NWS.A)
Stuart Frankel And Its Partners Own (NYX)
Stuart Frankel And Its Partners Own (PDE)
Stuart Frankel And Its Partners Own (PFE)
Stuart Frankel And Its Partners Own (PRST)
Stuart Frankel And Its Partners Own (RDC)
Stuart Frankel And Its Partners Own (SYMC)
Stuart Frankel And Its Partners Own (TLM)
Stuart Frankel And Its Partners Own (TRV)
Stuart Frankel And Its Partners Own (XRX)
Stuart Frankel And Its Partners Own (SDS)
Stuart Frankel And Its Partners Own (TBT)
Stuart Frankel And Its Partners Are Short (QQQQ)


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Kanundrum Capital Is Short Euro
Kanundrum Capital Is Short Yen
Kanundrum Capital Is Short (USO)
Kanundrum Capital Is Short (XLB)
Kanundrum Capital Is Short (XLF)
Kanundrum Capital Is Short (EXPE)
Kanundrum Capital Is Short (WYNN)
Kanundrum Capital Is Short (IOC)
Kanundrum Capital Is Short (SU)
Kanundrum Capital Is Short (CME)
Kanundrum Capital Is Short (STT)
Kanundrum Capital Is Short (XLF)
Kanundrum Capital Is Short (CAT)
Kanundrum Capital Is Short (AA)
Kanundrum Capital Is Short (DOW)
Kanundrum Capital Is Short (XLK)
Kanundrum Capital Is Short (EMN)
Kanundrum Capital Owns (GLD)
Kanundrum Capital Owns (TLT)
Kanundrum Capital Is Short (DAI)

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Seabreeze Partners Management Owns (MTG)
Seabreeze Partners Management Owns (C)

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