Over the last 10 trading days, Goldman and the S&P have traded almost in identical patterns, explains Jon Najarian.
TOPPING THE TAPE: CITIGROUP
As we mentioned above, Oppenheimer upgraded Citigroup on Wednesday to an outperform, saying it’s attractively priced after a recent pullback.
What must you know?
Reports have surfaced suggesting Qatar is looking at buying a portion of the US government's 27% stake in Citigroup, reveals Anthony Scaramucci of Skybridge. I think it’s a sign of the bottom. Bright days could be ahead for this company. (For the record Skybridge acquired a hedge fund business Citigroup earlier in the year.)
Citi and Bank of America both look interesting, says Terranova. All the increased volatility bodes well for their prop trading desks.
OIL, COMMODITIES POP
An increased appetite for risk sent commodities higher on Wendesday with oil rallying sharply, gold seeing a sizable gain and copper push higher, too.
What must you know?
For me the question is – has the storm passed or are we in the eye of the storm, explains Brian Kelly. I think we’re in the eye. More trouble lies ahead.
I disagree, says Joe Terranova. I think we’re seeing a shift in the market. It looks like investors are rotating into energy names and I expect energy and materials to perform well through the end of the year.
TOPPING THE TAPE: TRANSOCEANTransocean traded in the green on Wednesday after Macquarie Research analyst Waqar Syed upgraded the name from Neutral to Outperform.
The analyst said the bad news associated with the Gulf of Mexico oil spill is already priced into the stock.
What else must you know?
Check out our exclusive conversation withWaqar Syed. Watch the video above!
CALL THE CLOSE:
Jon Najarian I’m a buyer.
Anthony Scaramucci: I’m a buyer
Joe Terranova I think the market heads higher
Brian Kelly: I’m a buyer
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Trader disclosure: On May 26, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Anthony Scaramucci and SkyBridge owns (AAPL), (EBAY), (GOOG), (MSFT), (INTC); Joe Terranova owns (AXP), (BBY), (BMO), (BTU), (DIS), (FTO), (GLD), (IPSU), (OIH), (PFE), (RSX), (STLD), (SWN), (TER), (XCO), (YHOO); Terranova Works For (VRTS); Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.; Virtus Investment Partners Owns More Than 1% of (IGE); Brian Kelly owns (FCX), (CLF).
For Brian Kelly
Kanundrum Capital owns U.S. Dollars
Kanundrum Capital owns (TLT)
Kanundrum Capital owns (GLD)
Kanundrum Capital owns (GFI)
Kanundrum Capital owns (AUY)
Kanundrum Capital owns (SRCL)
Kanundrum Capital owns (LIFE)
Kanundrum Capital owns (CXW)
Kanundrum Capital owns (FCX)
Kanundrum Capital owns (CLF)
Kanundrum Capital is short Euro
Kanundrum Capital is short Yen
Kanundrum Capital is short Swiss Franc
Kanundrum Capital is short UK Pound
Kanundrum Capital is short (XLF)
Kanundrum Capital is short (XLK)
Kanundrum Capital is short (XLI)
Kanundrum Capital is short (DOW)
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