How should you trade it?
I’d use the pull back as a buying opportunity, says Janney Montgomery analyst David Strasser. There are so many great products coming that I think they have a strong second half. But you have to be patient.
In case you’re wondering Strasser has a ‘Buy” rating on Best Buy with a $41 price target.
*Watch the video here to see our entire conversation with David Strasser.
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CBOE BEGINS TRADING…OPENS AT $32.80
CBOE , the last of the U.S exchanges to go public, successfully IPO’d on Tuesday morning, with the stock sharply higher in afternoon trade.
How should you play it?
I like this stock and see no reason to get out, says Pete Najarian. I think it goes higher. Fin reg should benefit the CBOE as well as all the exchanges; it should increase their volumes, Najarian says.
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CALL THE CLOSE
Patty Edwards: Wait for the market to trade above the 200-day.
Brian Kelly: Sell into the madness of crowds
Joe Terranova: The market is going higher.
Pete Najarian: Take a little off and let a little ride.
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Trader disclosure: On June 8, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Pete Najarian owns (C) calls; Pete Najarian owns (BAC); Pete Najarian owns a (BBY) call spread; Pete Najarian owns (TEVA); Pete Najarian owns (CELG); Pete Najarian owns (PFE); Pete Najarian owns (HPQ); Pete Najarian owns a (CEPH) call spread; Pete Najarian owns (MRVL); Pete Najarian owns (NOVL) and calls; Pete Najarian owns (CNI) & short calls; Pete Najarian owns (TCK); Kelly owns (GLD); Kelly owns (GDXJ); Kelly owns (BP) puts; Kelly is short (GS); Terranova owns (IPSU), (BX), (PFE), (GMCR), (RSX), (TER), (AXP), (BMO), (BBY), (DIS), (XCO), (SWN), (GLD), (AAPL), (IPI), (SU), (V), (TEVA); Terranova owns UK Pounds; Terranova owns Euros; Terranova is short the US Dollar
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 (XLY)
Virtus Investment Partners owns more than 1% of (XLI)
Virtus Investment Partners owns more than 1% of (XLU)
Virtus Investment Partners owns more than 1% of (DRYS)
For Patty Edwards
Edwards owns (XOM) for clients
Edwards owns (CVX) for clients
Edwards owns (COP) for clients
Edwards owns (RIG) for clients
Edwards owns (NE) for clients
Edwards owns (SLB) for clients
Edwards owns (HAL) for clients
Edwards owns (WFT) for clients
Edwards owns (DO) for clients
Edwards owns (VZ) for clients
Edwards owns (C) for clients
Edwards owns (BAC) for clients
Edwards owns (WFC) for clients
Edwards owns (JPM) for clients
Edwards owns (STI) for clients
Edwards owns (PNC) for clients
Edwards owns (BBY) for clients
Edwards owns (HPQ) for clients
Edwards owns (AMZN) for clients
Edwards owns (VXX) for clients
Edwards owns the S&P500 for clients
Edwards owns (QQQQ) for clients
Edwards owns the Russell 2000 for clients
Edwards owns gold for clients
Edwards owns silver for clients
Edwards owns platinum for clients
For David Strasser
Janney Montgomery Scott makes a market in BBY
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