Chart Center: Municipal Bonds

Considering New Jersey's credit rating downgrade and Illinois’ budget crisis, how should you play the muni bond market?

Find out how trader Brian Kelly is gaming it. Watch the video now.

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Trader disclosure: On Feb 17, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour Owns (AAPL); Seymour Owns (BAC); Seymour Owns (F); Seymour Owns (FCX); Seymour Owns (FXI); Seymour Owns (INTC); Seymour Owns (SBUX); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Terranova Owns (VRTS); Terranova Owns (C); Terranova Owns (UPL); Terranova Owns (GM); Terranova Owns (MS); Terranova Owns (SLXP); Terranova Owns (BAX); Terranova Owns (TEVA); Terranova Owns (CVI); Terranova Owns (RSX); Terranova Owns (SU)’ Terranova Owns (CNQ); Jon Najarian Owns (AMD), Is Short (AMD) Calls; Jon Najarian Owns (AKAM), Is Short (AKAM) Calls; Jon Najarian Owns (CLF), Is Short (CLF) Calls; Jon Najarian Owns (JOYG), Is Short (JOYG) Calls; Jon Najarian Owns (NVDA), Is Short (NVDA) Calls; Jon Najarian Owns (SPWR), Is Short (SPWR) Calls; Jon Najarian Owns (WMB), Is Short (WMB) Calls; Jon Najarian Owns (AKS), Is Short (AKS) Calls; Jon Najarian Owns (ANF), Is Short (ANF) Calls; Jon Najarian Owns (CSTR), Is Short (CSTR) Calls; Jon Najarian Owns (JNPR), Is Short (JNPR) Calls; Jon Najarian Owns (RAX), Is Short (RAX) Calls; Jon Najarian Owns (X), Is Short (X) Calls; Jon Najarian Owns (APA), Is Short (APA) Calls; Jon Najarian Owns (NBR), Is Short (NBR) Calls; Jon Najarian Owns (AKS), Is Short (AKS) Calls

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (LPHI)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
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)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of (DPUKF)

For Brian Kelly
Accounts Managed By Kanundrum Capital Own (AMD)
Accounts Managed By Kanundrum Capital Own (AGO)
Accounts Managed By Kanundrum Capital Own (APA)
Accounts Managed By Kanundrum Capital Own (BAC)
Accounts Managed By Kanundrum Capital Own (FCX)
Accounts Managed By Kanundrum Capital Own (IAU)
Accounts Managed By Kanundrum Capital Own (SLV)
Accounts Managed By Kanundrum Capital Are Long (SLV) Calls, Are Short (SLV) Puts
Accounts Managed By Kanundrum Capital Own (INTC)
Accounts Managed By Kanundrum Capital Are Long (INTC) Calls, Are Short (INTC) Puts
Accounts Managed By Kanundrum Capital Are Short Australian Dollar
Accounts Managed By Kanundrum Capital Are Short Yen
Accounts Managed By Kanundrum Capital Own (STX)
Accounts Managed By Kanundrum Capital Own (MON)

For Mike Haley
"As of right now I do not own any futures. I do have some forward contracts with local elevators that are backed up by futures contracts of corn, soybeans and wheat. All hedging positions and no speculation."

For Willie Williams
Societe Genarale Facilitates Transactions In Tradeable Currencies

For Ron Shah
***No Disclosures

For Glen Yeung
Citigroup Global Markets Or Affiliates Has Managed Or Co-Managed Offering Of (AMD) In Past 12 Months
Citigroup Global Markets Or Affiliates Has Received Investment Banking Compensation From (AMD) In Past 12 Months
Citigroup Global Markets Or Affiliate Recieved Non-Investment Banking Compensation From (NVDA), (AMD), (MRVL) In Past 12 Months
(AMD) Is Or In Past 12 Months Was An Investment Banking Client Of Citigroup Global Markets
(NVDA), (AMD), (MRVL) Are Or In Past 12 Months Were Non-Investment Banking Clients Of Citigroup Global Markets (Securities-Related Services, Non-Securities-Related Services)
Citigroup Global Markets Or Affiliate Recieved Compensation From (AMD), (NVDA) In past 12 Months
Citigroup Global Markets Is A Market Maker In (NVDA), (MRVL)
Citigroup Global Markets And/Or Affiliates Has A Significant Financial Interest In Relation To (AMD)

For Brian Stutland
Stutland's Firm Is A Market Maker In VIX Futures And Options Holding Positions

For Gary Shapiro
***No Disclosures

For Tim Seymour SOT
***No Disclosures

For Dennis Gartman SOT
Funds Managed By Dennis Gartman Were Long Gold On 1/28/11

For Toni Sacconaghi SOT
An Employee Of Bernstein Owns (AAPL)
Accounts Over Which Bernstein And/Or Affiliates Exercise Investment Discretion Own More Than 1% Of (AAPL)
Bernstein Is Market Maker In (AAPL)
Bernstein Or Affiliate Expects To Recieve/Seek Investment Banking Compensation From (AAPL) In Next 3 Months

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Comcast Is The Parent Company Of NBCUniversal
GE Owns 49% Of NBCUniversal
GE Owns 49% Of CNBC

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