Kugele doesn't recommend trading H-P around the quarter. He's not looking for outstanding earnings results, either. He thinks it will be in the "middle of the fairway," meaning average. This is a name investors should buy for the second-half of IT spending, he said.
From the options market, Jon Najarian spotted some unusual activity in Carnival.
To power its fleet, the Miami-based cruiseliner consumes a considerable amount of oil. In turn, Carnival shares fell as the price of oil climbed on Tuesday. Options traders used the opportunity to buy July 47 calls, said Najarian, co-founder of optionMONSTER.com. Najarian doesn't think this was a short-term play. Options traders are simply positioning themselves because options became cheap.
Regardless of where the price of oil goes, Najarian thinks Carnival consumers will continue using their services. Therefore, he likes CCL on this dip.
CALL THE CLOSE
At the conclusion of Tuesday's "Halftime Report," the "Fast Money" traders revealed where they think the market could go and how they plan to trade it.
Joe Terranova, chief market strategist at Virtus Investment Partners, thinks the market could go lower. Brian Kelly of Kanundrum Capital agreed.
"Make yourself up a shopping list," Najarian said. "You're going to get a chance to buy some stocks really cheap over the next couple of days."
Patty Edwards of Trutina Financial, on the other hand, thinks the market could close higher. She would be patient, though.
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CNBC.com with wires.