Patty Edwards didn’t draw quite the same conclusion. She's focussed on commentary out of Texas Instruments and what it suggests about the state of PC sales. Her takeaway is that PC sales are slowing although tablet sales are picking up. However, she’s not sure the strength in one area can off-set the weakness in the other area. “That’s the bigger issue here,” she says.
JJ Kinahan has Finisar on his radar; after a 30% sell-off it’s either a really great buying opportunity or a broken stock. “I’d look at an out of the money put spread ,” he says but not right away. “These aren’t usually one day events – I’d let events play out for a week or so. I’d expect a dead cat bounce and then a sell-off again, wait for that to happen first.”
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THE BULL DOUBLES
The traders often talk about the March 9th lows, of course referring to March 9, 2009. Two years later on March 9th2011, it seems like an appropriate time to take a look back. Following are the top performing sectors since that time.
Top Sectors Since March 2009
Financials 169.3%
Consumer Disc.145.1%
Industrials 141.3%
Materials 121.7%
Technology 112.7%
Should you keep riding or is it time to dismount?
Of all the sectors mentioned above it appears the Fast traders are most focused on financials right now.
Steve Cortes is not a fan. “I think banks are in trouble,” he says. “I’m short Citi which I think is the worst of the big banks.” Largely he's bearish because he expects the yield curve will start to come in.
Brian Kelly shares the skepticism: “I’m short the XLF and IXG .” He too expects the yield curve will come in.
JJ Kinahan has spotted intriguing options action in the KBE which he interprets as bearish. “Somebody bought the Sept 26-22 put spread – also a bet the financials will come in.”
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Trader disclosure: On Mar. 9, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Steve Cortes is short (C). Steve Cortes is short (MOS). Steve Cortes is short Wheat. Steve Cortes is short Corn. Steve Cortes is long (SDY) vs. S&P short. Steve Cortes owns (EXC). Steve Cortes owns (CAG). Steve Cortes owns (K). Steve Cortes owns the U.S. Dollar. Steve Cortes owns U.K. Bonds. JJ Kinahan owns (SPY) options. JJ Kinahan is short (NFLX) options. JJ Kinahan owns (INTC) options. JJ Kinahan owns (F) and (F) options. JJ Kinahan owns (CSCO). JJ Kinahan owns (MSFT) options. JJ Kinahan owns (GE) and (GE) options. JJ Kinahan owns (MOS) and (MOS) options. JJ Kinahan owns (C) and (C) options.
Comcast Is The Parent Company Of CNBC
Comcast Is The Parent Company Of NBCUniversal
GE Owns 49% Of NBCUniversal
GE Owns 49% Of CNBC
BRIAN KELLY
Accounts Managed By Kanundrum Capital Are Long Oil
Accounts Managed By Kanundrum Capital Are Long Gold
Accounts Managed By Kanundrum Capital Are Long Silver
Accounts Managed By Kanundrum Capital Are Long Sugar
Accounts Managed By Kanundrum Capital Are Long U.S. Bonds
Accounts Managed By Kanundrum Capital Are Long The Canadian Dollar
Accounts Managed By Kanundrum Capital Own (FRO)
Accounts Managed By Kanundrum Capital Own (EBAY)
Accounts Managed By Kanundrum Capital Own (RTN)
Accounts Managed By Kanundrum Capital Own (TLT)
Accounts Managed By Kanundrum Capital Own (SGG)
Accounts Managed By Kanundrum Capital Are Short S&P Futures
Accounts Managed By Kanundrum Capital Are Short the U.S. Dollar
Accounts Managed By Kanundrum Capital Are Short (XRT)
Accounts Managed By Kanundrum Capital Are Short (XLF)
Accounts Managed By Kanundrum Capital Are Short (IXG)
PATTY EDWARDS
Edwards owns (SPY) for clients
Edwards owns (XLB) for clients
Edwards owns (GLD) for clients
Edwards owns (SLV) for clients
Edwards owns (AMZN) for clients
Edwards owns (V) for clients
Edwards owns (JNJ) for clients
Edwards owns (AAPL) for clients
Edwards owns (IBM) for clients
Edwards owns (MSFT) for clients
Edwards owns (QCOM) for clients
Edwards owns (GE) for clients
Edwards owns (TGT) for clients
Edwards owns (CME) for clients
Edwards owns (POT) for clients
Edwards owns (FXI) for clients
DENNIS GARTMAN
Funds Managed by Dennis Gartman are long the Canadian Dollar
Funds Managed by Dennis Gartman are long the Australian Dollar
Funds Managed by Dennis Gartman are long the Swiss Franc
Funds Managed by Dennis Gartman are long Gold
Funds Managed by Dennis Gartman are long Corn
Funds Managed by Dennis Gartman are long Soybeans
Funds Managed by Dennis Gartman are long Sugar
Funds Managed by Dennis Gartman are long Crude
Funds Managed by Dennis Gartman are long Nat Gas
Funds Managed by Dennis Gartman are short the Euro
Funds Managed by Dennis Gartman are short the British Pound Sterling
Funds Managed by Dennis Gartman are short The Yen
CNBC.com with wires.