GO
Loading...

Halftime: Why Top Traders Are Watching These 2 Sectors

Stocks turned mixed on Wednesday, as financials led the market lower despite JPMorgan Chase's strong earnings release. In turn, the "Fast Money" traders said financials is one of two important sectors to watch on Wednesday.

"If you want to win in the bank sector, go with Bank of Montreal ," said Patty Edwards, chief investment officer at Trutina Financial.

Options trader Pete Najarian also likes shares of the Toronto-based financial institution at current levels. Should financials continue to fall, he thinks the rest of the market will, too.

In addition to the financials, the optionMONSTER.com co-founder said the market is also about oil right now. Kanundrum Capital founder Brian Kelly agreed.

"Watch oil," Kelly said. "That seems to be the tell. Oil and the market correlate into one at this point."

Oil prices rose on Wednesday. A day earlier, commodities sank across-the-board after Goldman Sachs released a report calling for a correction in oil. Some traders viewed Goldman's call as simply a chance to take profits and get back in at a lower level.

Finally, Stuart Frankel's Steve Grasso said he also thinks the market could go lower.

---
UNDER THE RADAR: IPHONE 5 PLAY

Will the rapidly changing wireless landscape hurt broadcast tower providers?

To find out, the "Fast Money" desk spoke with James Taiclet, CEO of American Tower .

Watch the video to see the complete conversation.

_____________________________________________________
Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to fastmoney@cnbc.com.

Trader disclosure: On April 13, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Joe Terranova owns (AKAM), (XOM), (VRTS), (C), (BAX), (TCK), (JPM), (UPL). Pete Najarian owns (PFE). Pete Najarian owns (TCK). Pete Najarian owns (AAPL). Pete Najarian owns (AKAM). Pete Najarian owns (C). Pete Najarian owns (HK). Pete Najarian owns (HPQ). Pete Najarian owns (TEVA). Pete Najarian owns (MS). Pete Najarian owns (RSX). Pete Najarian owns (GE). Pete Najarian is long (RIMM) calls. Pete Najarian is long (AVL) calls. Pete Najarian is long (EWZ) calls. Pete Najarian is long (HUN) calls. Pete Najarian is long (ICO) calls. Pete Najarian is long (MYL) calls. Pete Najarian is long (NTAP) calls. Pete Najarian is long (XLF) calls. Pete Najarian is long (PMCS) calls. Pete Najarian is long (BIG) calls. Pete Najarian is long (CVS) calls. Pete Najarian is long (XL) calls. Pete Najarian is long (WFT) calls. Pete Najarian is long (JOYG) calls. Pete Najarian is long (MYL) calls. Pete Najarian is long (AXL) calls. Pete Najarian is long (BSX) calls. Pete Najarian is long (HBC) calls. Pete Najarian is long (STI) calls. Pete Najarian is long (TYC) calls. Steve Grasso owns (BA), (C), (CSCO), (PFE), (JPM), (BAC), (AMD), (ASTM), (LPX), (PRST), (D), (LIT), nasdaq and (XMHYX).

Patty Edwards
Edwards is long (BMY) for clients
Edwards is long (TEVA) for clients
Edwards is long (AAPL) for clients
Edwards is long (TGT) for clients
Edwards is long S&P 500 for clients
Edwards is long nasdaq 100 for clients
Edwards is long gold for clients
Edwards is long silver for clients
Edwards is long (PGM) for clients

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 (NCRI)
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 (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of DOMINO'S PIZZA UK & IRL PLC

Steve Grasso
Stuart Frankel & Co and its partners own (AMD)
Stuart Frankel & Co and its partners own (AOL)
Stuart Frankel & Co and its partners own (CSCO)
Stuart Frankel & Co and its partners own (CUBA)
Stuart Frankel & Co and its partners own (GERN)
Stuart Frankel & Co and its partners own (HPQ)
Stuart Frankel & Co and its partners own (HSPO)
Stuart Frankel & Co and its partners own (MSFT)
Stuart Frankel & Co and its partners own (NYX)
Stuart Frankel & Co and its partners own (PFE)
Stuart Frankel & Co and its partners own (PRST)
Stuart Frankel & Co and its partners own (SDS)
Stuart Frankel & Co and its partners own (UAL)
Stuart Frankel & Co and its partners own (XRX)
Stuart Frankel & Co and its partners are short (QQQQ)
Stuart Frankel & Co and its partners are short (AAPL)

Brian Kelly
Accounts Managed by Kanundrum Capital are long (EBAY)
Accounts Managed by Kanundrum Capital are long (VLO)
Accounts Managed by Kanundrum Capital are long (TBT)
Accounts Managed by Kanundrum Capital are long (DBA)
Accounts Managed by Kanundrum Capital are long (GLD)
Accounts Managed by Kanundrum Capital are long (SLV)
Accounts Managed by Kanundrum Capital are long (TSN)
Accounts Managed by Kanundrum Capital are long (CLF) puts
Accounts Managed by Kanundrum Capital are long (SPY) puts
Accounts Managed by Kanundrum Capital are long VIX calls
Accounts Managed by Kanundrum Capital are long wheat futures
Accounts Managed by Kanundrum Capital are long soybean futures
Accounts Managed by Kanundrum Capital are long natural gas futures
Accounts Managed by Kanundrum Capital are long gold futures
Accounts Managed by Kanundrum Capital are long silver futures
Accounts Managed by Kanundrum Capital are short (XLF)
Accounts Managed by Kanundrum Capital are short (SMH)
Accounts Managed by Kanundrum Capital are short bond futures

Dennis Gartman
Funds managed by Dennis Gartman are long crude
Funds managed by Dennis Gartman are long corn

CNBC.com with wires.

Contact Halftime Report

  • Showtimes

    Halftime Report - Weekdays 12p ET
    Fast Money - Weekdays 5p ET