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SILVER LOSING ITS SHINE
Meanwhile, the Fast Money traders were also watching the action in silver , after the spot price dropped sharply after the CME Group raised the amount of cash that traders must deposit for speculative positions. It's the biggest intra-day drop since October 2008.
What's the trade?
Pete Najarian is closely watching the action in the the ultra-short silver ETF ZSL. "Call activity is picking up," he says. "It may be folks betting that maybe silver is going to pullback."
Trader Steve Grasso also expects a pullback. However, he's ready to "jump back into silver around 42." "The debt ceiling conversation should generate gains in silver as well as gold," he speculates.
Brian Kelly is also bullish. "I think the silver correction is over," he says.
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Trader disclosure: On May 2, 2011, 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 (YHOO); Grasso owns (AMD); Grasso owns (ASTM); Grasso owns (BA); Grasso owns (BAC); Grasso owns (C); Grasso owns (D); Grasso owns (JPM); Grasso owns (LIT); Grasso owns (LPX); Grasso owns (MHY); Grasso owns (NDAQ); Grasso owns (PFE); Grasso owns (PRST); Karabell owns (AAPL); Karabell owns (GOOG); Karabell owns (RIMM); Karabell owns (AGQ); Pete Najarian owns (PFE); Pete Najarian owns (TCK); Pete Najarian owns (AAPL); Pete Najarian owns (AKAM); Pete Najarian owns (C); 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
For 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 (MU)
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)
Stuart Frankel & Co and its partners are short (INTC)
For Brian Kelly
Accounts Managed by Brian Kelly Capital own (AMG)
Accounts Managed by Brian Kelly Capital own (ANBTU)
Accounts Managed by Brian Kelly Capital own (DIA)
Accounts Managed by Brian Kelly Capital own (EBAY)
Accounts Managed by Brian Kelly Capital own (GLD)
Accounts Managed by Brian Kelly Capital own (GDXJ)
Accounts Managed by Brian Kelly Capital own (SLV)
Accounts Managed by Brian Kelly Capital own (JJG)
Accounts Managed by Brian Kelly Capital own (LMT)
Accounts Managed by Brian Kelly Capital own (MS)
Accounts Managed by Brian Kelly Capital own (RVBD)
Accounts Managed by Brian Kelly Capital own (TSN)
Accounts Managed by Brian Kelly Capital own (SU)
Accounts Managed by Brian Kelly Capital are long gold
Accounts Managed by Brian Kelly Capital are long wheat
Accounts Managed by Brian Kelly Capital are long soy futures
Zachary Karabell
River Twice Captial is short S&P 500
River Twice Capital is short Nasdaq 100
Dennis Gartman
Funds Managed By Dennis Gartman are long gold
Funds Managed By Dennis Gartman are long silver
Funds Managed By Dennis Gartman are long Brend and WTI crude
Funds Managed By Dennis Gartman are long Canadian Dollar
CNBC.com with wires.