What do you think? We want to know!
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ANALYZE THIS: THE REAL SOVEREIGN DEBT CRISIS: JAPAN
Debt concerns in Europe, Greece in particular - keep flaring-up to halt market rallies. But strategic investor Dennis Gartman is more worried about a sovereign debt crisis unfolding in Japan.
He says Toyko is much closer to catastrophe.
Gartman reminds the desk that Japan’s population isn’t growing. In fact it’s declining with the median age increasing.
”There are more Depends being sold in Japan than diapers. That’s an old population,” he says with a smile.
But the fiscal implication is no joking matter.
”Japan's debt to GDP ratio is almost twice that of the United States,” Gartman explains. That hasn’t presented too much of an issue for the past few decades because a large percentage of Japan’s debt is owned by the Japanese people.
However, now there are fewer and fewer people.
Although the argument has been made before, Gartman thinks it’s becoming particularly relevant because of the price action he’s spotted in the currency market.
Looking at the yen relative to other currencies, “relative to the US dollar, the Canadian dollar, the Aussie and the euro - we’re starting to see the yen weaken all fronts,” he says.
”It’s time to be short yen relative to all other currencies.”
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RETAIL ROUND-UP
Retailers landed 'front and center' on Wednesday after Abercrombie and BJ's both beat on earnings. Meanwhile, Target beat on the bottom line, but sales were soft and Staples sank after cutting it's full year forecast.
What’s the trade?
Steve Grasso thinks the retailers may be due for a pullback. "They’re not shortable yet, but going into the summer I think retail is overextended," he says.
Steve Cortes has been bullish on Target. "However if the stock closes below $50 I’d cut my losses," he says.
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Trader disclosure: On May 18, 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 Grasso owns (AKS), (AMD), (ASTM), (BA), (BAC), (C), (D), (HOV), (JPM), (LIT), (LPX), (MHY), (NDAQ), (PFE) and (PRST); Steve Cortes owns (SO), (EXC), (KFT), (K), (GS), (MS) and (TGT). Steve Cortes is short Nikkei. Steve Cortes is short EEM vs. S&P Long; Pete Najarian owns (AAPL); Pete Najarian owns (HPQ); Pete Najarian owns (MS); Pete Najarian owns (MSFT); Pete Najarian is long (KGC) calls
Steven Grasso
Stuart Frankel & Co and it’s partners own (ABX)
Stuart Frankel & Co and it’s partners own (CSCO)
Stuart Frankel & Co and it’s partners own (CUBA)
Stuart Frankel & Co and it’s partners own (GERN)
Stuart Frankel & Co and it’s partners own (HPQ)
Stuart Frankel & Co and it’s partners own (HSPO)
Stuart Frankel & Co and it’s partners own (MSFT)
Stuart Frankel & Co and it’s partners own (MU)
Stuart Frankel & Co and it’s partners own (NEM)
Stuart Frankel & Co and it’s partners own (NYX)
Stuart Frankel & Co and it’s partners own (PFE)
Stuart Frankel & Co and it’s partners own (PRST)
Stuart Frankel & Co and it’s partners own (SDS)
Stuart Frankel & Co and it’s partners own (XRX)
Stuart Frankel & Co and it’s partners are Short (QQQQ)
Stuart Frankel & Co and it’s partners are short (AAPL)
Brian Kelly
Accounts Managed By Brian Kelly Capital own (BHP)
Accounts Managed By Brian Kelly Capital own Australia Dollars
Accounts Managed By Brian Kelly Capital own (TLT) calls
Accounts Managed By Brian Kelly Capital own (EBAY)
Accounts Managed By Brian Kelly Capital own (SLV) calls
Accounts Managed By Brian Kelly Capital are short yen
Tony Sacconaghi
Sacconaghi owns (STX)
Sanford Bernstein is a market maker in (DELL)
Sanford Bernstein received Compensation for non-investment banking-securities related services from (DELL)
Dennis Gartman
Funds Managed by Dennis Gartman are short Yen
Funds Managed by Dennis Gartman own Asian Short term Government Bond fund
Funds Managed by Dennis Gartman own gold, copper, corn, crude oil, soybeans
Pete Najarian
**Pending Disclosures
CNBC.com with wires.