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Don’t Let Greece Distract You from This

On Tuesday investors bid both the S&P and the Dow higher with the Street growing more confident that Greece would do what's necessary to receive more funding from the EU.

Also boosting sentiment, Germany's finance minister announced plans to meet the heads of the country's top financials to discuss a French proposal for banks to roll over some Greek debt for 30 years.

These developments generated a sense that the financial woes of Europe may be coming under control – at least for the time being

However the Fast Money traders aren’t so sure. They’re concerned that headlines about Greece have eclipsed other developments that have the same or even potentially greater impact on your portfolio.

They’re very focused on the recent outlook issued by Siemens – one of Europe’s largest industrial conglomerates – and, based in Munich, widely considered a bellwether for Germany’s economy.

We're talking comments like this: "The tailwind from the economic recovery is likely over. Now increased efforts are required for growth.” That's according to Siemens Chief Financial Officer Joe Kaeser, who spoke at an investor event in China.

”Siemens is one of the most important companies in the world and they gave a very sobering outlook for growth,” explains international trader Tim Seymour. “They said Q3 would be flat over Q2, and they said more stimulus is required to continued the growth. It’s almost a shout out to the ECB.”

These latest comments from Siemens come less than 2 months after the Siemen’s CEO said he was very encouraged by growth prospects.

”I think those comments may have been overly ebullient,” Seymour says.

Trader Steve Cortes agrees. He thinks that over the past 2 months the landscape in Europe has changed dramatically. “All we’ve heard is that Germany is strong and the problems in Europe are only in the periphery. Siemen’s is telling us otherwise.”

And Seymour adds similar comments are coming from Europe-based Phillips and Tom-Tom . “They’re all using a cautionary tone.”

Joe Terranova interprets Siemens results a little differently. He digs down and says weakness in Siemen’s is in their health care unit. The industrial part of the business remains strong – which he extrapolates as a sign that global growth remains strong.

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OIL & GOLD BOUNCE OFF KEY LEVELS

Elsewhere in the market, the traders are closely watching the action in oil after the commodity slipped to $90 and then bounced higher.

Has crude just found a floor?

In a word, Jon Najarian says 'yes'. "At these levels I think it’s ok to accumulate oil for a trade," he says, but you'll also need to pick your sell levels. Najarian expects oil to move sideways bouncing between $85 - $100 into year's end.

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JPMORGAN HITS NEW LOW FOR THE YEAR

The traders are closely watching the action in JPMorgan which made a fresh low for the year in Tuesday’s market.

What should you make of it?

Patty Edwards says if you must plany financials look at the regional banks such as US Bank or Northern Trust.

Joe Terranova thinks there are plenty of plays in financials, if you're a stock picker. "Look at AXP, and Cap One," he says, " as well as Canada-based banks and private equity names such as KKR, Evercore, and Blackstone. They all work."



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Trader disclosure: On June 28, 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 (MSFT), (VRTS), (IBM), (FCX), (CVI), (F), (AAPL), (CAT), (BX), (HPQ), (MA), (PEP), (MCD), (JWN), (TM), (LULU), (WFM), (DAR) and (BJ). Joe Terranova Owns (HAS), (DIS) and (XOM). Joe Terranova Is Short (DELL). Steve Cortes owns (SVU) and (KR). Steve Cortes is short the Nikkei. Steve Cortes is short the Crude. Steve Cortes is short the S&P. Steve Cortes is short the Australian Dollar. Steve Cortes is short Silver. Steve Cortes is short (BIDU). Steve Cortes is short Corn. Patty Edwards owns (XLK); Jon Najarian owns (AAPL) call spreads. Jon Najarian owns (BIDU) call spreads. Jon Najarian owns (CTXS) call spreads. Jon Najarian owns (UA) call spreads. Jon Najarian owns (CIGX) call spreadS. Jon Najarian owns (NKE) call spreads. Jon Najarian owns (PTEN) call spreads. Jon Najarian owns (SINA) call spreads

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 (LHO)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
Virtus Investment Partners Owns More Than 1% Of Sun Pharmaceutical Industries Ltd.
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 (SUBK)
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 & URL PLC

Patty Edwards
Edwards Owns (WFM) For Clients
Edwards Owns (GLD) For Clients
Edwards Owns (SLV) For Clients
Edwards Owns (SDS) For Clients
Edwards Owns (NKE) For Clients
Edwards Owns (POT) For Clients
Edwards Owns (AAPL) For Clients
Edwards Owns (MSFT) For Clients
Edwards Owns (GOOG) For Clients
Edwards Owns (ORCL) For Clients
Edwards Owns (TGT) For Clients
Edwards is long S&P500 For Clients
Edwards is long Nasdaq 100 For Clients
Edwards is long (SDS) For Clients
Edwards Owns (JWN) For Clients
Edwards Owns (QCOM) For Clients
Edwards Owns (PM) For Clients
Edwards Owns (ANDE) For Clients
Edwards is owns (PM)

Colin Gillis
**No disclosures

CNBC.com with wires.

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