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Burned By Morgan Stanley

Monday, 18 Jul 2011 | 5:56 PM ET

A long position in Morgan Stanley looked like a hot trade but all it did was burn Guy Adami. So what does he have to say about this trade now?

The Negotiator made the fateful call on June 29th as a bet that shares had stopped their sharp declines and finally found a floor.

“I think over the last week we’ve started to see a glimmer of hope,” he said at the time. “Now you can get long this stock.”

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Unfortunately that glimmer faded quickly. Since he suggested a long position Morgan Stanley shares have tumbled another 10%.

"It bounced nicely immediately after my call," says Guy Adami sheepishly. "I was right -- but only for a short period of time."



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Trader disclosure: On July 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; Finerman's Firm And Finerman Own (AAPL); Finerman's Firm owns (BAC) leaps and Finerman Owns (BAC); Finerman's Firm owns (JPM) leaps and Finerman Owns (JPM); Finerman’s Firm owns (GOOG); Finerman’s Firm owns (IBM); Finerman’s Firm owns (HPQ); Finerman’s Firm owns (CLX); Finerman's Firm And Finerman Own (MSFT); Finerman's Firm Is Short (IWM); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (SPY); Finerman's Firm Is Long S&P 500 Puts; Finerman's Firm Is Long Russell 2000 Puts; Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Terranova owns (XOM); Terranova owns (HAS); Terranova owns (DIS); Terranova owns (WFM); Terranova owns (LULU); Terranova owns (MSFT); Terranova owns (TM); Terranova owns (JWN); Terranova owns (MCD); Terranova owns (PEP); Terranova owns (MA); Terranova owns (BX); Terranova owns (GS); Terranova owns (DAR); Terranova owns (CAT); Terranova owns (VRTS); Terranova owns (AAPL); Terranova owns (F); Terranova owns (CVI); Terranova owns (IBM); Terranova owns (FCX)

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