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Burned by 3M

A long position in 3M looked like a hot trade but all it did was burn Guy Adami. So what does he have to say about the trade now?

Fast Money’s Negotiator made the fateful call on July 14th as a bet that momentum would drive the stock higher.

”3M has been a grinder,” he said at the time, “and my sense is that it will continue to be a grinder on the upside.”

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MMM
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Unfortunately, 3M ground down, with shares falling about 9% since he recommended a long position.

So what does Adami have to say about the stock now?

"It was a great looking chart but the chart broke," he says. "Unfortunately it wasn't a good call and I'd stay on the sidelines now."





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Trader disclosure: On Aug 1, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (AAPL; Seymour owns (BAC); Seymour owns (GE); Finnerman and Finnerman’s firm own (AAPL); Finnerman owns (BAC) and Finnerman’s firm own (BAC) leaps; Finnerman owns (JPM) and Finnerman’s firm owns (JPM) stock and (JPM) leaps; Terranova owns (XOM); 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); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Jon Najarian owns (AAPL) call spreads; Jon Najarian owns (BIDU) call spreads; Jon Najarian owns (APKT) call spreads; Jon Najarian owns (TLB)

For Joe Terranova
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Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
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