The traders were closely watching the financials on Wednesday with big bank stocks struggling to find a footing.
The sell-off continued despite efforts from Jamie Dimon of JPMorgan and Brian Moynihan of Bank of America to quell investor jitters.
However, amid the selling, the pros think two names belong on the radar as potentially oversold.
In the space Tim Seymour suggests looking at Goldman . "It’s getting thrown out with the bath water. I don’t think they’re at risk in the same way other banks are,” he says.
Karen Finerman agrees that Goldman is worth a look. “It’s trading lower than tangible book – and that seems ridiculous,” she says.
Dennis Gartman makes the following analogy– when they raid the house of ill repute even the piano player goes to jail – “Goldman is the piano player,” he says.
Paul Miller of FBR tells the desk “Wells Fargo at these levels is a steal. Quality, great company and great deposit base,” he says.
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Trader disclosure: On Aug 10, 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 (CSCO); Finerman and Finerman’s firm own (AAPL); Finerman owns (BAC) and Finerman’s firm own (BAC) leaps; Finerman owns (JPM) and Finerman’s firm owns (JPM) stock and (JPM) leaps; Finerman’s firm owns (M); Finerman’s firm owns (MSFT); Finerman's Firm Is Short (IWR); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (XRT); Finerman's Firm Is Short (SPY); Finerman's Firm Is Long S&P 500 Puts; Finerman's Firm Is Long Russell 2000 Puts; Nathan owns (AAPL) call spreads; Nathan owns (BAC) put spreads; Nathan owns (CSCO) call spreads; Nathan owns Gold puts; Dennis Gartman is long the Yen; Dennis Gartman is long Gold; Dennis Gartman is long Crude Oil
For Brian Modoff
(CSCO) is an investment banking client of Deutsche Bank
Deutsche Bank has received non-investment banking compensation from (CSCO) this year.
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