Web Extra: Two Surprising Areas of Weakness
By: Despite the overall gains in the market on Wednesday, the Fast traders spotted two surprising areas of weakness.
Apple
Apple is typically a bellwether for the tech heavy Nasdaq but the index closed slightly higher, while Apple ended in negative territory.
What should you make of it?
Jon Najarian believes the sell-off was tied to the DOJ decision to block AT&T's acquisition of T-Mobile. However, he also says, "I’d be surprised if it pressures the stock much more."
Trader Stephen Weiss thinks the sell-off could be related to HP's move to sell more tablets at $99 despite plans to discontinue the gadget.
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The Ferts
Ferts generated another spot of weakness in Wednesday’s session with Potash and Agrium both dropping sharply.
What should you make of it?
Watch the video and find out now!
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Trader disclosure: On August 31, 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 (NBG); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Weiss Owns (AAPL); Weiss Owns (JPM); Weiss Owns (KO); Weiss Owns (NIHD); Weiss Owns (QCOM); Weiss Owns (VZ); Weiss Owns (TCK); Weiss Owns (FCX); Weiss Owns (TWM); Weiss Owns (SDS); Najarian is long (AAPL) call spreads; Najarian is long (AMT) call spreads; Najarian is long (DG) call spreads; Najarian is long (FDO) call spreads; Najarian is long (CLWR); Najarian is long (CCI) ; Najarian is long (CIGX)
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