Fast Money’s Q4 Playbook

Thursday, 29 Sep 2011 | 5:42 PM ET

Good bye, good riddance and don’t let the door hit you in the behind. With the S&P down more than 10% for the quarter, that’s a polite way to explain how most pros feel about the last 3 months.

But there’s no use crying over spilled milk. Now, how can you profit as we head into Q4?

Following are some thoughts and insights from the Fast Money gang.

Pete Najarian

The Fast Money Pit Boss suggests keeping materials stocks on the radar. “They’ve absolutely been taken out,” he says. Najarian is particularly keen on Freeport McMoRan and Walter Energy. “They’re just too cheap,” he says. “I’m slowly starting to nibble.

And as a related trade Najarian also likes the rails. “Somebody’s got to move it all.”

Karen Finerman

With consumers retrenching, Fast Money’s Chairwoman suggests focusing on companies that provide value,” Something like Target,” she says.

And ever the value investor Finerman also suggests looking for stocks that are just ridiculously oversold. In that category she likes Wabco.

Guy Adami

”I’m looking at biotech,” says the Fast Money Negotiator. “Celgene has held up remarkably well. “ He’s not quite ready to pull the trigger but if there’s a washout in the S&P Adami says, “I’d jump in.”

Joe Terranova

”I’m currently getting into Goldman, Morgan Stanley and Wells Fargo ,” says the Fast Money Liquidator. Terranova thinks these stocks are so oversold that positive headlines such as a better than expected jobs number could send them off to the races.

Q4 Investment Outlook
Jeff Palma, UBS head of global equity strategy, provides investment strategies for Q4, the Fast Money traders weigh in with their top trades in the final quarter of the year, and the next play in financials.

However with higher reward comes higher risk. “By the 3rd week of October, I’ll re-evaluate. By then I should know whether assuming risk in those names was correct or not.”

Want more trades? Get the macro outlook from Jeff Palma of UBS. Watch the video now!

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Trader disclosure: On Sep 29, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders;Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Terranova is long VRTS; Terranova is long OXY; Terranova is long HOS; Terranova is long OIH; Terranova is long CVI; Terranova is long AXP; Terranova is long EMC; Terranova is long F; Terranova is long AMZN; Terranova is long WFC; Terranova is long AAPL; Terranova is long IBM; Terranova is long Silver puts; Terranova is long PCP; Terranova is long MS; Terranova is long GS; Terranova is long WFM

West owns gold bullion trusts, gold coins, and is a stakeholder in some gold mines.

No disclosures

Nomura Securities International Inc. makes a market in (AMD) securities

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  • Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

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  • Najarian, the "Pit Boss," is cofounder of optionMONSTER.com, a news site for options traders.

  • Finerman is president of Metropolitan Capital Advisors, Inc., a company she co-founded.

  • Founder of EmergingMoney.com

  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

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