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Worst Calls of 2011 from the Fast Money Traders

Thursday, 29 Dec 2011 | 6:15 PM ET

Go looking for a hot trade and sometimes you only got burned.

And on Fast Money we don't hesitate to hold our trader's feet to the fire if they make a bad call.

And some of their calls were bad -- really bad.

Following are the moves our traders regret most for all of 2011.

Fast Money's Worst Calls of 2011
CNBC's Kayla Tausche reports on the worst calls of 2011, and the Fast Money traders reveal their worst trades including, Sprint, gold, Transocean, and CVR Energy.

Stephen Weiss

Earlier in the year, a wireless trade never quite connected. “I bought NIHD early and lost money. Sold it. Went back in lower. Lost more money. Sold most of it and still have small position”

What does he have to say about the trade now?

“I was right on the fundamentals but wrong on the timing,” he says. ”I still have a small position because at 2.5 times it’s too cheap.”

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Dan Dicker

Thinking that all the bad news was baked into the stock Dan Dicker bought Transocean three times “at $58, $45, and just Above $40,” he says. And every time the stock went lower.

What does he have to say about the trade now?

“I fought the tape all the way down,” he admits. “I misinterpreted how much the Street hated this name,” he says.

  Price   Change %Change
RIG
---

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Jon Najarian

Convinced that coal was the energy of the future Najarian bought Walter Energy at $80 just as the overseas crisis began roiling markets. “I punted at $70,” he admits.

What does he have to say about the trade now?

“It reminds me why I trade in options,” he says with remorse. “I should have limited my downside.”

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Ron Insana

When gold was trading around $1300 Insana thought the precious metal had lost its luster. “I shorted gold at that price,” he admits. Of course gold marched considerably higher.

What does he have to say about the trade now?

Once burned, twice shy. “I haven’t touched gold all year since,” he says.

  Price   Change %Change
GOLD
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Read More:

> Best Calls of 2011 from Fast Money Traders





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Trader disclosure: On Dec 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; Jon Najarian is long (AAPL); Jon Najarian is long (AKS); Jon Najarian is long (RIMM); Jon Najarian is long (ANR); Jon Najarian is long (CNX); Jon Najarian is long (JRCC); Jon Najarian is long (ACI); Jon Najarian is long (PCX); Jon Najarian is long (MOS); Jon Najarian is long (ADBE; Jon Najarian is long (WFT); Jon Najarian is long (PNC); Steve Weiss is long (EUO); Steve Weiss is long (FO); Steve Weiss is long (VZ); Steve Weiss is long (WLP); Steve Weiss is short (FXA; Dan Dicker is long oil futures; Dan Dickeris long (IBM) Stock; Josh Brown is Long (VAL); Josh Brown is Long (HD); Mike Khouw is Long (PHM); Mike Khouw is Short (PHM) Calls

Dennis Gartman
Long: We own an “Asian” short term government bond fund, corn,
the C$, the A$, and gold.
Short: We are short S&P 500, FTSE 100, and Euro Stoxx 50
futures to hedge the positions mentioned above. We are also short the Euro, Pound Sterling, and Yen.

The CIBC Gartman Global Allocation Notes portfolio for
December is as follows:
Long: 10% Canadian Dollars; 10% Australian Dollars; 20% Gold;
10% Corn
Short: 20% Euro; 10% British Pound Sterling; 5% Japanese Yen;
5% S&P 500 Index; 5% Dow Jones EURO STOXX 50 Index; 5% FTSE 100 Index.

For Jim Strugger
Firm makes market in VIX options

Fred Moran
Firm makes market in (AMZN)

  Price   Change %Change
NIHD
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RIG
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WLT
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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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