Fast Money: Halftime Report
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Build Bank Basket Now, Housing Has Bottomed: Hedge Fund Pro
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According to top hedge fund manager Anthony Scaramucci, now be a good time to put together a basket of banks.
“Focus on Bank of America [BAC
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] and Citi [C
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],” Scaramucci says “as leveraged plays into housing recovery in US.”
Or if you’re inclined to build a basket he says include, “Morgan [MS
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], Goldman [GS
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] and JPMorgan [JPM
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] – I think you’ll do quite well.”
Scramucci’s thesis is largely pegged to his belief that housing has bottomed. “House hold formation is much larger than people expected and home construction is down – that augers for a bottom,” he says.
On Wednesday the latest economic data showed Americans who signed contracts to buy new homes was at its highest level since April 2010, the last month that buyers could qualify for the federal home buying tax-credit.
Adding to the bullish thesis, home prices rose 1.0% on a seasonally adjusted basis from a month earlier, according to the Federal Housing Finance Agency's monthly home-price index.
Also the Federal Reserve renewed its committment to keeping interest rates lower for longer, a move which bodes well for the mortgage market.
"We’ve probably already seem the bottom in housing," Scaramucci adds. And that's a good thing for financials.
What do you think? We want to know!
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Trader disclosure: On Jan 25, 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 C; Adami owns GS; Adami owns INTC; Adami owns AGU; Adami owns MSFT; Weiss is long UGL; Weiss is long ETP; Weiss is long WLP; Weiss is long QCOM; Weiss is long BRCM; Weiss is long EUO
For Brian Kelly
Shelter Harbor Capital is long KOL
Shelter Harbor Capital is long US Treasuries
Shelter Harbor Capital is long GLD
Shelter Harbor Capital is long XHB
For Tony Wible
Janney Montgomery Scott is a market maker in the securities of NFLX, and may at any time hold a long or short position in this security.
Janney Montgomery Scott may seek compensation for investment banking services from the subject company (ies) NFLX security in the next 3 months.
The research analyst is compensated based on, in part, Janney Montgomery Scott's profitability, which includes its investment banking revenues.
For Brian Marshall
(AAPL) Neither ISI nor its affiliates beneficially own 1% or more of any class of common equity securities of the subject companies referenced in the Report. No person(s) responsible for preparing this Report or a member of his/her household serve as an officer, director or advisory board member of any of the subject companies. No person(s) preparing this report or a member of his/her household have a financial interest in the subject companies of this Report. At various times, the employees and owners of ISI, other than those preparing this Report, may transact in the securities discussed in this Report. Neither ISI nor its affiliates have any investment banking or market making operations. No person(s) preparing this research Report has received non-investment banking compensation from the subject company in the past 12 months. ISI does and seeks to do business with companies covered in this research Report and has received non-investment banking compensation in the past 12 months
For Anthony Scaramucci
Pending
CNBC.com with wires.
Data is a real-time snapshot *Data is delayed at least 15 minutes
