Fast Money: Rapid Recap - The first and only official show synopsis
RSS FEED
FAST MONEY'S FAVORITE WEBSITES
RECENT POSTS
- Your First Move For Wednesday May 30th
- Digital Generation Bottomed Out: Finerman
- Keystone Pipeline Could Begin Construction in Q1 2013
- Strategic Review No Reason to Buy RIM: Pros
- See Fast Money Live from Chicago - Thursday June 7th
- Your Next Trades: RIM, Energy and Newmont
- Burned by the Homebuilders ETF
- Downside in Facebook May Continue to $25: Options Pro
FAST MONEY FEATURES
FAST MONEY POLLGet in the post game. Respond to our "Question of the Day" right now.
TRADE SCHOOLGrab a pencil because school is in session and the Fast Money traders are teaching class.
FAST MONEY PODCASTSDownload Fast Money onto your MP3 Player.
FAST MONEY WIDGETGrab this all-in-one application and get recaps of the show sent right to your desktop or blog.
SHOP FOR FAST MONEY MERCHANDISEGet your game on with Fast Money gear.
FAST MONEY PHOTOS!Check out our scrapbook. These "pix" are guaranteed winners.
NEWSLETTERSign up and receive a daily email from the Fast Money team!
FAST MONEY MOBILE ALERTSGet advanced information about the next Fast Money.
Around 1360, Big S&P Advance Unlikely: Pros
Text Size 
Producer
 |
On Thursday money pros were pulling their hair out, trying to determine if the reversal in the market would push the S&P [.SPX
Loading...
()
] above 1370 – a level of past resistance.
“It’s on the bulls to ratchet the market higher,” says Fast pro Guy Adami.
After a few days of declines, the S&P 500 reversed direction and rallied to a nine-month high fueled by strong U.S. economic data and increased hopes for a deal on a Greek bailout next week.
Sectors sensitive to economic growth led the market, with technology [XLK
Loading...
()
], materials [XLB
Loading...
()
] and financials [XLF
Loading...
()
] leading on a day when all 10 S&P sectors finished higher.
| ||
After Thursday's gains, the S&P now faces a key level – the 1360-1370 level.
"We really need to churn through this area. We've been here before, we've failed here before," says Stephen Massocca, managing director at Wedbush Morgan in a Reuters interview.
“I’m all about 1370,” says trader Steve Grasso. “That was the May 2011 high. If we can break above, I do think we go to 1400,” he says.
The questions becomes will the market break out?
Largely the Fast Money traders do not think so.
“I think it’s tough sledding from here,” says trader Guy Adami. He feels the market faces far too many headwinds and investors will likely take profits at these levels.
Keith McCullough of Hedgeye Risk Management says much the same. “We shorted the S&P today,” he reveals. And looking at the technicals, he sees no chart patterns that suggest the market environment is making a significant change. “It’s still all about playing ranges,” he says.
Trader Steve Grasso is hearing similar commentary from his clients. They’re saying, “over the next couple of months the market could fall off a cliff and test 1257 – and even 1200,” he says. The thesis is that right now investors are chasing yield but if Europe’s recession get worse, it could ripple across the US economy - and hit the US stock market.
Only trader Tim Seymour is relatively bullish. “Europe in recession is not Europe in implosion,” he says. He thinks at currently levels stocks are just too cheap.
What do you think? We want to know!
- Digital Generation Bottomed Out: Finerman
- See Fast Money Live from Chicago - Thursday June 7th
- Desperately Seeking Dividend Yield
- Tech Is Trying to Tell You Something: Terranova
- Charts Suggest S&P Revisits Flat on Year: Top Analyst
- Airlines Taking Flight?
- Three Stocks For Thursday
- Next Stop for Oil - $88.55
______________________________________________________
Got something to to say? Send us an e-mail at and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our Web site send those e-mails to .
Trader disclosure: On Feb 16, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Grasso is long ASTM; Grasso is long S; Grasso is long XLU; Grasso is long AVAV; Grasso is long BA; Grasso is long D; Grasso is long DIO; Grasso is long LIT; Grasso is long MHY; Grasso is long NUAN; Grasso is long MO; Grasso is long PFE; Grasso is long PRST; Seymour is long BAC; Seymour is long INTC; Adami owns C; Adami owns GS; Adami owns MSFT; Adami owns AGU; Adami owns NUE; Adami owns INTC; Adami owns BTU
For Steve Grasso
Stuart Frankel & Co and it’s partners own CSCO
Stuart Frankel & Co and it’s partners own HPQ
Stuart Frankel & Co and it’s partners own MU
Stuart Frankel & Co and it’s partners own P
Stuart Frankel & Co and it’s partners own ZNGA
For Mike Khouw
No disclosures
For Erica Maschmeyer
Robert W. Baird & Co. Incorporated makes a market in the securities of JWN.
For Brad Hintz
Brad Hintz, as a former Managing Director at Morgan Stanley Group (MS), owns an equity position in MS that is held in a Morgan Stanley Group ESOP Trust at Mellon Bank as convertible preferred stock. These MS ESOP securities were awarded to him as compensation and are fully vested. Mr. Hintz is also an investor in Morgan Stanley Capital Partners III, LP — a merchant banking fund where Morgan Stanley maintains an equity interest as a limited partner. Mr. Hintz participates in the Morgan Stanley Pre Tax Investment Plan, which is a deferred compensation plan structured as a note to Mr. Hintz from Morgan Stanley with the return on the note tied to one of many alternative asset classes. In addition, as a result of the complete spin-off of Discover from Morgan Stanley on June 30, 2007, Mr. Hintz received a long position in Discover stock as a beneficiary of the Morgan Stanley ESOP. These shares of Discover will ultimately be distributed to Mr. Hintz by the ESOP trustee.
For Adam Holt
Morgan Stanley & Co. International PLC and its affiliates have a significant financial interest in the debt securities of Adobe Systems, Autodesk, Intuit, Microsoft, Oracle Corporation, Symantec.
For Zach Karabell
River Twice is long GOOG
River Twice is long AAPL
River Twice is long MA
CNBC.com and wires
Data is a real-time snapshot *Data is delayed at least 15 minutes
