Trader Joe Terranova doesn’t buy it. He thinks the sell-off was simply a healthy pull back amid a broad move higher. “Oil is back on the boil,” he says. Although it's bad for the consumer, typically strong oil is good for stocks because it drives the energy sector higher. “Play it long Occidental. “And financials are strong,” he says, “I’m adding to Goldman on the strength.”
Trader Brian Kelly is somewhere in the middle; he disagrees with Doolittle about small caps. “I’m a buyer of Russell – my view is that the US economy is the best economy in the whole world."
Also Kelly is a buyer of the SMH. “It was one of the only green spots on Tuesday in a very negative tape.”
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Trader disclosure: On March 7, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Terranova is short GOOG; Terranova is short April gold futures; Terranova is short May silver futures; Terranova is long VRTUS; Terranova is long NXPI; Terranova is long IBM; Terranova is long MCD; Terranova is long LQD; Terranova is long EMC; Terranova is long MSFT; Terranova is long GS; Terranova is long JOY; Terranova is long OXY; Cortes is long SO; Cortes is short Aussie dollar; Cortes is short XHB vs. S&P long; Cortes is short SOXX; Cortes is short FXI; Kelly is long IWM; Kelly is long KRE; Kelly is long SMH; Kelly is long SPY; Kelly is long TLT; Kelly is long USG; Kelly is long QQQ calls; Kelly is long FTSE 100; Kelly is long Eurostoxx50; Kelly is short Yen; Kelly is short EWA; Kelly is short EWC ; Kelly is short EWY; Doolittle is long TYP; Doolittle is long GLL; Doolittle is long ZSL; Doolittle is long FAZ; Grasso is long LVS
For Gene Munster
Piper Jaffray makes a market in the securities of the following companies, and will buy and sell the securities of these companies on a principal basis: AAPL
For Vasily Karasyov
SFG is a market maker in the securities of Netflix, Inc. (NFLX).
SFG and/or its affiliates beneficially own 1% or more of the securities of Netflix, Inc. (NFLX).
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