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Burned by Morgan Stanley

A long position in Morgan Stanley looked like a hot trade but all it did was burn trader Brian Kelly. How’s he playing it now?

BK made the fateful call on March 20th on the belief that more and more Americans would want to participate in the stock market rally.

At the time he said, “Morgan Stanley has that whole wealth management division that will do well if we start to see this capital markets increase and you start to see that retail money come out of bank accounts and head into the stock market. I think Morgan Stanley is your play.”

Unfortunately, a long position in Morgan Stanley has been anything but money in the bank. Since BK said to establish and long position, shares of MS fell more than 10%.

So what does he have to say about this stock now?

“I think the thesis still works,” he says, “but clearly my timing was off, clearly. However, I wouldn’t change my position.”



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Trader disclosure: On Apr 11, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Patty Edwards is long for clients YUM; Patty Edwards is long for clients MCD; Patty Edwards is long for clients SBUX; Patty Edwards is long for clients PM; Patty Edwards is long for clients SNPS; Patty Edwards is long for clients INTC; Patty Edwards is long for clients MSFT; Patty Edwards is long for clients QCOM; Patty Edwards is long for clients BKCC; Patty Edwards is long for clients SYT; Patty Edwards is long for clients GLD; Patty Edwards is long for clients AAPL; Patty Edwards is long for clients WLT; Patty Edwards is long for clients ANR; Patty Edwards is long for clients T; Patty Edwards is long for clients HSY

For David Konrad
KBW expects to receive or intends to seek compensation for investment banking services from Citigroup in the next three months: C
KBW currently makes a market and/or acts as a liquidity provider in Citigroup securities: C
KBW expects to receive or intends to seek compensation for investment banking services from Commerce Bancshares Inc in the next three months: CBSH
KBW currently makes a market and/or acts as a liquidity provider in Commerce Bancshares Inc securities: CBSH
KBW expects to receive or intends to seek compensation for investment banking services from Fifth Third Bancorp in the next three months: FITB
KBW has received compensation for investment banking services from Fifth Third Bancorp in the past 12 months: FITB
KBW currently makes a market and/or acts as a liquidity provider in Fifth Third Bancorp securities: FITB
Fifth Third Bancorp currently is, or was during the 12-month period preceding the date of distribution of this report, a client of KBW: FITB
KBW expects to receive or intends to seek compensation for investment banking services from Goldman Sachs Group, Inc. in the next three months: GS
KBW has received compensation for investment banking services from Goldman Sachs Group, Inc. in the past 12 months: GS
KBW currently makes a market and/or acts as a liquidity provider in Goldman Sachs Group, Inc. securities: GS
Goldman Sachs Group, Inc. currently is, or was during the 12-month period preceding the date of distribution of this report, a client of GS
KBW expects to receive or intends to seek compensation for investment banking services from JPMorgan Chase & Co in the next three months: JPM
KBW currently makes a market and/or acts as a liquidity provider in JPMorgan Chase & Co securities: JPM
KBW expects to receive or intends to seek compensation for investment banking services from Morgan Stanley in the next three months: MS
KBW currently makes a market and/or acts as a liquidity provider in Morgan Stanley securities: MS
KBW expects to receive or intends to seek compensation for investment banking services from U.S. Bancorp in the next three months: USB
KBW currently makes a market and/or acts as a liquidity provider in U.S. Bancorp securities: USB

For David Lipschitz
CLSA and/or Credit Agricole Securities (USA) Inc and/or the analysts involved in the preparation of this report have reason to know that an affiliate of Credit Agricole Securities (USA) Inc and/or CLSA received compensation from Alpha Natural Resources for non-investment banking products/services in the past 12 months: ANR
CLSA and/or Credit Agricole Securities (USA) (and/or their respective affiliates) managed or co-managed a public offering of Arch Coal's securities in the past 12 months: ACI
CLSA and/or Credit Agricole Securities (USA) (and/or their respective affiliates) participated in a public offering of Arch Coal's securities or received compensation for investment banking services from Arch Coal in the past 12 months: ACI
CLSA and/or Credit Agricole Securities (USA) Inc and/or the analysts involved in the preparation of this report have reason to know that an affiliate of Credit Agricole Securities (USA) Inc and/or CLSA received compensation from Arch Coal for non-investment banking products/services in the past 12 months: ACI
CLSA and/or Credit Agricole Securities (USA) (and/or their respective affiliates) managed or co-managed a public offering of Consol Energy's securities in the past 12 months: CNX
CLSA and/or Credit Agricole Securities (USA) (and/or their respective affiliates) participated in a public offering of Consol Energy's securities or received compensation for investment banking services from Consol Energy in the past 12 months: CNX
CLSA and/or Credit Agricole Securities (USA) Inc and/or the analysts involved in the preparation of this report have reason to know that an affiliate of Credit Agricole Securities (USA) Inc and/or CLSA received compensation from Consol Energy for non-investment banking products/services in the past 12 months: CNX
CLSA and/or Credit Agricole Securities (USA) Inc and/or the analysts involved in the preparation of this report have reason to know that an affiliate of Credit Agricole Securities (USA) Inc and/or CLSA received compensation from Peabody Energy for non-investment banking products/services in the past 12 months: BTU
CLSA and/or Credit Agricole Securities (USA) Inc and/or the analysts involved in the preparation of this report have reason to know that an affiliate of Credit Agricole Securities (USA) Inc and/or CLSA received compensation from Walter Energy for non-investment banking products/services in the past 12 months: WLT

For Kubinder Garcha
Credit Suisse makes a market in LXK
Credit Suisse makes a market in MSI
Credit Suisse makes a market in MMI
Credit Suisse makes a market in FIO
Credit Suisse makes a market in CELL
Credit Suisse makes a market in NTAP
Credit Suisse makes a market in RIMM
Credit Suisse makes a market in NOK
Credit Suisse makes a market in ERIC
Credit Suisse makes a market in AAPL
Credit Suisse makes a market in DELL
Credit Suisse makes a market in EMC
Credit Suisse makes a market in HPQ
Credit Suisse makes a market in IBM
Credit Suisse makes a market in ALU
Credit Suisse makes a market in QCOM

For Ken Sena
Nothing to disclose


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