The market was largely in 'wait and see' mode on Thursday one day ahead of the all important jobs number.
Lately economic indicators have been somewhat hard to interpret. For example, according to ADP, private employers added 133,000 jobs - that was less than expected - but it's still a sign that the economy is creating jobs.
Separately, gross domestic product increased at a 1.9 percent annual rate in the first quarter, that's lower than the 2.2 percent the Commerce Department had estimated last month, but again a sign of growth.
Considering the signals are somewhat muddy right now, how should you trade now?
The Fast Money pros think trading this market has everything to do with your overall outlook on the economy.
Ask yourself, “do you think the tape will hold,” says trader Guy Adami.
In other words, if you’re somewhat optimistic; if you think Europe will contain its financial crisis and you think the US economy is getting incrementally better – then the Fast traders suggest making a shopping list.
Here are the stocks on the Fast radar:
Caterpillar: The Joy Global news may have put a capitulation bottom in Caterpillar, says Adami. With an $86 stop, CAT sets up for a trade, nicely.
Disney: Stephanie Link likes this as well as other companies that benefit from lower prices at the pump.
JPMorgan, Deutsche : Both of these stocks traded higher in a bad tape, says Jon Najarian. They’re on my radar for that reason, alone.
Joy Global: “I think the market over-reacted to the company's reduced outlook says Najarian. With shares down 38% ytd, the Pit Boss thinks the stock was oversold.
* You can find our conversation about these stocks approximately 7:30 into the video clip above.
Posted by CNBC's Lee Brodie
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Trader disclosure: On May 31, 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; Pete Najarian is long AAPL; Pete Najarian is long AAPL CALLS; Pete Najarian is long C; Pete Najarian is long GDX CALLS; Pete Najarian is long INTC; Pete Najarian is long SBUX; Pete Najarian is long PEP; Pete Najarian is long FB; Jon Najarian is long FB CALL SPREADS; Jon Najarian is long DAL CALL SPREADS; Jon Najarian is long JPM CALL SPREADS; Jon Najarian is long GS CALL SPREADS; Jon Najarian is long VIX CALL SPREADS; Jon Najarian is long CIGX; Jon Najarian is long DDMG; Jon Najarian is long CME; Jon Najarian is long CBOE
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