DOW LOSES 120
The headline:Dow Notches Biggest Two-Day Decline Since February
The word: Eric Bolling says he’s not worried – he’s been calling for a correction. However, he expects to see continued selling and consequently he’s short the S&P and NASDAQ. Pete Najarian adds he saw many more investors buying puts than calls. Guy Adami expects buying opportunities next week in Hewlett-Packard (HPQ), Boeing (BA) and Lockheed Martin (LMT) and Dell (DELL). Jeff Macke plans to get long slowly.
MORGAN STANLEY'S INFAMOUS INDICATOR:
The headline: Morgan Stanley (MS) Warns Of European Correction After First "Triple Sell" Signal Since Dot-Com Bust... European Stocks Always Fall In The Next 6 Months Following Morgan Stanley's Rare "Triple Sell" Call
The word: Eric Bolling says historically, 2 out of the last 3 times this has happened weakness did not spill over into American markets. Eric adds the CBOE Volatility Index exploded today.
BEATING THE TAPE - APPLE:
The headline:Apple (AAPL) Shares Reach All-Time High as Run-up Before iPhone Release Continues
The word: Eric Bolling says yesterday Credit Suisse upgraded their outlook. They estimate APPL will sell 5 million units this year and 15 million units in 2008. Jeff Macke tells the panel not to buy into the iPhone hype.
BEATING THE TAPE - NETFLIX:
The headline: Netflix (NFLX) Surges On Rumor It May Be Acquired By Amazon.com (AMZN)
The word: On Tuesday Jeff Macke and Eric Bolling told viewers this stock was done. Today Jeff says the deal makes no sense for Amazon.com. Pete Najarian adds the option activity in the June 22 and June 25 calls was phenomenal. Guy Adami adds if investors are long NFLX, they should take their profits and run.
The headline:Progressive (PGR) Explodes Late Afternoon
The word: Pete Najarian says this stock had more options volume Wednesday than it had for the entire month of May. Pete interprets the activity to mean something bullish is coming in this name
BEATING THE TAPE - U.S. STEEL:
The headline:Steel Continues To Perform
The word: Eric Bolling says it’s US Steel (X) bucking the trend.
DEATH OF THE ANALYST?:
The headline:Prudential Financial (PRU) Closes Its Equity Research And Trading Division
The word: Guy Adami says this will open the flood gates for every bank on The Street to rid themselves of research. Eric Bolling tries to take The Negotiator down arguing there’s nothing more valuable than Street research. Eric says Goldman Research (GS) research is gold.
Got something to say? Send us an e-mail at firstname.lastname@example.org and your comment might be posted on the Rapid Recap! Prefer to keep it between us? You can still send questions and comments to .
Trader disclosure: On June 6 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:
Macke Owns (SWY), (ATVI), Najarian Owns (AAPL), (AMTD), (ERTS), (FMD), (NVDA), (NFI), (PGR); (.VIX), (BIIB), Bolling Owns (NMX), Gold, Bolling Is Short S&P Futures; Bolling Is Short Nasdaq Futures; Bolling Owns Natural Gas Futures; Bolling Is Short (FXI) And Owns (FXI) Puts; Pete Najarian Is The Co-Founder Of optionmonster.com