After the worst day in the market since March, you need the guys more than ever. Here are their best trades to navigate through this sell-off.
Jeff Macke would buy Costco (COST) if it drops below $60 (COST closed today at $60.15). He also thinks Goldman Sachs (GS) will go to $190 (GS closed today at $198.15) and he would rather buy it there for a trade. “The next 10 points are down; the next 50 points are going to be up,” he says.
Eric Bolling admits he lost a lot of money in the market today, but he’s not ready to bail out. It’s OK not to take on any new positions, he says.
Take cover in defensive stocks, Pete Najarian says. He thinks Biogen (BIIB) and Amylin (AMLN) represent buys here. While the market was down, they were up because they “have something that helps people out.”
Everyone wants to buy on the dip, Guy Adami says, then they get scared when the dip comes. The dip is here – and McDonald’s (MCD) below $50 (MCD closed today at $51.55) is a buy.
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Trader disclosure: On July 24th 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 (JWN), Bolling Owns (BP), (T), (XOM), Gold, Silver, Copper, Platinum