What's your strategy when the market falls 400 points in one day? Warren Buffett is buying Kraft (KFT). So is Carl Icahn and Nelson Peltz. As for Bill Ackman, he’s picking up shares of Target (TGT). Since they’re probably the smartest men on Wall Street – would you be smart to follow their lead?
Jeff Macke says KFT is a great defensive consumer staple play. And he thinks KFT is likely to come under pressure and get chopped up.
Eric Bolling also thinks KFT is a buy.
Guy Adami says it’s okay to dip your toe in the water and follow these guys into Kraft.
Pete Najarian says Kimberly-Clarke (KMB) and Clorox (CLX) are also safe defensive names.
Jeff Macke adds that Steve Schwarzman probably made the trade of the year – when he sold the Blackstone (BX) IPO at $31 (It’s worth noting BX closed on Thursday July 26th at $25.70)
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Trader disclosure: On July 26th 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Bolling Owns (BP); (XOM)