No matter where you turn, you’ll find stories about Thursday’s precipitous Dow drop and what that means for everyone from Wall Street moguls to White House hopefuls. But what does it mean for you? When there’s big volatility in the market, “Fast Money” turns on the webcams and puts you in the spotlight.
Webcaller #1: Margie from New York
Margie is a lawyer and her portfolio is about 50% financials 25% oil & 25% tech. She says she’s very worried about the volatility of the market and asks if she should be buying or getting more defensive in this volatile market?
Eric Bolling says financials have been the weakest performers all year. He tells Margie if the fear of the market is too much -- get out. However he also tells her if she can stomach it, he recommends staying with the financials. Ultimately he feels they’re under-owned.
Guy Adami tells Margie not to get scared out of the financials.
Jeff Macke counsels Margie to sell until she can sleep at night.
Webcaller #2: Rick from Ohio
Rick works as a Java developer and as he watched the market fall Thursday he wanted to add to his position but was getting low on available cash in his brokerage account. He asks if it’s safe to add new money so he can buy more?
Guy Adami tells Rick if he has disposable income to invest, he feels this is a great entry point. However, Guy warns Rick not to take money out of his house to go into the market.
Eric Bolling says the swings will likely get bigger and he recommends Rick stay with his base position until the market calms down, a little.
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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)