BIGGEST SURGE IN FOUR YEARS
The headline: Dow, S&P 500 Soar More Than 2%, Biggest Gains Since April 2003.
Jeff Macke says on Monday many investors felt as if they missed the bottom and started buying.
Eric Bolling says Bear Stearns (BSC) was oversold. He adds The Dow soared more than 200 points in final two hours of trading.
Guy Adami tells the panel that the airline stocks were down despite all the buying.
Tim Seymour reminds the panel that volume was light Monday and he cautions there could be more pain to come.
FIGHTING BACK THE BEARS:
The headline: Financial Select Sector SPDR(XLF) Bounces Back Monday After Coming Very Close To Bear Market; Merrill Lynch Surges On UBS Upgrade;
Jeff Macke says if you’re lucky enough to catch Monday’s gain, sell the XLF ahead of tomorrow’s Fed meeting.
XLF'S % FALL FROM HIGH
High: $38.15 on May 31st
Monday’s Close: $33.70
% Change: -12%
SMALLER BANKS, OUTSIZED RETURNS:
The headline: Fifth Third (FITB), Regional Banks Among the Rebound's Best Performers
Guy Adami says the sector’s strength comes from a Morgan Stanley upgrade on Friday as well as a Wells Fargo (WFC) buy back. He suggests both moves were a vote of confidence.
Eric Bolling adds that a possible rate cut from The Fed on Tuesday could have pushed this sector higher.
Tim Seymour adds that many of these banks have dividend yields of 5% - 6% and that too, could be behind the rebound.
The headline: Crude Oil Plunges Nearly 5% - Most In 7 Months - On Economic Concerns
Eric Bolling says hedge funds were liquidating profits in oil. He thinks oil has a 68-handle on it from a technical standpoint.
Eric also says he’s a long-term oil bull and recommends buying the United States Oil Fund LP (USO), but not quite yet.
Tim Seymour recommends shorting oil as a short term trade.
The headline: The Trade As Investors Poor Money Into streetTRACKS Gold Trust (GLD), iShares COMEX Gold Trust (IAU) Gold ETFs
Eric Bolling likes gold because he’s a dollar bear and because of growth in India and China. He explains India is the number one consumer of gold in the world.
Tim Seymour recommends owning a gold ETF and hedging the bet with shares of Newmont (NEM) or some other mining company.
TAKE YOUR POSITION: CISCO:
The headline: Cisco Systems (CSCO) To Report Earnings Tomorrow After The Bell
Jeff Macke recommends getting long CSCO right now and buying Juniper (JNPR) on a pull back.
Guy Adami says CSCO is a long-term buy.
FAST MONEY FROM THE FAUCET:
The headline: Several North NJ Counties Told To Boil Water After Treatment Plant Problems
Eric Bolling says the US issues over 900 boil water orders a year. He believes billions will go into aging water infrastructure over the next 5 years. Eric says the best water play is buying Suez (SZE) and Veolia Environnement (VE).
AFTER HOURS ACTION: WYNNING HAND:
The headline: Wynn Resorts (WYNN) Soars 17% After Hours On Better-Than-Expected Earnings, Revenue
Eric Bolling explains the surge was due in large part to a Macau casino opening.
He likes companies in this space with exposure to Macau, especially Melco PBL Entertainment Limited (MPEL).
UP, UP, AND HATHAWAY:
The headline: Buffett's Berkshire Hathaway (BRK) Jumps After Reporting 33% Profit Surge;
Dylan Ratigan explains that Berkshire beat out Apple (AAPL) to become champion of Fast Money’s "March Money Madness" Tournament
Since we declared Berkshire winner of our March Money Madness BRK shares are up 2% and AAPL up 43%
Jeff Macke says he likes BRK.
Eric Bolling calls Berkshire slow money.
Guy Adami says Berkshire is a long term buy.
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Trader disclosure: On Aug 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 (ATVI), Seymour Owns (AAPL) (BX), (EEM), (EWZ), (EWT), (GLD), (ITU), (LEH), (MBT), (SSL): Red Star Asset Management Owns (EEM): Bolling (SZE), (VE), (MPEL), Owns Gold, Silver, Platinum, Copper, Bolling Is Short (FXI) But Bullish Long-Term,