For the next month, traders will be trying to interpret the big market moving comments made by The Federal Reserve on Tuesday. Perhaps no group of stocks is seeing a bigger move off Bernanke's thoughts than the homebuilders. SPDR S&P Homebuilders (XHB) -- an ETF of housing stocks -- jumped more than 3% after the comments.
The Fed Chief acknowledged that the housing market is correcting, giving hopes to some that The Fed may eventually do something to ease that pain.
Jeff Macke tells the panel to turn their backs and runaway from the homebuilders.
Guy Adami recommends Fluor Corp. (FLR) and McDermott(MDR). He calls these names “Godzilla stocks.”
Eric Bolling likes companies that engineer infrastructure such as Jacobs Engineering (JEC) and Bucyrus International (BUCY).
Pete Najarian thinks the mortgage insurance companies will be next to feel pain from the subprime slime. He tells the panel to keep an eye on Thornburg Mortgage, Inc (TMA). Pete says the options buying in this name suggest to him, the stock is sick.
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Trader disclosure: On Aug 7 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:Najarian Owns (CSCO), (NMX),(GS); Bolling Owns (NMX)