The headline: Dow Gives Up 99-Point Rally as Bank Stocks Roll Over.
The Dow fell for 3rd day in a row and Eric Bolling says it finally feels like August because trading volume reached it’s lightest levels in three weeks. Eric doesn’t recommend trading a quiet market.
Jeff Macke says the market had every reason in the world to rally Monday and it didn’t.
Guy Adami agrees.
GOLDMAN DOUBLES DOWN:
The headline:Goldman (GS), Investors Pump $3B Into Struggling Global Equity Opportunities Hedge Fund; Goldman's Global Equity Opportunities Fund Has Plunged 28% This Month;
Pete Najarian says Goldman Sachs sneezes and the whole market gets a cold. He asks rhetorically, “What’s going on at Lehman (LEH)?” Consequently Pete reveals he’s more bearish on financials.
Jeff Macke also believes financials are going lower
Eric Bolling thinks there could be buying opportunities in the quality financial names.
HIGH TECH RALLY:
The headline: Hewlett-Packard (HPQ), Apple (AAPL) Lead Tech Share Gains Today As Outperformance Continues.
Pete Najarian thinks the name to watch is Applied Materials (AMAT) which reports earnings Tuesday after the bell. He explains they make solar cells and they’re starting to sell them across the world.
Guy Adami reveals that Deutsche Bank is very cautious on AMAT stock.
Eric Bolling says if tech can hold a strong rally, he doesn’t think the market will fall apart.
Jeff Macke prefers Hewlett-Packard over AMAT.
OPTIONS ACTION: MARK OF DISTINCTION:
The headline: Unusual Options Activity In Lexmark (LXK)
Pete Najarian thinks the stock has bottomed. The options activity suggests to him the stock could be going up, soon.
TAKE YOUR POSITION: INFLATION DATA:
The headline: The Market Awaits PPI Data Tuesday, CPI Data Wednesday
Eric Bolling says if the PPI number comes in at .2 as expected, the markets will be okay. He feels domestic inflation is contained.
Guy Adami likes that the cost of gasoline is lower at the pumps.
THE CURRENCY TRADE:
The headline: Japanese Yen Rises Despite Slowing Economic Growth As "Carry Trade" Unwinds
Eric Bolling says if the trade unwinds significantly, buy yen.
THE SOFTER SIDE OF A PROFIT WARNING:
The headline:Sears (SHLD) Lowers Earnings Forecast, But Shares Surge On New $1.5B Buyback Plan
Jeff Macke thinks Sears is going nowhere fast as a retailer. He says the stock was higher on Eddie Lampert.
THE DUNDER MIFFLIN TRADE:
The headline:Office Depot (ODP), Staples (SPLS), OfficeMax (MAX) All Suffering Double-Digit Losses in 2007
Pete Najarian says options volume suggests to him that investors should “keep an eye on Office Depot.” Something could be happening there, he says.
CHINA TACKLES SAFETY ISSUES:
The headline: Owner Of Chinese Toy Factory Involved In Mattel (MAT) Recall Reportedly Commits Suicide
Jeff Macke says he’s not sure he likes the way China does business.
THERE ARE NO MULLIGANS IN FINANCE:
The headline: NYT DealBook: As Bear Stearns (BSC) Shares Drop, CEO James Cayne's Golf Score Improves
Dylan Ratigan notices that when Cayne’s golf score goes up, BSC share price goes down.
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Trader disclosure: On Aug 13 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money
Macke Owns (EMC); Najarian Owns (EMC), (GS); Bolling Owns Japanese Yen Futures; Bolling Owns Gold Futures