The bank stocks -- which started this whole calamity -- were strong throughout trading; even when the Dow was down 340 points. Was the relative strength Thursday in stocks such as Citigroup (C) and Bear Stearns (BSC) a sign that its okay to step in and start buying these distressed names?
Guy Adami thinks the banks, including Bank of America (BAC) and U.S. Bancorp (USB), are a resounding buy.
Pete Najarian is paying special attention to Wells Fargo (WFC), which was the only name in the space that stayed positive for today’s entire trading session. A lot of the lenders are going out of business and it is going to create opportunities for big money centers like Wells Fargo, Bank of America and JP Morgan (JPM), he says.
Jeff Macke is looking at Goldman Sachs (GS), which came down to below $160 today on two-and-a-half times normal volume. He thinks GS is a buy for a trade – but not for an investment.
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Trader disclosure: On Aug 16 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 (INTC); (JWN); Najarian Owns (TMA); Najarian Is Short (GS); Najarian Owns (AA) Calls; Najarian Owns Straddles In (ETFC); Bolling Owns Gold; Bolling Is Short (FXI) And Owns (FXI) Put,; Bolling Has Closed Out Of His Long Japanese Yen Futures Trade