If the Fed cuts next week as expected, what’s the trade right now?
Guy Adami wouldn’t mind “dabbling” in some Citigroup (C). He predicted it reach the $46 level on a Fed cut.
Jeff Macke, on the other hand, said he “wouldn’t touch Citi.” None of the banks have any idea how much they will have to write down yet, he said. Why bother? There’s so many other industries working, he recommended staying away from the financials.
Pete Najarian liked the asset management side of the coin – particularly names like State Street (STT) and Goldman Sachs (GS). But stocks like Merrill Lynch (MER), Lehman Brothers (LEH) and Bear Stearns (BSC) are too toxic, he said.
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Trader disclosure: On Oct 25, 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 (INTC), (ATVI), (EMC), (YHOO); Najarian owns (UA), (DISH), (GOOG), (YHOO), (MSFT) Options; Finerman’s firm and Finerman own (GS); Finerman’s firm owns Russell 2000 Puts, S&P 500 Puts, (NMX), (NYX), (MSFT), (BEAS), is short (BIG), (MER); Finerman owns (C)