Pete Najarian is seeing put-buying in the Materials ETF . Why would investors bet against the commodities that drive the global economy?
I think the put buying was short covering, says Pete Najarian, so it might not be negative. I’m too enthusiastic about global growth to become bearish.
And on the flip side, I’m is seeing call-buying in aluminum giant Alcoa , says Najarian, which suggests to me this stock could go higher.
I like Alcoa too, adds Guy Adami.
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Trader disclosure: On Feb.12, 2008, 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), (YHOO), (DIS); Najarian Owns (BIIB), (C), (CSCO), (MCD), (MS), (MSFT), (YHOO), (XLF); Najarian Owns (AAPL) Calls; Najarian Owns (FRE) Puts; Finerman Owns (GS); Finerman's Firm Owns (AAPL), (GE), (MSFT), (WMT), (YHOO); Finerman's Firm And Finerman Own (HD); Finerman's Firm Is Short (SPY), (IJR), (IYR), (MDY), (IWM); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts