With six trading days left in a volatile – and historic – quarter, one question looms: can the current rally continue or are we headed back to square one?
Tim Seymour sees some relatively smooth sailing in the trading days, and weeks, ahead. Money managers have a lot of cash on hand and he thinks there’s a lot of money waiting to come off the sidelines, which could continue this bear market rally for at least the next couple of weeks. New hedge funds are opening up too, he said. These next couple of weeks, believe it or not, of “great opportunity in the market.”
Jeff Macke echoed this sentiment with regard to the financials. He thinks they could continue the rally in the short-term. He would stay away from the commodities though on the belief that this unwinding isn’t a one-week phenomenon.
Guy Adami would buy Home Depot off new strength in the homebuilders. Pete Najarian agreed with the thesis, but prefers Lowe’s .
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Trader disclosure: On Mar. 20, 2008, 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 (LEH) Puts, (AA) Calls, (MSFT), (AAPL), (C), (CSCO), (MS), (USB) Puts, (XLF), (YHOO); Macke Owns (YHOO), (DIS), (INTC); Seymour Owns (MER), (AAPL), (CSCO), (F), (HAL), (INTC), (MBI); Seygem Asset Management Owns (EWT), (CPA), (EEM)