Fast Money

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Fast Money

Double Whammy

The S&P 500 appears to be on track for its first back-to-back quarters of negative earnings growth since 2002. Is there a trade here?

S&P 500 Earnings Growth 
S&P 500: -15.2%
S&P 500 (with financials extracted): + 6.4%

Source: Thomson
Note: 30% of S&P Reporting as of 4/22

Tomorrow's Trades #2

Obviously the trouble is in the financials. But I think you need to be more forward looking, says Guy Adami. It might be time to circle out of ag names and get into financials.

Keep an eye on the Financial Select Sector SPDR , counsels Pete Najarian. But it’s the energy stocks that have been moving the S&P. I like ConocoPhillips in the space.

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Trader disclosure: On Apr. 22, 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 (YHOO), (MSFT), (INTC); Finerman Owns (GS); Finerman's Firm Owns (DAI), (MSFT), (NYX), (TSO), (VLO), (YHOO); Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY),(COF); Najarian Owns (AAPL), (ENER), (NOK), (TSO), (XLF), (YHOO), (EMC); Najarian Owns (BHI) Calls, (DD) Calls, (MSFT) Calls, (POT) Calls, (CHK) Calls; Charles Schwab Is A Sponsor Of "Fast Money"