On Tuesday bank stocks landed on the trader radar with the beleaguered sector leading the rally.
The move was intriguing because for all of 2011, the right trade was stick with what’s working and the bank stocks were definitely not working.
“The move higher was nice to see,” says Karen Finerman. Maybe 2012 will be a year that financials finally rally.”
In the event Tuesday’s action has piqued your interest in the sector, the Fast Money traders have a few ideas on where to put money to work.
“If you want to be in the financials, be in USB,” says Guy Adami. “This bank is within a few points of its highest level since the end of 2008. This stock has outperformed the rest of the sector. My sense is that this is a $30 stock.”
Tim Seymour has SunTrust on his radar. “We’re seeing improvement in construction spend,” he explains. “They’re well positioned for a recovery in the sector.”
Joe Terranova is bullish on PNC. “On any pullback into the $50’s, that’s a name I’d want to own. They’re getting organic growth and they're a leading super-regional.”
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Trader disclosure: On Jan. 3, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Adami is long (C), (GS), (INTC), (BTU), (AGU), (MSFT), (NUE); Seymour is long (INTC), (BAC); Terranova is long (VRTS), (IBM), (LQD), (MUB), (EMC), (CSCO), (AXP), (SBUX), (CSX), (APC), (OXY), (XOM), (TRLG), (SWN), (V), (SU); Finerman is long (AAPL), (BAC), (JPM), (GOOG); Weiss is long (CHK), (KO), (RIMM), (QCOM), (GM), (EUO), (HPQ), (VZ), (BRCM), (AMLP), (NS); Weiss is short (FXA)
Karen Finerman, Metropolitan Capital
Fund is long (AAPL)
Fund is long (JPM)
Fund is long (IBM)
Fund is long (CF)
Fund is long S&P 500 puts
Fund is long (IWM) Puts
Fund is short (SPY)
Mike Khouw, Cantor Fitzgerald
Mary Ann Bartels, Bank of America Merrill Lynch
George Goncalves, Nomura Securities
11 Liquidity provider
Nomura International plc and/or its affiliates (collectively "Nomura") is a primary dealer and/or liquidity provider in European, United States and Japanese government bonds. As such, Nomura will generally always hold positions in these bonds, which from time to time, may be considered a significant financial interest.
Jim Iuorio, TJM Institutional Services
Has positions in (VXX) and (TBT) ETF
Tavis McCourt, Morgan Keegan
Firm makes market in AAPL, RIMM shares
Pavel Molchanov, Raymond James
Firm expects to receive or seek investment banking services from BP in the next 12 months
CNBC.com with wires.