Banks landed on the trader radar after Warren Buffett told CNBC, “American banks are, in many ways, in the best shape they’ve ever been in.”
Trader Stephen Weiss agrees and he thinks the trade is long JPMorgan.
“I’ve been looking at JPM. I like it, I think it’s cheap. And I expect them to pick up share in Europe and Asia because the banks there are selling assets,” Weiss explains.
Meanwhile, in the same interview Buffett went on to say, “if I had to only own 1 bank, I’d own Wells.”
Pete Najarian also likes Wells. “If you’re looking for consistency that’s the name to go with,” he says. “Over the last 52-weeks it’s been the best performer of the big money center banks.”
And if you’re a trader who wants beta, Najarian says “go with BofA and Citi .” They’ve been making the biggest moves lately as confidence returns to the market.
“But those are trades only ,” he adds. “JPMorgan and Wells are long-term.”
Trader Steve Grasso prefers to play regionals such as USB, State Street and KeyCorp. “That’s where I would be putting money,” he says.
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Trader disclosure: On Feb. 27, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Weiss is long JPM; Weiss is long EUO; Weiss is long QCOM; Weiss is long HAIN; Weiss is long WLP; Weiss is long HYG; Weiss is long HK; Weiss is long CSC; Weiss is long HPQ; Weiss is short ANR; Weiss is short MT; J. Najarian is long AAPL; J. Najarian is long AMCC; J. Najarian is long CRM; J. Najarian is long CROX; J. Najarian is long FIO; J. Najarian is long HTZ; J. Najarian is long MA; J. Najarian is long RIG; J. Najarian is long UTX; J. Najarian is long SLV; J. Najarian is long CIGX; J. Najarian is long CBOE; J. Najarian is long CME; Murphy Short WHR; Kilburg is long TLT; Kilburg is long USO; Kilburg is long crude oil futures;Grasso is long ASTM; Grasso is long AVAV; Grasso is long BA; Grasso is long D; Grasso is long FIO; Grasso is long MHY; Grasso is long NUAN; Grasso is long MO; Grasso is long PFE; Grasso is long PRST; Grasso is long RIG; Grasso is long S; Grasso is long XLU
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