Looking for the next big trade?
The Fast Money pros have the following stocks on their radar.
Are they on yours?
RIM
The catalyst: Published reports suggested RIM, which employs about 16,500 people, plans to bring its workforce closer to 10,000 by early next year.
The trade: The stock just can’t get off the mat, says Jon Najarian. That says to me institutions just aren’t buying the turnaround strategy.
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XLE
The catalyst: With concerns about the economy looming over the market, investors may have rotated money into the Energy ETF, for its dividend paying companies.
The trade: I think the XLE is buyable against $63.50, says trader Steve Cortes. The charts suggest the ETF has made a double bottom and I think the space is oversold.
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Newmont Mining
The catalyst: Newmont and other miners have been under pressure with the stronger dollar generating headwinds for gold and related stocks.
The trade: I’m long the GDX, says trader Steve Grasso. If the market stabilizes, I think we’ve seen a near-term bottom in the space, but that’s only if the market stabilizes here – and that’s a big if.
Posted by CNBC's Lee Brodie
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Trader disclosure: On May 29, 2012 , the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Jon Najarian is long AAPL CALL SPREADS; Jon Najarian is long BAC CALL SPREADS; Jon Najarian is long GS CALL SPREADS; Jon Najarian is long INTC CALL SPREADS; Jon Najarian is long IBM CALL SPREADS; Jon Najarian is long CIEN CALL SPREADS; Jon Najarian is long LM CALL SPREADS; Jon Najarian is long DDMG; Jon Najarian is long CIGX; Jon Najarian is long CBOE; Jon Najarian is long CME; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long D; Steve Grasso is long FRO; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MO; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long XLU; Steve Grasso is long ZAZA; Steve Cortes is long XLE; Steve Cortes is long CLX; Steve Cortes is long AZP; Steve Cortes is short COH; Steve Cortes is short JWN; Steve Cortes is short XHB VS. S&P LONGS; Steve Cortes is short EUR CURRENCY
For Michael Binetti
UBS AG, its affiliates or subsidiaries beneficially owned 1% or more of a class of the following companies' common equity securities as of last month`s end (or the prior month`s end if this report is dated less than 10 days after the most recent month`s end): JCP
The U.S. equity strategist, a member of his team, or one of their household members has a long common stock position in NKE
This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and investment banking services are being, or have been, provided.: KOH
This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and investment banking services are being, or have been, provided.: RL
This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and non-securities services are being, or have been, provided.: KOH
This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and non-securities services are being, or have been, provided.: RL
Within the past 12 months, UBS Securities LLC has received compensation from this company/entity: KOH
Within the past 12 months, UBS Securities LLC has received compensation from this company/entity: RL
CNBC.com with wires.