"Bears Win Monday Tussle; Stocks' Worst Slide in Four Years Continues"
The stock market climbed back from a morning loss only to lose it in the final hour and close at its low for the day . The bears latched onto a report about the service economy as the latest piece of evidence to show that economic growth is slowing more than expected. It's now been 5 trading days since the sell-off began and the loss tally for the Dow is almost at 5%. What is the stock market, one of the best predicative mechanisms out there, telling us about the future of our world and what's the trade as it does?
Eric Bolling said from a trading standpoint the market feels heavy. The path of least resistance is still to the downside.
(Pete Najarian substituted for Jeff Macke tonight.) Najarian said he agreed. Volatility is the story of the market place. He likes exchange stocks such as CME and CBOT because whether the market is going up or down, they will benefit from higher volume.
Tim Strazzini said the consumer loan business is playing into the situation. It’s going to go on for a couple more weeks.
Dylan reminded the crew that he predicted the smart contrarian money was getting nervous two weeks ago, just a few days before the correction began.
Eric Bolling added that this is the 3rd year of a Presidency. You’d have to go back to 1939 to find a 3rd year of an administration that’s not a good year for the markets, so that makes him bullish for the year.
Guy Adami said, "I think March is going to be a brutal month in terms of volatility. But I don’t think it will last longer than April."
Tim agreed, "I think in 6 weeks it’s over."
On MAR 5, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders.
Strazzini: Gold,(MER), LBF
Bolling: Gold, Silver, Soybeans, Short Corn, S&P Futures, short Nasdaq futures, NMX
Najarian Owns (PALM)
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