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No. 1 - Trading The High Seas

Dow Average Stages Dramatic Recovery, But Don't Be Fooled

Following a 230 point drop yesterday, the Dow dropped another 136 points today to its low for the year only to rally back into the black by the closing bell. Surely this rapid comeback is a sign of strength, right? Not so fast. The seeds of the sell-off -- a lending crisis and risk taking overseas -- have yet to fully bear fruit. What's your best trade along the bumpy road ahead?

Eric Bolling says the market took out the lows and that’s important to note – because it tells him the market needs another test. He’s looking for the market to sell-off again.

Guy Adami agrees with Eric that the market needs to sell-off again.

Tim Strazzini says clearly this is still a fragile market, but it’s not the same kind of sell-off that investors saw last year. Tim says in July its more likely the market will be 5% down, rather than 10% down.

Dylan asks what do you do with cash?

Tim says until you get capitulation, names such as Tyco (TYC) offer investors a solid value play and the company is a good buy. Tim says the stock is worth $36.

Tim adds if the market turns up, buy Countrywide Financial Corporation (CFC) because it’s heavily shorted. This company is another mortgage loan player. Tim says this stock is a great trading name, because it’s so shorted, if it goes up $1 dollar then it will pop up $4 dollars.

Jeff Macke says if you want a fast money trade he thinks Home Depot (HD) bottomed today as well as the Retail HOLDRS Trust (RTH). But, Jeff adds only hold these stocks for a couple days.

Guy Adami says biotechs are getting beaten up and he doesn’t understand why. Gilead (GILD) is one of his favorite stocks in the space and the company looks good.

Dylan Ratigan says the bottom line is pick up retail if you want fast action, or Tyco or Gilead Sciences for a safer trade, but caution is the word

Questions? Comments? fastmoney@cnbc.com

Trader disclosure:
On MAR 14, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders Bolling owns (PMI) Put Options, Gold, Silver, Soybeans,(DIS) is Short Corn
Strazzini Owns (YHOO), (VZ), (BRCM)