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No.1 - Changing Trends

Before this week it seemed like the market did nothing but go up and -- in fact --that's exactly what it did. The S&P 500 moved higher 7 weeks in a row until this one. However, 4 days this week we tried to rally and failed. We ended down just a half a percent for the last five days. Did you lose that bullish feeling?

Jeff Macke says “Yes!” because the complexion of the market changed this week. Investors had been riding the momentum of the market, but Jeff feels it’s time to pare back.



Jon Najarian agrees with "The Lone Wolf" and adds he thinks the market is tired and might take a break for 3 to 4 weeks.

Pete Najarian says he still likes this market.

Guy Adami adds that recent Greenspan comments should have taken the market down 250-300 points but didn’t. Guy says this tells him the market isn’t that vulnerable.

Dylan reminds the panel that in the past Eric Bolling has recommended hedging risk with the UltraShort QQQ ProShares (QID) ProShares Short Dow30 (DOG)

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Trader disclosure: On May 24, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:Pete Najarian Owns (BIIB), (ELN), (OXPS), (MU), Jon Najarian Owns (AAPL), (BIIB), (BOT), (CLF), (ELN), (INTC), (MSFT), (OXPS), (TRA), (TXN), (MU), Jon Najarian Is Short (MER)