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No.1 - S&P Breaks Record

The S&P 500 shook off a China financial shock and inflation warnings from the Fed Wednesday and climbed to its highest close ever. The new record took seven years and living through the worst bear market of a generation. Is this all-time high truly meaningful? And will the stocks that got us here continue to carry us higher?

Eric Bolling says this is a market gone wild. Give it an opportunity to shake off bad news and it does. On a related note, Eric thinks the S&P is still cheap, however he was hoping to see a little correction in the midst of this long term bull market.

Pete Najarian says the financials are leading the way. He feels the trade is the Financial Select Sector SPDR (XLF) because it’s a basket of financials.



Jeff Macke agrees and adds that financials and tech usually lead but in this bull market they’ve lagged. Jeff worries that the market will move higher and higher until there’s a massive capitulation.

Dylan Ratigan says Consumer Discretionary SPDR (XLY), Utilities SPDR (XLU), Materials SPDR (XLB) and Technology SPDR (XLK) have all been performing phenomenally well. He asks the guys "What's the trade from here?"

Eric says energy, utilities, materials.

Guy Adami agrees.

So does Pete Najarian who adds he also likes the Oil Services HOLDRS (OIH).

Jeff Macke likes big cap tech such as Google (GOOG), Microsoft (MSFT) and Intel (INTC).

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Trader disclosure: On May 30, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:Najarian Owns (AAPL), (BIIB), (CBH); Bolling Owns (ICE), (NMX), Gold, Silver, Natural Gas, Coffee, Sugar; Bolling Is Short (FXI) And Is Long (FXI) Puts Coronat Capital Management Owns (GSOL)