No.1 - The Truth About the Economy

Forget the Fed. This week, three bellwether companies in three bellwether industries report earnings. As FedEx (FDX), Morgan Stanley (MS) and Circuit City (CC) show their cards Wednesday, investors should get a good idea of the state of this economy.

Pete Najarian has been pounding the table on Morgan Stanley, mainly because of the banking giant’s retail arm. Pete expects a big move up in MS and then a selling opportunity come Wednesday afternoon.

Circuit City is far from the best of breed electronics retailer, but no matter how bad it is you can’t short it, Jeff Macke says. Just don’t get long, either (but Guy Adami points to a cleaned up balance sheet. Maybe it’s not that bad).

As for FedEx, Eric Bolling doesn’t think it’s worth the risk. With fuel prices so high, he can’t get behind anything that has fuel as a major cost component.

Trader disclosure: On June 18, 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 (CHU), (MS); Bolling Is Short (FXI) and owns (FXI) Puts
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