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Is The Market Trapped In A Summer Slide?

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The Dow snapped a three-day losing streak jumping the most in two-weeks. Is this part of a bigger comeback or are we still trapped in a summer slide?

Pete Najarian says the brokers were on fire Wednesday, in part because Bear Stearns (BSC) said its struggling hedge fund won’t be as bad as expected. The other stocks in the space followed along.

Jeff Macke says technology stocks also rallied. Guy Adami and Eric Bolling add Oracle (ORCL) numbers were great and consequently, all boats rise.

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ORCL
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INVENTORY STORY:

The headline: Oil Jumps Nearly 2% On Unexpected Drop In Gas Inventories

Eric Bolling says although the utilization rate at refiners has increased demand for gasoline is immense. He says the trade is to own the refiners on anticipated higher gas prices.

GOOD GOLLY, HOLLY:

The headline: Trading Refiner Holly Corp.'s (HOC) Amazing Intraday Chart

Guy Adami told the panel yesterday to sell this stock. Today Eric Bolling says he’s a buyer on the dip.

TRADE TO BLACK:

The headline: Bronx Electrical Explosion Knocks Out Power For 136,700 New Yorkers

Eric Bolling says the grid is a problem and the trade is any company that provides electricity such as Exelon (EXC), Entergy (ETR) and Constellation Energy Group (CEG).

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ETR
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EXC
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ROLLING IPHONE GATHERS MOSS:

The headline: WSJ Columnist Walter Mossberg Calls iPhone "A Whole New Experience"

Dylan Ratigan explains that Mossberg is an extremely influential reviewer.

Jeff Macke remains skeptical.

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VOW3
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PRICELESS?

The headline: A Viewer Asks Whether MasterCard (MA) Is Still A Buy

Mike from Elizabethtown, Pennsylvania writes:

With Mastercard (MA) insiders able to convert restricted shares to common stock in August, is it still a buy?

Guy Adami says right now MA is rich on valuation as compared to Amex (AXP) and recommendsbuying MA on any pullback.

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MA
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TRADE UPDATE: IS NYMEX STILL A BUY?:

The headline:NYMEX (NMX) Down About 6% Since Takeover Talk Boosted Shares On Friday

Eric Bolling says July 9th is a date to watch because that’s the day CBOT decides if they accept the CME offer. Eric thinks they will -- and that the whole exchange space comes into play.

Guy Adami predicts by Labor Day NMX gets taken out at $165. (It’s worth noting shares closed Wednesday June 27th at $128.40).

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CME
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DENDREON DAZE:

The headline: Ultra-Volatile Biotech Firm Dendreon (DNDN) Surges 10% Today .

Pete Najarian says speculation is building that DNDN is a takeover candidate and Pete likes this stock.

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DNDNQ
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Trader disclosure: On June 26 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:Macke Owns (GTRC); Bolling Owns (NMX), (MPEL), (ICE), (T),; Bolling Has Closed Out Of His S&P Futures Short: Bolling Has Closed Out Of His Nasdaq Futures Short: Najarian Has Closed Out Of His Long (.VIX) Trade; NBC Universal Is The Parent Company Of CNBC