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No.1 – Ben To The Rescue?

The near 300-point rally Monday in The Dow was taken by some to be a vote of confidence in our Fed Chief: Ben Bernanke. Will Ben be able to live up to this billing Tuesday, when The Fed decides on interest rates and comments on the state of the economy?

CNBC Reporter and Bond Specialist Rick Santelli joins the guys for this conversation. Here are excerpts from what was said.

Rick thinks the equity market wants to see some acknowledgement that Ben Bernanke feels their pain.

Eric Bolling tells the panel markets love Bernanke.

Tim Seymour doesn’t think Bernanke is going to say much.

Jeff Macke believes Bernanke must address the mortgage woes directly.

Guy Adami recommends taking profits in the Financial Select Sector SPDR (XLF) if you own it.

Rick Santelli suggests that some investors might sell Fed Fund contracts and take profits.

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Trader disclosure: On Aug 6 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 (ATVI), Seymour Owns (AAPL) (BX), (EEM), (EWZ), (EWT), (GLD), (ITU), (LEH), (MBT), (SSL): Red Star Asset Management Owns (EEM): Bolling (SZE), (VE), (MPEL), Owns Gold, Silver, Platinum, Copper, Bolling Is Short (FXI) But Bullish Long-Term