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No. 2 - No Bottom Fishing

Even after Tuesday’s monster rally, the past couple of weeks have been a rough ride for investors. With credit market woes knocking The Dow more than 5% from its high less than three weeks ago many bottom-fishers are buying. But some stocks may be left behind, permanently.

Jeff Macke recommends shorting Sony (SNE) because he says “this company has nothing going right for it.”

Eric Bolling recommends getting out of alternative energy companies.

Guy Adami tells the panel to short Citigroup (C) if it gets up to $51. (It’s worth noting on Monday August 6th shares of C closed at $48.35)

Tim Seymour tells the panel to short the Financial Select Sector SPDR (XLF), Citigroup or Lehman (LEH) because he doesn’t feel “they’re out of the woods.”

Dylan Ratigan says some traders might want to sell puts “10% out of the money.” He explains that’s simply an agreement in which investors must buy stock at a pre-set price, if it’s drops 10% below current levels.

Tim recommends selling 1 month puts on Vimpel-Communications (VIP) 10% out of the money.

Eric Bolling doesn't like that trade.

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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