On the flip side, further cuts are off the table even if the economy or the financial markets get worse.
How would you play it?
As bad as they look the bank stocks might be worth a trade. Their credit spreads have been looking better and they tend to be a good leading indicator.
What do you think? What will Bernanke reveal himself to be next week, a hawk or a dove? Answer the Charles Schwab Question of the Day.
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Trader disclosure: On June 20, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (BTU), (GS), (INTC), (MSFT), (NUE); Macke Owns (INTC), (MSFT), (WMT), (DIS); Najarian Owns (AAPL), (BHI), (CHK), (ENER), (NOK), (TSO), (XLF), (HPQ); Najarian Owns (MER) Puts; Najarian Owns (MYGN) Calls, (SD) Calls; Najarian Owns (HRB) Puts; Quint Tatro Is The Principal Of Tatro Capital; Tatro Owns (C), (DV), (PETS), (STRA), (ESLR), (GLD), (GLW), (GS), (QQQQ), (RIMM), (SDS); Tatro Capital Owns (SLV), (ASTI); Tatro Capital Owns (USO) Puts
Terranova Owns (FXC), (IYT), (XLF), (YHOO), (LUV), (GOOG), (CME), (FCX), (SU), (BNI), (INTC); Terranova is chief alternatives strategist at Phoenix Investment Partners; Phoenix Investment Partners Ltd. Owns (RWX), (DBC), (DBV), (IGE), (AAI), (ALK), (AMR,) (APA), BP plc, British Airways plc, (CHK), (CVX), (COP), (CAL), (DAL), ENI SPA, (XOM), Gazprom, (HA), (HES), (HOC), (HSE), (JBLU), Lukoil, (MRO), (MUR), (OXY), Petrobras Intl Fin, Petro-Canada, (PBR), Petroleos De Venezuela, (QAN), (RJET), Royal Dutch Shell plc A Shares, (SKYW), (LUV,) (SU), (TSO), Texaco Capital, Total SA, (UAUA), (LCC), (VLO)