When Fund Managers Save Face

As the quarter draws to a close fund managers are all but certain to take gains in many sectors of the market and that could present some trading opportunities.

Jeff Macke is keeping a close eye on five of them: autos, financials, energy, agriculture, and steel.

Overbought Sectors: Macke's Picks

Sector 3 Month % Change
Energy Up 22%
Agriculture Up 36%
Steel Up 20%
Source: S&P Sectors

Oversold Sectors: Macke's Picks

Sector 3 Month % Change
Autos Down 19%
Financials Down 19%
Source: S&P Sectors

The point here is the pigs get slaughtered, Macke says. Look for opportunities as investors pile in and out of names to either trim some gains or cover some shorts. I would never buy GM for the long-term, but I would trade it.

Also check out CVRD , adds Guy Adami. I think they’re going to buy someone.

I expect the second half of the year to be great for technology, adds Pete Najarian. That’s probably where the money goes.

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Trader disclosure: On June 24, 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), (GS), (INTC), (BTU), (NUE), (MSFT); Macke Owns (DIS), (WMT), (MSFT); Najarian Owns (AAPL), (HD), (NOK), (TSO), (XLF); Najarian Owns (WFMI) Puts, (MER) Puts, (DHI) Puts; Najarian Owns (YHOO) Calls, (EK) Calls, (UBS) Calls; Finerman Owns (GS)
Finerman's Firm Owns (AXP), (MSFT), (NYX), (PZN), (TSO), (VLO), (PPH); Finerman's Firm Owns SPX Index Puts; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY); Finerman's Firm And Finerman Own (HD) And (HD) Puts