Buy American!

Three cheers for the red, white and blue. The latest Merrill Lynch poll reveals that fund managers are partial to American companies because they believe profits at home will likely be stronger than abroad.

According to the survey, “With the economic downturn spreading to the eurozone and certain emerging markets, investors are starting to view U.S. assets as attractive. The net balance of asset allocators overweight U.S. equities stands at 12 percent, its highest level in more than six years.”

”Supporting this view is the widely-held belief that the U.S. dollar is undervalued. A record net 58 percent say this month that the dollar is undervalued, while a net 71 percent say the euro is overvalued. Investors believe that the U.S. has a better corporate profit outlook and higher quality earnings than the eurozone.”

How should you trade?

Karen Finerman

I love American companies, Karen says. I’m bullish on Altria .

Pete Najarian

Johnson & Johnson is my trade, Pete says. They’ve outperformed the S&P and Russell 2000.

McDonald’s and Wal-Mart are probably the best America trades, Jeff says .

Guy Adami

Alliant is a great company that just reported a solid quarter. Take a look, Guy says.

Read More:

> Merrill Lynch Survey Shows....

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Trader disclosure: On Aug 13, 2008, 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 (MSFT), (WMT), (COST); Adami Owns (C), (GS), (INTC), (AGU), (BTU), (MSFT), (NUE); Pete Najarian Owns (AAPL), (TSO), (HD); Pete Najarian Owns (BGG) Puts; Pete Najarian Owns (CSCO) Calls; Pete Najarian Owns (NOK) And Is Short (NOK) Calls; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (NOK), (SUN), (TSO), (VLO), (RIG), (MO); Finerman's Firm And Finerman Own (C) Leap; Finerman's Firm Owns (ANF) And (ANF) Call Spreads; Finerman's Firm Is Short (XLF), (BBT), (COF), (WB), (IYR), (IJR), (IWM), (SPY), (BAC); Finerman's Firm Is Short British Pounds

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