The Fast Money Misfires – Friday August 22nd


Sometimes a stock is hot and other times it just burns. Following are the Fast Money misfires.

Guy Adami

Last Monday the Negotiator recommended a best of breed play when he suggested Goldman Sachs would go higher. Looks like Adami can’t tell one breed from another. Since his call shares are down 11%.

I still like Goldman but it scares me right now, Adami reveals. I heard that July is going to be one of the worst months for them in about 20 years.

Quint Tatro

Last Thursday the Kentucky Kid suggested shorting commodities by getting long the UltraShort Basic Materials ProShares. Turns out Tatro moved in the wrong direction. Since his suggestions the ETF is down 5% on the commodity rally.

I still like this play, says Tatro. If materials breaks to new lows than the SMN should break to new highs.

Joe Terranova

Just last night the Liquidator liked the looks of oil believing it was about to gush higher. But just one day later oil plunged recording its second biggest one-day drop in 16 years.

I was clearly wrong, admits Terranova.

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Trader disclosure: On Aug 22, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Karabell Owns (AAPL), (FMCN), (GLD), (GOOG), (JPM), (NOK), (SLB), (RIO), (WFR), (CHL), (WFR): Tatro Owns (C), (GS): Quint Tatro Is The Principal Of Tatro Capital: Tatro Capital Owns (AAPL), (FXI), (QQQQ), (SPY), (T), (XLF), (JWN), (SSO), (ENER), (ESLR): Jon Najarian Owns (AAPL), (BKC), (BRK.B), (C): Jon Najarian Owns (RIMM) Calls; (SCHW) Calls, (AKAM) Calls: Terranova Owns (RIMM), (GS); Terranova is Long Sept. Mini S&P Futures, Terranova Owns (AIG) Puts; Terranova Is Long October Crude Oil Futures: Terranova Is Long Crude Oil Time Spread (Long Dec. 2008, Short Dec. 2012)

Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; Phoenix Investment Partners Owns More Than 1% Of (ABD), (ARE), (BRE), (CNTY), (CLB), (OFC), (DLR), (ESS), (EXR), (FL), (IAT), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (SKT), (BLV)

Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO
Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)