The government is stepping in and taking the liabilities away from the banks to free their ability to lend, explains Dylan Ratigan. At the same time they’ve taken short sellers or speculators on the short side and pushed them to the sidelines.
We can still do defensive shorts such as shorting large indexes, explains Karen Finerman. Specific shorts however such as shorting BB&T , however, are off the table.
When asked how she's currently trading, Finerman said, I’m not going to cover. However, I did take off some trades on the long side.
The government took a sledgehammer to everyone who might be against the market, says Jeff Macke. To me this market is a little like a carnival game where they say come on in.. you can win a prize. Have you really ever won?
I think it could be the best trade in the history of trading, counters Guy Adami. The government has basically become the biggest hedge fund on the planet.
I think the government did what they had to do under the circumstances, adds Pete Najarian. If they hadn’t, I can’t imagine what would have happened.
What happened today is this. I thought I was in a fist fight and then the other guy kicked me in the privates, adds a very aggravated Jeff Macke. The only thing to do here is back-up.
I did buy one financial on Friday, reveals Karen Finerman. I bought Washington Mutual. With JP Morgan , Citigroup and Wells Fargo interested, I think $3 and change is a fantastic price.
I see opportunity in Target , adds Adami as well as Lockheed Martin . Investors are rotating out of these stocks and into financials. These dips look appealing to me.
Got something to to say? Send us an e-mail at email@example.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send those e-mails to firstname.lastname@example.org.
Trader disclosure: On Sept 19, 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); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Finerman Owns (GS); Finerman's Firm Owns (MSFT), (NOK); Finerman's Firm Owns (WFC) Puts; Finerman's Firm Owns (BIIB) Calls, (DNA) Calls; Finerman's Firm Is Short (BBT), (IYR), (IJR), (MDY), (SPY), (IWM); Najarian Owns (AAPL) And (AAPL) Collar; Najarian Owns (ETFC); Najarian Owns (NOK) And Is Short (NOK) Call; Najarian Owns (RIMM) Call Spread
Charles Schwab Is A Sponsor Of "Fast Money"