Strategy Session with the Fast Money Traders
It's a 1-month high on the S&P, the market is up 9 of the past 11 trading days... how do the Fast Money traders see it?
Guy Adami sees the market going up again, based on the rally we've seen.
Jeff Macke believes the market is overvalued and we'll revisit the lows, but in the meantime we're seeing some good news.
Tim Seymour is unsure of the impact of the Obama stimulus package and believes the stocks aren't too cheap, but the market is oversold.
Pete Najarian would advise rational caution with this kind of volatility.
FedEx is down 11% in after-hours trading after slashing outlook estimates, and looks forward to a lower opening. Texas Instruments has also fallen victim to lowered earnings estimates. There may be too much competition in the chip space, but lowered estimates are not good for the market, especially when the revised estimates are less specific.
With the president-elect's pledge to commit resources to infrastructure comes a market rally. The promise of cash and liquidity in the stimulus package will boost steel, copper, cement and "anything that when you drop it on your foot, it hurts", according to Dennis Gartman, who also had some other thoughts on the incoming president. Today, commodity stocks like Alcoa , US Steel , Nucor and Freeport Mcmoran were up.
GM CHAIRMAN LUTZ OBJECTS TO TERM 'BAILOUT'
“I sort of object to the phrase ‘bailout,’ frankly. Everybody uses it. But it makes it sound like this is money that’s transferred one way and will never come back, whereas in fact what we’re talking about is loans.” -- GM Chairman Robert Lutz.
But then again, he also once objected to another commonly used expression, fomously characterizing global warming as a "total crock of s***"
Got something to to say? Send us an e-mail at firstname.lastname@example.org 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 email@example.com.