STOCKS HEAD FOR BEST MONTH SINCE 87
Stocks rallied for a second straight day on Thursday on increasing optimism that the economy's worst days are over. Although government data showed the economy contracted in the fourth quarter, the decline was slightly less than expected. That data combined with housing and durable goods numbers released earlier in the week buoyed investor sentiment, broadly.
The S&P 500 is up 23.1 percent since it hit a 12-year low on March 9. At the current pace, the S&P 500 could have its biggest monthly gain in 22 years.
Strategy Session with the Fast Money Traders
What impressed me was the broad bullish tone across the market, says Pete Najarian.
The Vix broke through it’s 200-day moving average, adds Tim Seymour. That says to me get on board.
I was impressed that even Microsoft moved higher in this tape, chuckles Karen Finerman. The action is unbelievable.
BEST BUY BOOSTS CONSUMER NAMES
Best Buy provided a tailwind for most consumer stocks after the top U.S. specialty consumer electronics retailer said that during its recently completed fourth quarter, consumer demand was stronger-than-expected, and sales and traffic improved as the quarter progressed.
I bought Wal-Mart on the Best Buy numbers, says Jeff Macke.
ConAgra had great earnings, reminds Tim Seymour. I bet they continue the trend.
TECH STILL THE SECTOR TO BEAT
Big cap technology stocks pushed the Nasdaq into positive territory for the year, with Apple leading the charge with an impressive gain. Analysts say technology could outperform other sectors as companies spend on capital projects when they sense a turnaround.
The Nasdaq is in positive territory for the year, repeats Karen Finerman. That’s impressive.
What do you think. Tell us now!
ALCOA LEADS COMMODITY NAMES HIGHER
Alcoa led the metals and mining space higher while Rio Tinto also soared on higher copper prices.
In commodities I’m focused on ag names such as Mosaic, Monsanto and Potash, says Pete Najarian. I don’t think the run in agriculture is done yet.
I’m long Potash and I bought more today, says Jeff Macke, because the stock is absurdly strong.
GOLDMAN WEIGHS ON FINANCIALS
Shares of Goldman Sachs dragged down financials on Thursday.
The drag was partly due to word that New York Attorney General Andrew Cuomo had issued subpoenas to AIG over credit default swaps (CDS) contracts.
According to a report published by The Times Online, ”Mr Cuomo is investigating whether AIG bonuses were paid fraudulently under New York law.
Goldman Sachs as well as major European banks, including Deutsche Bank and the UK's Barclays, were major beneficiaries of more than $90 billion of money paid out by AIG in the first three-and-a-half months after its bailout by the U.S. government last September.
If you’re in financials, I’d either take profits or buy some puts as protection, says Pete Najarian.
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Trader disclosure: On Mar. 26th, 2009, 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 (AAPL), (POT), (WMT), (MOS), (GE); Seymour Owns (AAPL), (BAC), (FXI), (EEM), (POT), (TSO), (TCK); Finerman's Firm Owns (MSFT), (RIG), (MSFT); Finerman's Firm Is Short (IJR), (IWM), (MDY), (SPY), (USO), (BPO); Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Owns (WFC) Preferred; Najarian Owns (C) Call Spread; Najarian Owns (ASH) Call Spread; Najarian Owns (AAPL) Call Spread; Najarian Owns (BX) Call Spread; Najarian Owns (GD) Call Spread; Najarian Owns (MS) Call Spread; Najarian Owns (PALM) Calls; Najarian Owns (XHB) Call Spread; Najarian Owns (SWY) Calls; Najarian Owns (ASH) Calls
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