PULLBACK AHEAD? Earlier Wednesday money manager Doug Kass, who correctly called the March bottom, told CNBC, “I'm constantly shocked at how many investors worship at the alter of price momentum… I think we're entering a danger zone." Is a correction ahead?
I agree with Doug, says Jeff Macke. He may be early but I do think it's time to trim gains.
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Trader disclosure: On June 10th, 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 Is Long (USO), (AGU), (SKF); Najarian Is Long (AAPL) Call Spread; Najarian is Long (FCX) Calls And Puts; Najarian Is Long (JPM), Short (JPM) Calls; Najarian Is Long (PALM) Call Spread; Finerman Is Long (NOK); Finerman Is Short (USO); Terranova Is Long (RIMM) And Short (RIMM) Sept. Calls; Terranova Is Long (MS) And Short (MS) July Calls; Terranova Is Short (XOM) Call Spread; Terranova Is Short (FCX) And Short (FCX) Puts
Terranova Works For (VRTS); Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV); Virtus Investment Partners Owns More Than 1% Of (ABD), (CAL), (CLB), (DLR), (EPR), (EXR), (IGE), (MEE), (DBC), (DBV), (DBA), (SKT), (UA), (WBMD); Virtus Investment Partners Owns More Than 1% Of St Mary Land & Exploration Co; Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights