Instant Insights from the Fast Money Traders
946 on the S&P is the 2009 high, reminds Steve Grasso and we’re at that level. I’m concerned that we’re ahead of ourselves right now.
The market went up almost 10% over the last two weeks, adds Jeff Tomasulo. Profit taking shouldn’t surprise anyone.
TAKE YOUR POSITION: APPLE, YAHOO
Technology shares showed weakness with both Yahoo! and Apple trading lower ahead of earnings, Tuesday after the bell.
What’s the tech trade?
Apple may be setting up for a mean reversion, counsels Joe Terranova. In other words, the stock may have gotten so far ahead of itself it has to pullback after earnings.
I’d also be careful with Apple at these levels, counsels Jeff Tomasulo. If they should miss, investors will probably sell the stock hard.
CONSUMER SHARES WEAK
Consumers discretionary stocks were trading lower after a new UBS report showed parents will spend 8.5% - 12% less this year on back-to-school items than they did last year.
What’s the trade?
I’d look to discounters such as Walmart, TJMaxx or Target , as the winners, counsels Patty Edwards of Storehouse.
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Trader disclosure: On July 21st, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders;
Tomasulo Owns (GS), (WFC), (RIMM), (WAG), (XOM), (HAL), (PRU)
Terranova Owns (TER), (SUN), (FTO), (MSFT)
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