Also in the space, the traders noted Meredith Whitney's decision to cut earnings estimates for Goldman Sachs and Morgan Stanley .
Whitney now expects Goldman to earn $6 a share in the fourth quarter, down from a previous estimate of $6.38 a shares. On average, analysts surveyed by Thomson Reuters are expecting earnings of $5.59 a share.
What’s the bank trade?
Goldman has been underperforming since mid-October reminds, Guy Adami. It may be a canary in the coal mine.
As for BofA, it closed below $15 and Wells Fargo is trading above $20, Adami adds. For a trade I'd get long BofA and getting short Wells against it.
I'd also look at a long BofA and short WFC pairs trade, echoes Paul Miller of FBR Capital. Wells valuations looks rich. And I think BofA goes to $20.
I’m also a buyer of BofA at $15, adds Karen Finerman.
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Trader disclosure: On December 17th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Seymour Owns (AAPL), (BAC), (FXI), (INTC), (TSO), (GE), (EEM); Finerman's Firm Owns (MSFT), (NOK), (AAPL); Finerman's Firm Owns (BAC) Preferred, (BAC), (BAC) Call Spreads; Finerman Owns (BAC) Preferred, (BAC); Finerman's Firm And Finerman Own (WFC) Preferred; Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (UNG); Najarian Owns (ORCL) Jan. Calls, Is Short (ORCL) Dec. Calls; Najarian Owns (AAPL) Calls; Najarian Owns (FCX) Call Spread; Najarian Owns (GE) Calls; Najarian Owns (MS); Najarian Owns (RIMM) Jan. Calls, Is Short (RIMM) Dec. Calls; Najarian Owns (UUP) Call Spread
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