In the after hours both ANH and NLY took big hits on the news, reveals Brian Kelly. That could be interpreted as a belief the Fed is stepping away from the mortgage market.
I think the Dollar Index could move higher on the news, adds CNBC's Rick Santelli. I don't know if it stays higher but it's worth watching.
Looking at the broad market, the Fed move could be interpreted as either bullish or bearish. The market could take it to mean down the road banks may become slightly less profitable, adds Finerman. That’s bearish. However, the market could it as a signal that the economy is improving. That, of course, is bullish.
It doesn't change the way I view banks stocks one bit, says Macquarie analyst David Trone. My analysis shows that even real tightening doesn’t impact banks stocks while credit is an issue, he explains. It's credit quality that drives banks stocks.
And it doesn't change my view on the way to trade currencies, says David Riedel, president of Riedel Research. I’m short the dollar and short the euro and long the currencies of the commodities exporting countries such as Brazil, Russia, Australia and China.
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Trader disclosure: On February 18th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Kaminsky Owns (EPV); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Grasso Owns (ABK), (AAPL), (ASTM), (BAC), (BGP), (C), (COST), (CSCO), (FAZ), (PFE), (PRST), (WMT), (V); Finerman's Firm Owns (IBB); Finerman's Firm Owns (XBI); Finerman's Firm And Finerman Own (WFC) Preferred; Finerman's Firm Owns (BAC), (BAC) Leaps; Finerman Owns (BAC), (BAC) Preferred; Finerman's Firn And Finerman Own (JPM)
Finerman's Firm Is Short (IJR), (SPY), (IWM), (MDY), (USO)<; Finerman Owns (AAPL); Finerman's Firm Owns (BAC) Leaps, (BAC); Finerman Owns (BAC) Preferred, (BAC); Finerman's Firm And Finerman Own (GGWPQ), (GOOG), (JPM), (WFC); Terranova Owns (JPM), (RIMM), (IBM), (QCOM), (GOOG), (EMC), (AAPL), (DELL), MSFT); Terranova Is Long March 2010 Crude Oil Futures; Terranova Is Long April 2010 Crude Oil Futures; Terranova Is Long December 2010 Crude Oil Futures; Terranova Is Long December 2011 Crude Oil Futures; Terranova Is Long December 2012 Crude Oil Futures; Kelly Owns (HOV) Calls; Kelly Owns (ELX) Calls; Kelly Owns (FXE) Puts
For JoeTerranova
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
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For Steve Grasso
Stuart Frankel & Co. Inc And Its Partners Own (AIZ)
Stuart Frankel & Co. Inc And Its Partners Own (ABX)
Stuart Frankel & Co. Inc And Its Partners Own (CUBA)
Stuart Frankel & Co. Inc And Its Partners Own (GERN)
Stuart Frankel & Co. Inc And Its Partners Own (GLG)
Stuart Frankel & Co. Inc And Its Partners Own (HSPO)
Stuart Frankel & Co. Inc And Its Partners Own (NWS.A)
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Stuart Frankel & Co. Inc And Its Partners Own (ROK)
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Stuart Frankel & Co. Inc And Its Partners Are Short (QQQQ)
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For Brian Kelly
Kanundrum Capital Owns (VMW)
Kanundrum Capital Owns (QLGC)
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Kanundrum Capital Owns (EWP)
Kanundrum Capital Owns (NBG)
Kanundrum Capital Owns (GDXJ)
Kanundrum Capital Owns (GLD)
Kanundrum Capital Is Long U.S. Dollars
Kanundrum Capital Is Short U.S. Treasury Futures
Kanundrum Capital Is Short (FCX)
Kanundrum Capital Is Short (EWY)
For David Trone
Macquarie Capital Has Entered Into An Investment Banking Relationship With (C) In Past 12 Months
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Macquarie Capital Or Affiliate Has Received Compensation For Investment Banking Services From (C) In Past 12 Months
For Mike Khouw
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Cantor Fitzgerald & Co. Is A Market Maker In (MSFT)
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