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Trader Notes Thursday December 2nd

Europe’s Central Bank dominated the headlines this morning, but the Fast Money traders were busy watching the U.S. and Russia. Kanundrum Capital’s Brian Kelly was focused on Goldman Sachs’ upgrade of JPMorgan Chase, Citigroup , and Bank of America. “I think that is very interesting,” said Kelly.

But Simon Baker, of Baker Avenue Asset Management, wasn’t convinced about Goldman’s BOFA call. He noted a recent report that Bank of America retained its mortgage promissory notes after the loans were packaged into bonds and resold as evidence that the embattled U.S. bank still has a high risk of put-backs. “I think there is just way too much bad news out there,” said Baker, adding “and there is more bad news on the way.”

Tim Seymour, meanwhile, was looking to Russia this morning -- namely the $5.8 billion buyout of Russian fruit-juice and dairy maker Wimm-Bill-Dann by PepsiCo. “This is validation for what has already worked this year: emerging markets.”




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Trader disclosure: On December 2, 2010, following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders;
Joe Terranova Owns (FCX), (CMA), (UPL), (C), (PEP), (VRTS), (OXY), (GS), (POT), (AAPL), (NKE) and (OIH). Guy Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC) and (MSFT). Tim Seymour owns (AAPL), (BAC) and (F). Jon Najarian owns (AAPL), Is Short (AAPL) Calls. Jon Najarian owns (GS), Is Short (GS) Calls. Jon Najarian owns (JPM), Is Short (JPM) Calls. Jon Najarian owns (CME), Is Short (CME) Calls. Jon Najarian owns (TIF), Is Short (TIF) Calls. Jon Najarian owns (RIMM), Is Short (RIMM) Calls. Jon Najarian is long (AMZN) call spreads. Jon Najarian is long (IBM) call spreads. Jon Najarian is long (NFLX) call spreads. Jon Najarian is long (DE) call spreads. Jon Najarian is long (GT) calls. Jon Najarian is long (AA) calls. Jon Najarian is long (CMC) calls. Steve Cortes is short (XRT). Steve Cortes is long S&P 500. Steve Cortes is short (LVS). Steve Cortes is long (TSN). Steve Cortes is long USD vs. Mexican Peso, Australian Dollar, Euro. Steve Cortes is long U.S. 2-year Treasuries.

JOE TERRANOVA
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (ALK)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EPR)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (LPHI)
Virtus Investment Partners Owns More Than 1% Of (MGRC)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of (CLB)
Virtus Investment Partners Owns More Than 1% Of (DRYS)

GUY ADAMI
Adami’s wife works at Merck

BRIAN KELLY
Accounts Managed By Kanundrum Capital Own (GLD)
Accounts Managed By Kanundrum Capital Own (GDXJ)
Accounts Managed By Kanundrum Capital Own (SLV)
Accounts Managed By Kanundrum Capital Own (JPM)
Accounts Managed By Kanundrum Capital Own (C)
Accounts Managed By Kanundrum Capital Own (FCX)
Accounts Managed By Kanundrum Capital Own (GT)
Accounts Managed By Kanundrum Capital Own (DE)
Accounts Managed By Kanundrum Capital Own (AAPL)
Accounts Managed By Kanundrum Capital Own (MON)
Accounts Managed By Kanundrum Capital Own (BG)
Accounts Managed By Kanundrum Capital Own (TBT)

SIMON BAKER
Baker Ave owns (AAPL) for clients
Baker Ave owns (C) for clients
Baker Ave owns (CML) for clients
Baker Ave owns (F) for clients
Baker Ave owns (GT) for clients
Baker Ave owns (LEN) for clients

JOE LAVORGNA
***No Disclosures***

PATRICK MCKEEVER
***No Disclosures***

ANTHONY SCARAMUCCI
Scaramucci and SkyBridge Capital owns (KIRK)

BRIAN STUTLAND
pending...

CNBC.com with wires.