Strategic investor Dennis Gartman expects oil prices to recede. On Monday's Fast at 5 he calls oil prices 'sporty.' “I have a hard time thinking oil prices go any higher than where they are right now,” he says.
Patty Edwards is looking at rising oil prices and their impact on retailers. Although US sales for McDonald's weren't what the Street had hoped for, she doesn't think high gas really hurts the value restaurants. "Over the long-term if you're looking at how gas prices will impact consumers, people will stay away from those mid-range restaurants but not McDonald's," she says.
Steve Cortes is more focused on auto makers. “Looking back to January 25th when the Cairo unrest really began, from that time the XRT is up,” he says. However, on the flip side he says auto makers are being punished. “Ford was very recently at $19 and is trading at $14 today and I think a large part of that is due to oil prices.”
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CHART OF THE DAY: DOLLAR ETF
It seems nearly everyone on Wall Street had one eye on the potential trend line break in the dollar ETF. But the dollar tested the key 22 level and then bounced.
Are we due for a big snapback?
Patty Edwards expects the dollar to to catch a bid. "It looks like we’re hitting a second bottom on a 'W' and I’d think the next leg is higher."
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MARKET BUZZKILL: GRAINS HIT BY STRONGER DOLLAR
Arguably the hottest trade of this 2-year bull market has been grains, but softs took a hit on Tuesday as the dollar gained.
Is it time to pack it in on this long-time winner?
Joe Terranova is cautious. "I’m not long in this space," he says.
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BANK OF AMERICA LEADS FINANCIALS HIGHER
Bank Of America led the financials higher on Tuesday after CEO Brian Moynihan told the crowd at its investor day that the bank's earnings power is back and a dividend is coming soon. He also said not to expect any more acquisitions.
What’s the trade?
Jon Najarian is bullish BofA. "I’m a buyer on dips," he says. Najarian thinks BofA stands to benefit from a flurry of M&A he expects later in the year.
Steve Cortes tells the desk not to extrapolate what BofA says to the sector in general. If you want to be long in the space, he prefers Canada-based banks such as TD Bank.
Patty Edwards is also bullish banks in Canada. "I’d rather be in a company like Bank of Montreal ," she says .
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Trader disclosure: On Mar. 8, 2011, the 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 (VRTS), (C), (UPL), (ABT), (MS), (PBR), (BAX), (TEVA), (CVI), (RSX), (SU), (CNQ), (JPM), (PNC), (GS) and (USB). Steve Cortes owns (EXC) and (PM). Steve Cortes owns (SDY) VS. S&P Long. Steve Cortes is long Crude. Steve Cortes is long the U.S. Dollar. Steve Cortes is short (MOS). Steve Cortes is short (C). Steve Cortes is short Wheat. Steve Cortes is short Corn. Jon Najarian owns (CME), is short (CME) calls. Jon Najarian owns (CBOE), is short (CBOE) calls. Jon Najarian owns (NYX), is short (NYX) calls. Jon Najarian owns (AMD), is short (AMD) calls. Jon Najarian owns (BRCM), is short (BRCM) calls. Jon Najarian owns (HPQ), is short (HPQ) calls. Jon Najarian owns (BSFT), is short (BSFT) calls. Jon Najarian owns (IBM), is short (IBM) calls. Jon Najarian owns (PCX), is short (PCX) calls.
Comcast Is The Parent Company Of CNBC
Comcast Is The Parent Company Of NBCUniversal
GE Owns 49% Of NBCUniversal
GE Owns 49% Of CNBC
JOE TERRANOVA
Virtus Investment Partners Owns More Than 1% Of (ABAX)
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 (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
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 (NCRI)
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 (XLF)
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 (DOM)
PATTY EDWARDS
Edwards owns (SPY) for clients
Edwards owns (GLD) for clients
Edwards owns (SLV) for clients
Edwards owns (BA) for clients
Edwards owns (AMZN) for clients
Edwards owns (V) for clients
Edwards owns (JNJ) for clients
Edwards owns (AAPL) for clients
Edwards owns (MSFT) for clients
Edwards owns (BKCC) for clients
Edwards owns (BMO) for clients
Edwards owns (QCOM) for clients
Edwards owns (GE) for clients
Edwards owns (TGT) for clients
Edwards owns (CME) for clients
Edwards owns (FXI) for clients
GERARD CASSIDY
A member company of RBC Capital Markets or one of its affiliates managed a public offering of (JPM), (BNY)
A member company of RBC Capital Markets or one of its affiliates received compensation for investment banking services from (FNB), (JPM), (BNY) in last twelve months
A member company of RBC Capital Markets or one of its affiliates expects to receive or intends to receive investment banking compensation from (CHCO)
RBC Capital Markets currently provides (BBT), (JPM), (NT), (BAC) with non-investment banking securities-related securities
RBC Capital Markets provides non-securities services to (JPM), (BNY), (BAC)
RBC Capital Markets has provided (FNB), (JPM), (BNY) investment banking services in past 12 months
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