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Web Extra: Burned by Banks

Moving to the sidelines in money center banks may have looked like a smooth move at the time, but as it turned out, Brian Kelly fumbled this play.

BK made the fateful call on January 7th thinking that the sector looked challenged due to a Massachusetts Supreme court ruling that voided some foreclosures.

“I sold out of my JP Morgan, my Wells Fargo, and sold short the XLF,” he said at the time. “We'll have to go state by state now. It's not just Massachusetts, real estate law is a state by state thing.”

Unfortunately no risk no reward.

Since he suggested the sidelines or a short position, JPMorgan has gained 5% with Wells and the XLF also in positive territory.

So what does Kelly have to say about the bank trade now? Find out in this web extra. Watch the video now!




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Trader disclosure: On March 21, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Guy Adami is long (AGU); Guy Adami is long (C); Guy Adami is long (GS); Guy Adami is long (MSFT); Guy Adami is long (NUE); Guy Adami is long (INTC); Guy Adami is long (BTU); Steve Cortes is long (TM); Steve Cortes is long (GS); Steve Cortes is long (CSX); Steve Cortes is long (SDY); Steve Cortes is long (SO); Steve Cortes is long (S); Steve Cortes is long Crude Oil; Steve Cortes is short (F); Steve Cortes is short (C); Steve Cortes is short (UNP); Steve Cortes is short (SPY); Steve Cortes is short (DBA); Steve Cortes is short Wheat; Steve Cortes is short Soybeans; Steve Cortes is short AUD/USD; Steve Cortes is short CAD/USD; Steve Cortes is short EUR/USD; Tim Seymour is long (T); Tim Seymour is long (CCJ); Tim Seymour's firm is long (POT); Stephen Weiss is long (MSFT); Stephen Weiss is long (VZ); Stephen Weiss is long (QCOM); Stephen Weiss is long (CF); Stephen Weiss is long (JPM); Stephen Weiss is long (FAS); Stephen Weiss is long (HBAN); Stephen Weiss is long (HPQ); Stephen Weiss is long (MEE); Stephen Weiss is long (CNX); Stephen Weiss is long (DVN); Stephen Weiss is long (COP); Stephen Weiss is long (HK)

For Brian Kelly
Accounts managed by Kanundrum Capital Are Long (GLD)
Accounts managed by Kanundrum Capital Are Long (SLV)
Accounts managed by Kanundrum Capital Are Long (TLT)
Accounts managed by Kanundrum Capital Are Long (DBA)
Accounts managed by Kanundrum Capital Are Long Gold
Accounts managed by Kanundrum Capital Are Long Silver
Accounts managed by Kanundrum Capital Are Long U.S. Bonds
Accounts managed by Kanundrum Capital Are Short (XLF)
Accounts managed by Kanundrum Capital Are Short Copper
Accounts managed by Kanundrum Capital Are Short (IXG)
Accounts managed by Kanundrum Capital Are Short (LOW)
Accounts managed by Kanundrum Capital Are Short (FCX)

For Mike Khouw
Cantor Fitzgerald & Co. Is A Market Maker In (S)

For Michael Worms
No Disclosures

For Jeff DeGraaf
No Disclosures

For William Power
No Disclosures

Comcast Is The Parent Company Of CNBC
Comcast Is The Parent Company Of NBCUniversal
GE Owns 49% Of NBCUniversal
GE Owns 49% Of CNBC