With jobs the make or break issue that could either send bulls off to the races or give bears a new reason to roar, the Street will be closely watching President Obama’s potentially market-moving jobs speech Thursday.
According to reports, the proposal could total about $300 billion and is expected to include things like tax cuts, infrastructure investments, unemployment aid and help for struggling homeowners.
But no matter what Obama does, it may not even matter to the Wall Street. If history is a guide, according to the Fast traders, the market won’t respond well to whatever the President says.
Both Karen Finerman and Tim Seymour said they can't remember the last time Obama spoke and the market had a positive response.
In fact, OptionMonster's Pete Najarian added, “The guys on the floor say ‘the President’s on, the market’s going to start to sell off’ and that consistently has been the case.”
So is there anything Obama can do to satisfy the Street?
“I want to see something that is seen as pro-business,” Karen Finerman said, adding that it could be something like a decrease in corporate tax or fewer regulations.
What’s more, she thinks Obama should include some sort of tax amnesty or repatriation tax break, which gives U.S.-based multinational companies a tax break from profits earned overseas.
Tim Seymour agrees.
“The repatriation tax break is where I think he could actually do something,” he said. “You can then surmise what it means for hiring, what it then means for infrastructure development. That is the only thing he can deliver on.”
But if that’s what the Street is counting on, it will likely be sorely disappointed. We’re hearing that is not expected to be part of Obama’s plan.
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Trader disclosure: On Sep 7, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders;Seymour owns (AAPL); Seymour owns (BAC); Seymour owns (GM); Seymour owns (INTC); Adami owns (C); Adami owns (GS); Adami owns (INTC); Adami owns (AGU); Adami owns (MSFT); Adami owns (NUE) ;Adami owns (BTU); Najarian owns (AAPL); Najarian owns (C); Najarian owns (MS); Najarian owns (CLF) calls’ Najarian owns (TCK); Najarian owns (ACI) calls; Najarian owns (VLO); Najarian owns (PEP); Weiss Owns (AAPL); Weiss Owns (JPM)
Weiss Owns (QCOM); Weiss Owns (DE); Weiss Owns (COP); Weiss Owns (KO); Weiss Owns (KEG); Weiss Owns (MOS); Finerman owns (AAPL); Finerman owns (BAC) leaps
Finerman owns (JPM) leaps
For Karen Finerman
Finerman & Finerman’s firm owns (AAPL)
Finerman & Finerman’s firm owns (BAC) leaps
Finerman & Finerman’s firm owns (JPM) leaps
CNBC.com with wires.
