“The whole financial sphere has really been killed and is so out of favor, that I do think there is value there,” he said, especially since they don’t have serious housing exposure.
However, he’s yet to hit the buy button on Goldman because of its exposure to China.
While Goldman posted deeper-than-expected losses, Ed Najarian said when you take out the private equity losses, you have core earnings losses of only about a dollar. And that’s better than the muted expectations for the financial firm going into the quarter.
Stephen Weiss hasn’t changed his position—he’s still staying away from the banks.
“This was just a relief quarter,” he said, adding that he doesn’t know what was short covering versus real buying.
“They are very cheap stocks, [but] there’s just not a real catalyst to get them not to be very cheap stocks,” he noted. “I’m not buying them. There are plenty of other places to make money in the market.”
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Trader disclosure: On Oct. 18, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders:
Weiss owns RIMM
Weiss owns KO
Weiss owns EUO
Ilczyszyn owns ZSL
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