RSS
TSC Staff
Erin Burnett hosted CNBC's "Fast Money" Monday night, starting the show by asking, was today's market action a bearish signal, or is the big money still at the beach? She explained that the market started up 200 points but ended down as oil plunged $6 a barrel.
Guy Adami explained that the move in the stock market this morning was an "oil move." However, he pointed out that traders reassessed the situation and figured out that oil was down because the global economy is slowing. He mentioned that some stories continue to work, such as Johnson & Johnson(JNJ Quote) and Church & Dwight(CHD Quote), which hit 52-week highs today. Jeff Macke stated that one trade that has worked all year when the market opens strong is to sell. He says we're in a bear market. Pete Najarian advised viewers to keep their stops in place. Burnett said the best stock in the Dow today was General Motors(GM Quote). Macke said the fundamental news for General Motors can't get worse. He said the stock works for a trade here, and you can't be short the name. Najarian pointed out that the "GM trade" has worked because oil prices have been falling. No Place Like Housing The Chart of the Day was Toll Brothers(TOL Quote), which hit a new 52-week high. Finerman said that people believe that the housing market has bottomed. She said she's skeptical that the bottom is really here, but it's possible. Finerman pointed out that housing play Mohawk Industries(MHK Quote) was up big today and held on to its gains. Adami said Home Depot(HD Quote) was up big today and continues to outperform. He advised viewers to buy the stock on dips.
Get Cramer's portfolio stock picks at Action Alerts PLUS —