Najarian said he would buy the stock. Seymour agreed, as did Adami and Macke, although they were slightly more cautious.
Trader Radar
GameStop (GSE Quote - Cramer on GSE - Stock Picks) traded at unusual trading volume today.
Dan Fitzpatrick of
RealMoney.com joined the traders to discuss technical analysis of the markets. He said the market is in a downtrend but has gotten ahead of itself to the downside. He noted spikes in the volatility index, which he said are barometers of the emotional state of the market.
Spikes and pullbacks in the index correlate with big upside, he said. He also noted that the S&P 500 is well below its moving average, meaning it will likely come back. He said he likes
Google (GOOG Quote - Cramer on GOOG - Stock Picks) in this environment.
Fast Messages
A viewer asked Adami how he felt about the steel sector after the Fed rate cut. Adami replied that the important thing was that steel names have pricing power and are cheap on a valuation basis. They're still going higher, he said.
A second viewer asked Najarian how he felt about call activity in
Deere (DE Quote - Cramer on DE - Stock Picks). Najarian said he liked the trade especially after bullish news from
Caterpillar (CAT Quote - Cramer on CAT - Stock Picks).
During the show, Visa closed the pricing of its IPO at $44, above the expected range, which only happens when there's substantial demand, the traders said. Macke said that JPMorgan Chase will benefit from IPO, and said that it's been a great week for CEO Jamie Dimon. Najarian said he loves Visa.
He also predicted that investors will sell out of MasterCard and buy Visa. Seymour said the offering was a bellwether for other deals and is a bullish sign for the market. Macke called the IPO an "nice one-off," pointing out that there aren't a lot of Visas in the pipeline. Najarian and Adami both cautioned against chasing the stock.
Final Trade
Macke said to get out of gold. Adami chose
Oracle (ORCL Quote - Cramer on ORCL - Stock Picks). Seymour said to get short the
CurrencyShares Euro Trust (FXE Quote - Cramer on FXE - Stock Picks). Najarian selected
Tesoro (TSO Quote - Cramer on TSO - Stock Picks).
Mike Taylor
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