Richard Posluszny
On CNBC's "Fast Money" TV show, the traders opened the show by speaking on today's market activity, specifically, Lehman Brothers(LEH Quote - Cramer on LEH - Stock Picks) takeover talk.
Jon Najarian said that "you have to think there is a lot more upside" and that Lehman is getting "the wind at its back." Najarian continued, saying that he is "more enthused about this rally." Zach Karabell has doubts, saying he's "not sure I fully agree." He said that it is impossible to know what is truly going on at LEH and that it is possible we will see the financial industry go abroad in the coming years. Quint Tatro said that playing the financials is essentially gambling. He said that for traders it has been a fantastic week because of volatility. Joe Terranova weighed in, saying that this week brought a "ton of bad news in financials." He said that the retailers and technology stocks are working and that he expects the commodity names to work as well. Terranova suggested that if the financials "join the party, we set up nicely for the fall." Moving into oil, Terranova said that he has not seen a follow-through past the $122-per-barrel mark and that he has moved his exposure from long-term risk to short-term risk. He said he predicts that oil will go higher in the short term because there is a "supply concern." Changing Dynamics Tatro spoke on oil, saying that yesterday investors saw a ramp in oil while retail went higher -- this shows a decoupling. He said that equities are breaking away from the energy-consumer-dollar trade.
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