'Fast Money' Recap: Gaming Goldman
Dylan Ratigan hosted CNBC's "Fast Money" Tuesday night. He started the show with a discussion of how the Republicans and Democrats in Congress don't like the $700 billion bailout plan for the financial sector. Ratigan quoted Republican Joe Barton of Texas, who said, "Just because God created the world in seven days doesn't mean we have to pass this bill in seven days."
Karen Finerman said this is a very urgent matter and the Congress needs to get this done by Monday or Tuesday of next week. Jeff Macke says Congress isn't going to get anything done. "The sense of urgency is gone," he added.
Ratigan asked the crew how they traded the action in the stock market today. Pete Najarian said he bought premium through options. He pointed out that the Dow moved in an 800-point range today. Najarian advised viewers to stay away from the market for the next four or five days unless you have a huge tolerance for the "good" and "bad." He said if you want to be in the movers, look at the Financial Select Sector SPDR (XLF).
The "Chart of the Day" was Goldman Sachs Group (GS). "How do you evaluate Goldman Sachs at this point, because you don't know who is going to be left?" Guy Adami said. Macke says the stock will sell off until the company does something or Congress comes up with something. "I don't know what business they are in, I don't know where it's going to trade, and I don't know at what level the government is going to bail them out," exclaimed Macke.
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