The trading session ended flat Thursday after some discouraging job claims numbers and dismal June retail sales.
The Dow Jones Industrial Average added 4.76, or 0.06%, to 8,183.17, while the S&P 500 rose 3.12, or 0.35%, to 882.68. The Nasdaq added 5.38, or 0.31%, to 1,752.55.
Guy Adami said on CNBC's "Fast Money" TV show that the S&P had a decent day today but Friday will be the "tell."Joe Terranova noted the consumer confidence numbers, which have been on the rise in the past few reports, are due out tomorrow. "Let's see if they rise again," he said. Tim Seymour said he looked past the jobless claims numbers today to numbers coming out of China showing auto sales were up 48%. That gave a boost to metals and resources, and that was "the story today" along with a weaker dollar, he said. Shifting to financials and an upgrade in Goldman Sachs (GS), Adami said he felt it was a little too late to be getting into Goldman. He thought the better play was with JPMorgan Chase (JPM). He said he would short the stock with a stop above $35.25. Terranova said he wouldn't play the financials from the short side. He sees Goldman, which expects about $26 billion in trading revenue for 2009, going higher. Lee shifted to oil stocks which were up today despite crude dipping below $60 at one point in the session. Finerman, who noted this dichotomy Wednesday, said money is going into the equities or other places around the world because the market is seriously taking the Obama administration's efforts to curb speculation in the commodities markets.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV