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'Fast Money' Recap: Second-Quarter Playbook

Shifting to the trading the globe segment, Seymour said the emerging market trade, which played catch-up late in the first quarter, looks good in the second. He said he would be in stocks like Market Vectors: Russia (RSX) and iShares MSCI Brazil (EWZ).

Looking at the "fine print" of the eBay's (EBAY) deal for GSI Commerce (GSIC), Finerman said the deal didn't pass the smell test for her because it excluded a number of assets worth $500 million.

She said the GSI Commerce's CEO was allowed to buy those assets, putting up only $31 million in equity and eBay lending the rest. She sharply criticized GSI Commerce's board for not doing a better job of shopping around those assets.

The chart of day was on Apple (AAPL), which appears to be topping out as the stock has been rebounding off lower highs. Kelly said he thinks highly of the company, adding the stock looks interesting at $340.

Terranova said he was long Apple puts, adding the June quarter will show how supply challenges affected the company. Seymour said Apple is not broken but clearly has a high bar to clear.

In the final trades, Terranova said he had puts on IntercontinentalExchange (ICE) and CME Group (CME). Finerman liked JPMorgan (JPM - Get Report) trade. Kelly liked PowerShares DB Agriculture Fund. And Seymour liked General Motors (GM), saying it was cheap at 5.5 times earnings.

--Written by David Tong in San Francisco.

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