This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

'Fast Money' Recap: Ag Trades Blossom

NEW YORK ( TheStreet) -- The markets rebounded Thursday on improving U.S. trade deficit figures.

The Dow Jones Industrial Average rose 75.42, or 0.63%, to 12,124.36. The S&P 500 added 9.44, or 0.74%, to 1289.00. The Nasdaq gained 9.49, or 0.35%, to 2684.87.

Guy Adami said on CNBC's "Fast Money" TV show said the late day action of today's market wasn't pretty. He said 1275 was a tradable bottom and 1325 a serious point of resistance. He said he would have used the rally in banks to sell.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Steve Grasso said he was still looking for the markets to head lower. Joe Terranova said there was a lot favorable economic data to support his belief that the global growth story is intact. Tim Seymour noted that ECB President Jean-Claude Trichet talked about moderate growth with inflation being the chief concern.

Tim Seymour said the weak dollar has been fantastic for U.S. exports, especially commodities and industrials. He said these "great" trades were happening on a day when the dollar was stronger. However, he said the rally occurred today because everybody wanted the market to bounce after seven days of losses. He said he expects the rally to continue for a week before it expires.

Melissa Lee, the moderator of the show, wondered whether it was even appropriate to call today's market action a rally. Grasso said the rally occurred today because everything worked for a day. Terranova said the markets are in a consolidation phase that may last through the summer.

Lee said the grain trade was hot today following the USDA report noting lower corn production. Rich Ilczyszyn, senior market strategist for Lind-Waldock, said corn production has been hampered by a slow start to plantings and rain delays.

He said the situation is setting up for a bullish case for corn and other crops. He said it would take perfect weather conditions to make up for the shortfall in production.
1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
DAR $14.51 0.00%
DBA $23.27 0.00%
INTC $30.56 0.00%
HPQ $30.69 0.00%
HOS $19.63 0.00%

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs