On a day when all commodities had a rough time, Dennis Gartman said it was an ugly session that "took no prisoners." He said there was simply no place to hide in gold, stocks or currencies.
He said the drop in gold might have caused by the sight of tear gas on the streets in Greece and unfounded rumors that the IMF and U.S. might be selling gold. He said the market psychology changed when the euro broke down.
In the auto sector,
was down 3.1% and 30% down from its IPO price of $33. Adami thought the better company was Ford, while Mike Khouw said GM is still a well-liked name that has seen a rise in open interest in calls.
Moving on to the currency trade, Robert Savage, CEO of track.com, said the emphasis in today's market is not computer models but risk management. He said it's not about trends or bottom lines as it is about taking defensive steps to avoid "losing your shirt."
He said the biggest fear for the markets is the possibility of a hard landing in China.
Lee said there was a bloodbath in China's Internet search sector. Thus far in November,
is down 27%;
is off 19%; and
, is off 39%.
Seymour said the sector that has been under intensive competitive pressures with companies having to live with razor thin margins in their chase for market share, allegations of fraud and valuation issues. He said the one exception has been
(BIDU - Get Report)
, which continues to perform one.
Insana said he wouldn't bother to invest in Chinese stocks because of the lack of transparency.
In the final moves, Seymour liked the
iShares MSCI Emerging Markets Index Fund
. Adami liked
. Finerman liked
(CF - Get Report)
below $140. Terranova favored
Written by David Tong in San Francisco.
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