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: Trading Dow 13,000

Jeff Weiss, chief technical analyst for Tejas Securities Group, said he liked the look of this year's rally and sees it heading toward 1425. He noted that 1,000 issues or more have advanced in 34 out of the past 35 sessions.

Jim O'Shaughnessy, founder of O'Shaughnessy Asset management, also had an upbeat view on stocks. He said the last time Dow was at 13,000, investors were paying 17 times earnings for stocks compared to 14 times earnings now.

He said investors now can pay less for stocks with good price momentum in a low volatile market environment. They include names such as Home Depot (HD - Get Report), Tata Motors (TTM), Apple (AAPL - Get Report) and Garmin (GRMN).

Netflix (NFLX) fell nearly 4% after Comcast (CMCSA) announced the launched of its VOD Streampix.

Michael Pachter, of Wedbush Securities, said Netflix could lose 1 million subscribers from Comcast's entry. He said Netflix, which had been on a run recently, is at a crossroads. He said the increased competition from Comcast and others could cause a decline in subscriptions for Netflix and a rise in content costs.

In any event, he said "everybody is fighting back" against Netflix. He said he has a $45 price target for Netflix that he pulled out of the air. The stock closed today at $117.15, which he said is "much too high."

Lee brought in Glenn Stevens, CEO of Gain Capital, to talk about the boom in retail investors, who now account for 10% of the $4 trillion currency market. Stevens credited the boom to the availability of information, low execution costs and lots of excitement around the market.

He said the currency market is a 24-hour global market, with a $275 billion average monthly trading volume.

Shifting to the retail sector, Mike Khouw said he would be a seller of Macys as he sees a rotation going into the retailers. Joe Terranova was impressed with Nordstrom's (JWN - Get Report) recent dividend hike, adding it's getting support from the affluent consumer.

Dana Telsey, CEO of the Telsey Advisory Group, was also upbeat about the retail sector, saying stocks are not topping out yet. She said the second half of the year promises to be better than the first half, adding the impact of high gas prices will be felt most during the summer.
2 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
AAPL $121.30 0.00%
HD $117.03 0.00%
JWN $76.31 0.00%
M $69.06 0.00%
TTM $29.66 0.00%

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs