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'Fast Money' Recap: Housing Stocks

Tim Seymour said that rates failed to break 2.45% on the downside and that would need to happen before we saw 2%. He said the Fed had horrible communication in June and has put a lot of pressure on the markets for this meeting.

The Nikkei was down 3% in the overnight session on news of higher-than-expected inflation results. Brown said that if traders have missed the upside move in Japan, the WisdomTree Japan Hedged Equity ETF (DXJ) is a buy on the pullback.

Seymour added he is a buyer of Japan and that it could outperform the S&P 500 over the next nine months.

TripAdvisor (TRIP), Broadcom (BRCM), and E-Trade Financial (ETFC) were on the show's "Pops & Drops" segment.

Adami said that after the 22% jump in shares of TripAdvisor on the back of strong earnings results, the valuation was too steep and he would not be a buyer.

Broadcom fell 18% from poor earnings and downgrades, with Seymour adding that the group has been under a lot of pressure and he would not be buying this dip.

Grasso said that he was a buyer of E-Trade Financial even after the strong week, where shares gained 10%, citing the upside momentum is not finished.

For their final trades, Seymour is a buyer of BHP Billiton Limited (BHP). Grasso is buying Arch Coal (ACI) with a stop at $3.90. Brown is a buyer of SPDR S&P Bank ETF (KBE), while Adami is buying PulteGroup.

-- Written by Bret Kenwell in Petoskey, Mich.

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Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.
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