By Roberto Pedone
PEWAUKEE, Wis. (
) -- The traders of
"Fast Money" aren't sure if the bull market is back after stocks rebounded for the past two trading sessions, following some heavy selling across the board on Monday.
On Tuesday's "Fast Money" show, Guy Adami reminded viewers that he remains cautious on stocks here. He mentioned that he doesn't see a catalyst to take the market higher. Plus, the technicals are telling him that if the
closes below 950, the market will trade down to 905 rather quickly.
Joe Terranova told viewers that markets don't just go up in a straight line. They work by finding support and finding resistance. He sees support for the S&P at 950 and resistance at the 1010 level. Terranova also said that 2009 is not going to be a normal year and that the best strategy is to focus on companies with solid balance sheets and top-line growth.
Steve Grasso mentioned that there's no aggression from the bears. The move has been slow and almost orderly selling on light volume. However, he sided with Adami and told investors not to get complacent. If a big move down comes, Grasso thinks it could be sharp and fast.
The crew has recently highlighted trading ideas that play off a potential rebound in crude oil, stocks for a market correction and stocks with unusual options activity. Here are some highlights from over the past week as aggregated from the show.
To read more,
-- Written by Roberto Pedone in Pewaukee, Wis.
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