By Roberto Pedone
WINDERMERE, Fla. (
) -- The traders of
"Fast Money" are starting to get less worried about the European debt crisis following some positive comments made by Ben Bernanke. On Wednesday's "Halftime Report" segment, Joe Terranova told viewers he liked hearing Bernanke say European leaders are showing a firm resolve to fight the crisis and restore confidence in their markets. He thinks the Fed will remain "highly attentive" to the problems abroad and their possible impact on the U.S. economy.
Terranova mentioned that this could mean there's a global coordination happening behind closed doors. He recommended playing this with long currency positions in the British Pound, the Aussie dollar and the Canadian dollar.
Jon Najarian thinks the bullish comments from Bernanke should move the
up against 1100 but that then it will most likely selloff. He said the market is probably stuck in a range of 1040 to 1100 through the end of June.
Pete Najarian noted that he's seeing a lot of put-buying in the options pits. However, he thinks that action is just smart market-players buying protection ahead of options expiration next week. Najarian said it's probably bullish if so many people are buying puts.
The "Fast Money" crew has recently highlighted trading ideas that play off the top bank stocks, the energy sector and stocks with unusual options activity. Here are some highlights from over the past week as aggregated from the show.
: The traders have come up with some smart trades to game the energy sector off the chaos from the
. On Tuesday's "Halftime Report" segment, Collin Gerry told viewers: "Investors need to trade the energy space carefully, but I like the shallow water names. Look at
: The traders believe defensive stocks such as
could be good places to hide in this treacherous market. On last Friday's "Fast Money" show,
told viewers: "In this kind of environment, I'm inclined to stay on the sidelines. However, if I see value I'll buy it. And right now there are a few select names I'm looking at, including
Johnson & Johnson
: The traders have highlighted some options trades and activity in names such as
SPDR Gold Trust ETF
iShares Lehman 20 Year Treasury Bond ETF
. On last Thursday's "Fast Money" show, Pete Najarian told viewers: "I'm noticing a lot more call-buying than put-buying in
. I take it to mean options investors are expecting these stocks to go even higher in June and July." The
Financial Select Sector SPDR
SPDR S&P 500 ETF
: The traders have identified three key stocks that act as an early warning sign to future market direction. On Monday's "Fast Money" show, Pete Najarian told viewers: "I'm watching
as my market tell. The stock is trending lower. The global growth trade may be falling apart." The
Goldman Sachs Group
: The crew thinks bank stocks like
Bank of America
could see a relief rally once we get some clarity on financial reform. On Monday's "Fast Money" show,
told viewers: "I established a new position in
. It just seems to me the stock is getting clobbered and the selling is probably overdone." The
: Treasury Secretary Tim Geithner recently told his G20 counterparts that the world shouldn't rely on the U.S. consumer. What's the retail trade? On last Friday's "Fast Money" show, Patty Edwards of Storehouse told viewers: "I know the consumer is weak but I like retailers that have strong management teams that are badly beaten down.
J. Crew Group
falls into that category as well as
Abercrombie & Fitch
-- Written by Roberto Pedone in Winderemere, Fla.
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