WINDERMERE, Fla. (Stockpickr) -- The traders of CNBCâ¿¿s â¿¿Fast Moneyâ¿ are concerned about the bearish report out of the Commerce Department that showed that new-home sales cratered 33% to their lowest level since 1963. On Wednesdayâ¿¿s â¿¿Halftime Reportâ¿ segment, Steve Grasso mentioned that with the first-time-home credit now expired, the bearish report shouldnâ¿¿t surprise anyone. He pointed out that copper, oil and lumber are all down and theyâ¿¿re leading market indicators. Grasso advised viewers to sell any rally because itâ¿¿s going to be very tough to get a bullish GDP report with a struggling housing market.
Despite the weak housing data, Whitney Tilson said that if youâ¿¿re short the
SPDR S&P Homebuilders ETF
, it might be time to start thinking about covering your position.
Pete Najarian said the market is challenged, with copper struggling at $3, the
SPDR S&P 500 ETF
stalled at its 200-day moving average and the
Financial Select Sector SPDR ETF
Almost all of the traders agreed that any rally that comes off of the
interest rate decision should be sold.
The â¿¿Fast Moneyâ¿ crew has recently highlighted trading ideas that play off Chinaâ¿¿s revaluation of the yuan, top energy stocks in the wake of the Gulf crisis and stocks with unusual options activity. Here are some highlights from over the past week as aggregated from the show.
: The crew thinks stocks such as
could be big winners of Chinaâ¿¿s decision to revalue their currency, the yuan. On Tuesdayâ¿¿s â¿¿Halftime Reportâ¿ segment, Tim Seymour told viewers: â¿¿If the commodities play is too volatile for you, on a related note, Chinese consumers are experiencing more purchasing power and that should benefit
Shanda Interactive Entertainment
and other companies tethered to Chinaâ¿¿s consumer.â¿ The
: The traders think a handful of brokers, including
, could sell off after financial reform. On Mondayâ¿¿s â¿¿Fast Moneyâ¿ show, Ticonderoga Securities analyst Doug Sipkin told viewers: â¿¿I donâ¿¿t think the Street has priced in an amendment which compels brokers who offer financial advice to adhere to a higher client-care stand. This new legislation could force them to operate under a much higher fiduciary standard.â¿ The
: The traders see opportunity in playing energy stocks such as
in the wake of the Gulf disaster. On last Fridayâ¿¿s â¿¿Fast Moneyâ¿ show,
told viewers: â¿¿If youâ¿¿re looking for a play, Iâ¿¿d look at tankers such as
(TK). If less oil comes out of the Gulf, then the journey to get that oil to the U.S. will be longer.â¿ The
: The traders highlighted some options trades and unusual options activity in names such as
. On Wednesdayâ¿¿s â¿¿Halftime Reportâ¿ segment, Pete Najarian told viewers: â¿¿Iâ¿¿m seeing a lot of call-buying on
Research In Motion
, and it could suggest a modest bullish bias. If you share that outlook, look at a call spread or go one month against another â¿¿ sell the July to buy the August.â¿ The
: The crew knows just how to trade financial regulation. On Mondayâ¿¿s â¿¿Fast Moneyâ¿ show, Joe Terranova told viewers: â¿¿I donâ¿¿t think fin reg will have a terribly negative impact on
. Iâ¿¿d stay with both names.â¿ The
Bank of America
-- Written by Roberto Pedone in Windermere, Fla.
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