On today's episode of
s "Fast Money" host Dylan Ratigan began by reflecting back on "the worst six months in years." He said "financials were terrible and commodities were good" and that overall the day had been "a wild ride."
The big news of the day was U.S. automakers, especially
, which reported losses that were slightly less negative than expected. Ratigan said GM was "good for the market" after having a "blockbuster day." Karen Finerman called the auto giant "the unlikeliest of heroes." Guy Adami was not as optimistic, stating that he was "not ready to give the all-clear sign to GM." He did advise that "you can get long on them."
Moving on, the analysts discussed the performance of the
, especially in comparison with the Volatility Index. Tim Seymour noted that the S&P's close today was a positive after the index had a number of reversals on the day. Pete Najarian was not as positive, saying that "today was a mirage" and that the volatility index "needs to spike." He also felt the S&P "has plenty of room to break back down."
Najarian continued by saying the "oil and credit crunch has put us in a problem, and we have issues until they show strength again." Seymour agreed, further adding that "this is a global problem."
3 Stocks I Saw on TV
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Elsewhere in the Market
Moving to technology stocks, Ratigan made note that
was surging on the day. Najarian said that both Apple and
Research In Motion
had "reached an area where people all wanted to own them." Noting that Apple had announced pricing options today, Najarian then said that "everyone likes that news about it" which helped the stock today.
Turning to after-hours news, Ratigan reported that
had announced a 7% cut of its workforce. Finerman said that this move was "the right thing to do" because there was a "need to rationalize the store base" for Starbucks. She added that "growth just for the sake of growth isn't what they need."
The discussion then turned to options, where, as Ratigan put it "action abounded." Seymour warned to "remain very cautious on emerging markets" because a number of countries "have a negative fiscal backdrop." Adami then turned his attention to
by saying that "getting out ahead of earnings was a mistake." He called Alcoa a "takeover target" and expects it to have "a monster next six months."
Oil, Of Course
Talk then turned to the oil market, which Ratigan said was "trading around news" about Israel's possible military action against Iran. Adami said "oil services still work" and noted that "
is on another 52-week high." Finerman, however, said that she did "believe demand/destruction is real and happening" and that she "wouldn't be short oil here." Najarian ended by saying he would "own
regardless of the price."
Ratigan then switched gears to biotech, which he said "could be one way to get things done against this bear market." Najarian noted that
"are leading the biotech breakout." He also said "
is one to keep an eye on." Adding to the talk about Celgene, Adami said that it "has free rein in Europe now" and had "lots of good things going for it."
On the final trade segment, Finerman was "sticking with
." Najarian marked
as a sell, while Adami was sticking with GM.
This article was written by a staff member of TheStreet.com.