Melissa Lee hosted CNBC's "Fast Money" Thursday night. She began the show by explaining to viewers that nothing seemed to be working in the markets. Lee said the market is now heading toward new lows on the year. Jeff Macke said the selloff picked up steam all day. Pete Najarian said the commodity sector is no longer saving the market. Guy Adami believes that things aren't good on Wall Street with Bill Gross walking away from Wells Fargo (WFC) - Get Free Report paper.
Adami told viewers it's a traders' market and today felt like another fund was getting out of things. He said look at
Lee turned the conversation toward the financial complex. Karen Finerman said investors shouldn't try to be heros in
. She said her hedge fund is still short some of the big banks like
Capital One Financial
, Wells Fargo,
. Finerman said more pain is coming for the financial stocks. Macke explained the Wells Fargo news is scary because it proves the banks can't raise capital.
Next, the talk moved to the oil sector. Traders will overshoot crude oil on the downside, Adami added. He believes the trading action in the gasoline market is forecasting a weird day to come for crude oil in the next three to four trading sessions. Adami said the "gas trade" will take crude up with it. As the commodity trade unwinds, Najarian says the railroad stocks will be sold down to attractive levels. He told viewers to keep an eye on
Hedge fund manager Bill Fleckenstein, of Fleckenstein Capital, joined the traders to discuss his take on the technology complex. He said the market believed that technology wasn't "GDP sensitive." However, he explained that isn't the case. Market players have been hiding in tech as a weak dollar play, but now the dollar is rallying and the rest of the world is slowing down, he added. He mentioned that he sees no bull case for tech and believew this is the start of a big unwinding in the space. Fleckenstein says stocks like
are vulnerable. His fund is also short
Research In Motion
on a valuation basis.
Some of the technology stocks Fleckenstein likes, but not at current levels, are
"You will get another shot to buy Research In Motion at $100," Macke said. He also added that viewers should use a stop at $95 if they buy RIMM at $100. Adami said Cisco is at levels that make sense. He mentioned there are market rumors that Cisco is looking to buy someone like VMware or EMC. Najarian recommended
Lee turned the conversation to the retail sector after a number of big names in the space reported August same-stores sales today. Finerman said the numbers out of
American Eagle Outfitters
were pretty good. Macke mentioned he continues to like Wal-Mart because it's boring, steady and outperforming. Investors should buy Target and scale out of Wal-Mart, Adami said. Macke disagreed and told viewers to do the opposite.
Trader Jim Iuorio, of TJM Service, joined the "Fast Money" crew to talk about trading the jobs report due out Friday. Jim says financials will be a buy tomorrow morning. He said the dollar will stay strong and keep a lid on commodity prices. He recommended viewers buy bank stocks like
, which was down 6% today for a medium to short-term trade. Today was the most pessimistic view I have seen for the bank stocks, Iuorio added. Adami agreed with Iuorio on the dollar strength. He also says gold has a long way to go on the downside.
Emerging Market Pains
Tim Seymour joined the traders to discuss the fallout in emerging markets. He explained that for the first time emerging markets are having credit issues. Huge redemptions and liquidations in global funds are happening right now, he adds. Seymour said technically the
iShares MSCI Emerging Markets Index
has found some support at current levels. However, he says it's a "nasty trade" and he would be very cautious on emerging market. "I have seen a lot of put buying in the EEM in the last few days," Najarian added. Seymour told viewers if you want to get into emerging markets the EEM is the way to go and for Russia play the
Market Vector Russia ETF
were among the most actively traded stocks on the
Barron's online technical columnist, Michael Kahn joined the traders to discuss the energy complex. Kahn said a specific stock he likes in the energy sector is
. The rising bottoms and rising trend has proven that people want to own it, he said. Macke said he wouldn't buy either stock. Najarian told viewers if they like Sunpower, why not buy
, because you get a piece of the solar space without the full exposure.
Adami says a short-term bounce is coming next week for the energy sector, which will be "vicious." Finerman said she likes
Jon Najarian joined the traders to discuss some "NFL trades" now that football season is underway. His first stock pick was
. Najarian explained that fans will drink beer no matter if their team is winning or losing. Another play he likes is
for the company's sports games. Pete Najarian said investors will get a shot at buying
as the stock trades down to its support level.
has been outperforming Under Armour so that's obvious, he added.
Macke said buy
with a stop at $145. Finerman picked
call options for a speculative play on a higher takeover offer. Najarian selected
This article was written by a staff member of TheStreet.com.