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'Fast Money' Recap: Whale Watching

The trading panel mulled over some of the new filings of hedge fund managers.
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) -- The markets were flat Monday as tech stocks showed signs of life.


Dow Jones Industrial Average

lost 1.14, or 0.01%, to 10,302.01. The

S&P 500

added 0.13, or 0.01%, to 1,079.38, while the


rose 8.39, or 0.39%, to 2,181.07.

Joe Terranova said on


's "Fast Money" show that said the laggard tech stocks over the past five days have been unfair for a sector that has shown good fundamentals, enterprise spending and signs of M&A spending such as



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agreement to buy


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for $1.15 billion.

For a breakout of some stocks from a recent "Fast Money" TV show,check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw onTV

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Steve Grasso, though, said traders are still wary after the gloomy outlook provided by


(CSCO) - Get Cisco Systems Inc. Report

CEO John Chambers.

Karen Finerman said she could not get on the Dell bandwagon despite its move to acquire 3Par and Dell's low valuation.

Jon Najarian said his opinion of tech spending hasn't changed since Chambers' comments. Najarian said tech spending remains weak despite today's "nice" rebound in Cisco.

Commenting on the 5% decline today in

Research In Motion


, Finerman acknowledged the underwhelming debut of the Torch smartphone. "I continue to be a nervous" holder of the stock, she said.

Steve Grasso said the 1,087 becomes the new resistance level for the S&P, with 1,065 and 1,056 the near-term support levels. Terranova added that the risk is in fixed income as money shifts to equities.

Brian Kelly said the market looks confusing, with new 52-week highs mixed in with new 52-week lows.

Anthony Scaramucci said it's been a long time since stock yields have looked this attractive relative to bond yields. He noted


(PFE) - Get Pfizer Inc. Report

has a 4.4% dividend yield compared with a 1.9% yield for its 5-year corporate bond. Likewise,


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is offering a 6.2% dividend yield compared to a 3% yield on its corporate bond.

Finerman agreed, adding



to Scaramucci's list.

Melissa Lee, the moderator of the show, noted a report today that China is about to overtake Japan as the second largest economy in the world. Terranova said the best way to play that news is to get into

Freeport McMoRan

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Joy Global



Grasso added that steel names are strong now that iron ore prices have bottomed. Terranova said he's hanging on with other ag names like





(MOS) - Get Mosaic Company (The) Report


In a segment on whale watching, Lee noted that David Einhorn, who runs the Greenlight Capital hedge fund, had doubled his stake in


(MSFT) - Get Microsoft Corporation Report


Finerman said it's interesting to see investors like Einhorn go long on a stock like Microsoft for its long-term story.

Lee noted that hedge fund manager Bill Ackman had taken a new position in

Automatic Data Processing

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Meanwhile, John Griffin, of Blue Ridge Capital, was establishing new positions in

Goldman Sachs

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and Pfizer.

In addition, John Paulson, was picking up

Bank of America

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warrants, while adding to his positions in

Hartford Financial

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Mylan Labs

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(PFE) - Get Pfizer Inc. Report


Lee noted that gold hit a six-week week high. Terranova said it will soon be hitting $1,265 an ounce.

Shifting to a segment that looks at tomorrow's headlines, Dennis Gartman said he was not going to be shorting Treasury securities when the


steps in to buy them Tuesday. He said he was reducing his long position but not selling. He also said he was "agnostic" when it comes to gold, preferring to own just a little.

Commenting on Wal-Mart's earnings Tuesday, Neil Currie, an analyst with UBS, said he was not expecting any surprises. He expects the retail giant to post negative 1% comps that would be in line with consensus estimates. He said Wal-Mart's customers are in the depths of the recession and are trying to cut back on spending.

Finerman said she expected other retail stocks like


(TGT) - Get Target Corporation Report

to move in line with Wal-Mart. Grasso said his clients have grown tired of WMT's attempts to break out of its trading range.

Lee brought in Bob Wetenhall, an analyst with RBC Capital Markets, to comment on the drubbing in education stocks today. He said

Strayer Education

(STRA) - Get Strategic Education Inc. Report

, which was down 18% today, took a big hit when it reported student loan repayment loans of 25% instead of the 35% that had been expected.

As a result, Strayer is in jeopardy of failing to qualify for federal student loan programs, he said.

In the final trades, Terranova liked

Parexel International


. Grasso liked


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. Najarian favored


(TJX) - Get TJX Companies Inc. (The) Report

-- Written by David Tong in San Francisco

To watch replays of Cramer's video segments, visit the Mad Money page onCNBC


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