Updated from 8:11 a.m. EST

The traders of CNBC's "Fast Money" believe that President Obama's budget plan is the reason that stocks in the U.S. have been dropping precipitously. Since Obama issued his budget plans last Thursday, the S&P 500 has dropped 8.4%. The president's budget proposal will swell the budget deficit to $1.8 trillion and expand the debt-to-GDP ratio to around 60%, the highest level since the 1950s.

The panel is also worried that Obama is spinning the facts after he came out and said that valuations of stocks are attractive. At a press conference on Tuesday, Obama said that "buying stocks is a potentially good deal if you've got a long-term perspective on it." The crew questioned how Obama could possibly value stocks.

Despite the perceived notion on Wall Street that Obama is bad for stocks, the crew is starting to find reason to take the other side of the trade and fade the pessimists. Some of those reasons include cheap valuations, a market trading on things that aren't fundamentals and the large amounts of cash on the sidelines.

The gang recently highlighted trading ideas that play off of precious metals stocks, retail value stocks and unusual options activity. Here are some highlights from over the past week as aggregated from the show, including takes on Freeport McMoRan ( FCX) and Genentech ( DNA).

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