The markets slipped again Tuesday on growing concerns of the economic impact of the swine flu crisis and the need for banks to raise more capital.
The Dow Jones Industrial Average fell 8.05, or 0.10%, to 8,016.95, while the S&P 500 lost 2.35, or 0.27%, to 855.16. The Nasdaq dropped 5.60, or 0.33%, to 1,673.81. Guy Adami said on CNBC's "Fast Money" TV show that the market is moving sideways and that it's not a "bad thing." He said crude can't get above 51 and the S&P is performing in the same fashion. His advice: "Trade the market you have, not the one you want." Tim Seymour said the swine flu crisis remains a concern because of the fragile state of the global economy. Pete Najarian added the S&P is trading between 850 and 870, with the volatility index at the high level of 38. "This tells you there's a lot of apprehension and questions out there," he said. Karen Finerman said it's "extraordinary" for the market to be hanging in there. She said going sideways and consolidating is good after the big run in the past six weeks. In his book, Adami said Marriott International ( MAR) remains a sell and Smithfield Foods ( SFD) a buy. Moving on to the technology space, Adami was impressed with IBM ( IBM), saying it looks like a $120 stock. He also said today's dip in Corning ( GLW) came after the stock reached a peak Monday in the short term. He sees the stock moving lower with an opportunity for investors to get back in it at $12.50 to $13.