Fast Money Recap - The Banks That Got Away (6/9/09)

Recap of CNBC's Fast Money, Tuesday June 9.

Wells Fargo (WFC), Citigroup (C), Bank of America (BAC), Blackstone (BX), Jeffries (JEF)

Banks given permission to pay back TARP funds came forward with the news that they were on the list, but CNBC's Steve Liesman thinks the main news is not which banks made the list, but which banks didn't. Investors want to know when Wells Fargo, Citigroup and Bank of America will be freed from TARP obligations. Pete Najarian said he noticed options ‘buying at the money straddles’ in big banks and he interprets this to mean big investors see a next leg to the rally. Jeff Macke thinks it's fishy that the guidelines for choosing which banks would pay back TARP were not revealed. Joe Terranova would take a look at Blackstone and Jeffries.

Oil's Rise: ExxonMobil (XOM), Baker Hughes (BHI), Schlumberger (SLB)

Oil is going higher and Joe Terranova says the commodity seems to want to break $70; he thinks shorting oil is not a good move. Jeff Macke says the rising price of oil won't be bad for the recovery because there is no economic recovery yet. Guy Adami cautioned Baker Hughes and Schlumberger are getting ahead of themselves. Joe Terranova noted investors want to get into commodities on the belief that they will be higher in a few months. Pete Najarian added commodities are taking a leadership role in the market and are bringing investors back from the sidelines.

Texas Instruments (TXN), Intel (INTC)

Adami thinks Texas Instruments, which raised its earnings and revenue targets is getting ahead of itself and he would short with a tight stop at $21.50. Najarian would buy Intel which he thinks will reach $19.

An Apple (AAPL) a Day

Apple's share price fell today, and Jeff Macke is not pleased with the company, and said Apple has devolved from a first-class company to one that makes "everyman" products.Guy Adami thinks Apple will pull back further. Najarian is supportive of Apple's price cut, and thinks more people will buy the Mac at lower prices.

Pete Najarian is enthusiastic about news of Apple's partnership with Tom-Tom, a navigation firm which will provide an i-Phone applications that may make GPS unnecessary. JP Mark of Farmhouse Equity Research says the stock may have a short-term pullback, but added, "I think the new applications introduced at the conference as well as the high speed capabilities of the iPhone are long term bullish."

Trouble with Treasurys

Ira Jersey of RBC expressed concern that the 10-year debt may be shorted and there will be lack of demand for the 30-year bonds. This could result in a stalling of the S&P 500. The result could be that the Fed will buy more Treasurys to keep the mortgage rates down.

Caterpillar (CAT), Joy Global (JOYG)

Caterpillar has been hit hard by the economic downturn and has shed jobs as it has seen points drop from its stock price. However, its recent earnings report indicated that the worst might be over with the rise of oil and commodities and increasing demand in China. Guy Adami, however, thinks Caterpillar is getting ahead of itself and Pete Najarian prefers Joy Global.

Seeking Alpha is not affiliated with CNBC or Fast Money.

Comments

[predictorma...:]

I stopped dvr'ing Fast Money and you can read above to guess why without reading my post.

The way to make money since March has been to hold (not take profits, even if up substantially), chase, not care about balance sheets, in general be irrational.

Not one of these guys saw it, except the ones that said buy copper.

Most of what they recommend is rear view mirror stuff, and boring. They keep repeating themselves because they don't really understand what's going on in this rally.

Jun 10 09:24 AM

[BMWTwisty:]

Macke's a clueless, self-infatuated, schizophrenic crackhead >8^p

Jun 10 09:32 AM