Fast Money Recap: 6 Stocks to Watch Ahead of a Correction (6/22/09)

Recap of CNBC's Fast Money, Monday June 22.

Potash, Intrepid (IPI), JPMorgan (JPM), Transocean (RIG), Goldman Sachs (GS), Freeport McMoRan (FCX)

On CNBC's Squawk Box. Dr. Doom, Nouriel Roubini predicted a "W" shaped recession, with the second half the year characterized by inflation, high gas prices and disappointing earnings. The Fast Money group made their recommendations of what to buy ahead of a correction. Tim Seymour thinks Potash and Intrepid will be buys 5% lower. Guy Adami would like JP Morgan at $28, and Karen Finerman thinks Transocean will be cheap on a 5% decline. Joe Terranova's picks include Freeport and Goldman Sachs.

Potash (POT), Alcoa (AA), Bank of America (BAC), JP Morgan (JPM), Morgan Stanley (MS), Citigroup (C)

Stocks suffered the worst day in two months, and Guy Adami says an S&P500 drop below 900 is not a good sign; he predicts the index will fall to 870 next. Joe Terranova thinks Monday's selloff was worse than previous declines because not one sector remained strong. However, Karen Finerman thinks the correction is healthy, because prices were getting high. Not even gold, a traditional safe haven, held steady, and Dennis Gartman would not be a buyer of commodities now, since they are constantly breaking new lows. He says he has sold his positions in Potash and Alcoa and predicts declines for at least 3 weeks.

Guy Adami reiterated his recommendation to short JP Morgan and Joe Terranova said JP Morgan, Goldman Sachs and Morgan Stanley are best of breed but Bank of America and Citigroup are stocks to avoid.

Research in Motion (RIMM), Microsoft (MSFT), Apple (AAPL), Google (GOOG)

Although it sold a million more units, Apple led tech lower, and Guy Adami predicts both Apple and RIM will continue to decline to create buying opportunities. Joe Terranova says he is cautious about RIMM, but would buy Microsoft on a pullback. Tim Seymour thinks Google might be facing problems in China over the issue of filtering pornography.

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Seeking Alpha is not affiliated with CNBC or Fast Money.

Comments

[apppro:]

It's enough with this show and inflammatory, biased 'OPINIONS' like these!
It is now time to put an END to this 'Trader Mentality' and let investing become the norm again. Enough is enough!
Where is our SEC and where are rules to fix 'The Shorting of America'!

Jun 23 06:59 AM

[naidle:]

"Dr. Doom" has been all over the place since March 6th. He needs to stick to his beliefs or stay out of the public lime light.

Jun 23 10:38 AM