'Fast Money' Recap: Summers' Fall, Market's Rise
On CNBC's "Fast Money" TV show, Brian Kelly pointed out gold spiked on the Summers news before falling, with equities having a weak close. He added the pace of Fed bond tapering would be important to the market and the coming debt ceiling debate would likely weigh on equities.
Guy Adami said steel has been performing well and U.S. Steel
Karen Finerman said trading around the FOMC meeting is hard because of two things: the actual outcome of the meeting and the perceived outcome leading up to the event.
Kelly does not like the risk to reward ratio for going long big banks. This is despite rising interest rates potentially offsetting a shrinking mortgage and refinance business with improved profitability in lending.
Adami pointed out that Blackstone Group
Finerman said she was done with Apple
Adami said the stock could head to the $425 level after closing below the 50-day and 200-day moving average.
Kelly said he was looking for these levels before the iPhone event this week, but wants to see Apple reverse and go higher before getting long.
Nathan said a deal with China Mobile
Homebuilders made a strong move higher on Monday and Kelly said he would use the pop to take profits. Adami agreed, saying he would take profits in the SPDR Homebuilders ETF