Wednesday, September 2, 2009

'Fast Money' Recap: Gold Fever

NEW YORK (TheStreet) -- The markets remained in the red Wednesday in a trading session that was straining for direction.

The Dow Jones Industrial Average dropped 29.93, or 0.32%, to 9280.67, and the S&P 500 fell 3.29, or 0.33%, to 994.75. The Nasdaq slipped 1.82, or 0.09%, to 1967.07.

As it did with Tuesday's favorable manufacturing report from the Institute for Supply Management, the market's reaction was muted to the Fed's Open Market Committee's comments indicating an economy on the mend.
Joe Terranova said on CNBC's "Fast Money" TV show that there were a lot of trading opportunities in the market today, especially on the resource side where several stocks had intra-day reversals . For example, he noted Potash(POT Quote) and Freeport McMoRan (FCX Quote).

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

Guy Adami said there was nothing in today's "benign" tape that would change his opinion that the market will continue to head down.
Adami said that although he thinks highly of Goldman Sachs(GS Quote), it, too, wouldn't be spared if the market sinks.
Melissa Lee, the moderator of the show, shifted the discussion to gold, which broke out today and is only $20 below the $1,000 level. "Everybody but myself has been bullish on it. Do I look as stupid as Paris Hilton taking the SATs? Sorry Paris if you're watching," said Adami.
Adami said he was concerned with gold's "exaggerated move" today and advised investors to "remember the market we're in."


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