Trader look for opportunities to still catch the Trump rally
The " Fast Money " traders looked for opportunities left in the market, as the major indexes all hit record highs on Wednesday.
Trader Pete Najarian said he still think there's room left to the upside in the industrial and metal stocks, given Donald Trump's promises to invest heavily in infrastructure. He said he's currently looking at ArcelorMittal (Euronext Amsterdam: MT-NL), U.S. Steel (NYSE: X) and AK Steel (NYSE: AKS).
Trader Tim Seymour agreed. He also cautioned that the dollar (STOXX: .DXY) may see some headwinds soon. Seymour pointed out that the European Central Bank is scheduled to make a monetary policy announcement Thursday.
Trader Steve Grasso said he bought more homebuilder stocks like PulteGroup (NYSE: PHM), because this group stands to benefit from Trump's proposed tax policies. He explained that the mostly domestic stocks will gain the most from those corporate tax cuts.
Disclosures:
PETE NAJARIAN
Pete Najarian owns calls: BLL, BZM, CNX, CS, DAL, DISH, ETP, F, FTR, HLT, KMB, MT, MUR, NKE, P, RIO, STX, TV, TWLO, TWTR, WFT, EEM, XLF. PETE IS LONG: AAPL, BAC, BLL, DIS, DISCA, GE, HD, KMI, KMI.A, KO, LUX, MRK, MSFT, PEP, PFE, XLNX, puts: CAT
TIM SEYMOUR
Tim Seymour is long ABX, APC, AVP, BAC, BBRY, C, CLF, CVX, DO, DVYE, EDC, EWN, EWZ, F, FB, FCX, FXI, GM, GOOGL, GE, INTC, LQD,MCD, MUR, OIH, PG, RACE, RAI, RH, RL, SINA, SQ,T, TWTR, VALE, VZ, XOM, short: EEM, SPY, XRT. His firm is long ABX, BABA, BIDU, CBD, CLF, EEM, EWZ, F, KO, MCD, MPEL, NKE, PEP, PF, TCEHY, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, short EWG, HYG, IWM
KAREN FINERMAN
Karen Finerman is long AAL, BAC, BAC short calls, C, DAL, FB, FL, GLMP,, GOGO, GOOG, GOOGL, JPM, LYV, KORS, KORS calls, KORS puts, M, MA, SEDG, SPY puts, UAL, URI, WIFI long call spreads. Her firm is long ANTM, AAPL, BAC, C, C calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI. Her firm is short IWM, MDY. Finerman is on the board of GrafTech International.
STEVE GRASSO
Steve Grasso is long: BA, CC, CHK, EEM, EVGN, GDX, KBH, MJNA, MON, MU, OLN, PFE, PHM, SPY, SQ, T, TWTR. Grasso's firm is long: VIRT, WDR, FCX, ICE, KDUS, MAT, MJNA, NE, OLN, RIG, TAXI, TITXF, WDR, ZNGA, CUBA, HSPO, ICE, MJNA, TITXF. Grasso's children own: EFA, EFG, EWJ, IJR, SPY. No shorts.
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