Pfizer on a Respirator - Fast Money Recap (6/18/08)

Recap of CNBC's Fast Money, Wednesday June 17.


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They All Fall Dow

The Dow had its second straight triple-digit decline and fell below 12,000 for the first time since March. “The market gaveth and tooketh away,” commented Jeff Macke, and he said the market should not be bought.

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Financial Fits: Morgan Stanley (MS), Financial Select SPDR (XLF), Regions Financial (RF)

Even though Morgan Stanley reported a 50% loss, it still managed to beat expectations, but doubts were raised if the bank can generate profits going forward. Guy Adami is optimistic and would buy Morgan with a stop at $37.50, and sees a 10% upside. Pete Najarian thinks XLF is still broken, but Joe Terranova bought XLF. Macke wouldn’t trade financials without an exit strategy. Options activity suggests the bottom is not yet in Regions Financial, noted Najarian. Macke doesn’t think th