Sell in May, Go Away - Fast Money Recap (4/30/08)

Recap of CNBC's Fast Money, Wednesday April 30. Click on a stock ticker for more analysis.


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Market Overview: Financial Select Sector SPDR (XLF), Citigroup (C), Bear Stearns (BSC)

There was a selloff in the financials late in the day, observed Pete Najarian, and he said XLF has pulled back after hitting $27 for the seventh time. He blames Citigroup for keeping XLF back. Jeff Macke said there was a potential rally on Citi’s raising capital, but it didn’t pan out. He didn’t think the Fed meeting had much of an impact on the market and didn’t think the selloff was so severe. Guy Adami predicted a slow start for Thursday and Karen Finerman said April was good considering Bear Stearn’s creation of a bottom at the beginning of the month. Najarian disagreed, saying the market was performing poorly before the BSC sale, and April didn’t seem so great.