By Stockpickr Staff
Posted on May 7, 2009

The traders of CNBC’s “Fast Money” believe that the market is approaching a make-or-break point with the S&P 500 hovering around positive territory on the year and as earnings season slows down.

Guy Adami doesn’t think the rally can continue, but he doesn’t think shorting is a good idea, either. Tim Seymour is bullish because he sees new money coming into the market and due to the strong price action in emerging markets. Pete Najarian feels that the market looks a lot better because investors have put protection in place for any potential downside. Karen Finerman is skeptical of the rally due to the low readings from the volatility index.

It’s often said on Wall Street that the “trend is your friend,” and if the trend wants to continue higher, the “Fast Money” crew has found plenty of opportunities to play the upside. The gang recently highlighted trading ideas that play off of short squeezes, nat gas stocks and unusual options activity. Here are some highlights from over the past week as aggregated from the show.

Fast Money’ Hot Nat Gas Trades: Is the natural gas sector ready to explode? On Wednesday’s “Fast Money” show, Pete Najarian told viewers: “When I look across the nat gas space, it seems to me all the bearish news about nat gas trading at new lows is now priced into nat gas stocks.” Fast Money’s Hot Nat Gas Trades include Apache (APA) and Baker Hughes (BHI).

Fast Money’s Rising Stock Stars: In a segment called “Rising Stock Star” the traders reveal their favorite rising stock. On Monday’s “Fast Money” show, Guy Adami told viewers: “Geron (GERN) has something like 300 patents. Also there’s decent short interest, so in the near term I think you could see a short-covering rally.” Fast Money’s Rising Stock Stars include Palm (PALM) and Emulex (ELX).

Fast Money’s Short Squeeze Plays: The traders see a number of “short squeeze” opportunities setting up in the markets. On last Thursday’s “Fast Money” show, Karen Finerman told viewers: “Green Mountain (GMCR) is ripe for a squeeze with a 44% short interest in the stock.” Fast Money’s Short Squeeze Plays include Citigroup (C) and Teck Resources (TCK).

Fast Money’s Options Action: The traders highlighted some unusual options activity in a number of stocks. On last Thursday’s “Fast Money” show, Pete Najarian told viewers: “I am starting to see a lot of active downside put buying in the Industrial SPDR ETF (XLI).” Fast Money’s Options Action includes SPDR S&P Homebuilders ETF (XHB).

Fast Money’s Make-or-Break Stock Picks: It’s make-or-break time for the market and for a number of stocks. Should you ring the register or stay long? On Tuesday’s “Fast Money” show, Guy Adami told viewers: “Even if the market goes sideways or lower I still think Fortress Investment Group (FIG) can continue higher because they have the right tailwinds behind them.” Fast Money’s Make-or-Break Stock Picks include Discover Financial Services (DFS).

Fast Money’s Commodity Plays: Should investors look to get into the commodity space? On Monday’s “Fast Money” show Karen Finerman told viewers: “In the commodities space, I still like the oil services stocks.” Fast Money’s Commodity Plays include Vale (VALE) and Rio Tinto (RTP).

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