By Roberto Pedone
Posted on Oct. 29, 2009

Some of the traders on CNBC’s “Fast Money” are concerned that with Apple (AAPL), Google (GOOG) and the rest of the tech sector losing steam, market players might be starting to fear that the bull market rally is over.

On Tuesday’s “Fast Money” TV show, Joe Terranova said that the markets have lost momentum caused by strong earnings reports and now the S&P 500 has suffered a technical failure. He pointed out that the market lost the best sector, tech, and the smartphone trade has started to unwind.

Terranova told viewers that if the S&P can trade back above 1070, momentum will prevail. Tim Seymour said the uncertainly around the one-time home-buying tax credit, which is set to expire, weighed on stocks. He also mentioned that investors might be getting scared that the stimulus dollars are starting to leave the market.

Karen Finerman said she isn’t worried about the tech sector, which over the last six weeks has had a huge run before hitting a bump. She also advised viewers not to worry about the consumer confidence number because it’s backward-looking and doesn’t give us a whole lot of information.

On Wednesday’s “Halftime Report” segment, Brian Kelly explained that Apple is the key to overall market direction. He said to watch how the stock trades off of former resistance at $192.38 a share. Kelly said if Apple can catch a bounce at that level, it will be a bullish sign for the broad market However, if it can’t, he thinks the S&P could easily drop 5%.

The crew has recently highlighted trading ideas that play off emerging markets, potential new regulation for banks that took government money, and stock plays for a weak U.S. dollar. Here are some highlights from over the past week as aggregated from the show.

Dennis Gartman’s Weak-Dollar Trades: What are some of the best ways to play a falling U.S. dollar? On last Wednesday’s “Halftime Report” segment, Dennis Gartman told viewers: “I think the world is rather disturbed about the fact that the administration continues to take us to the left, and if that happens the dollar weakness.” The Dennis Gartman’s Weak-Dollar Trades portfolio includes CurrencyShares Canadian Dollar Trust (FXC) and CurrencyShares Australian Dollar Trust (FXA).

Fast Money’s Bank Trades: Washington is looking to implement new regulations for the large financial firms that need government help to stay solvent. How should you trade this news? On Monday’s “Fast Money” show, Tim Seymour told viewers: “Consumer banks may be forced to divest their best stakes and return to a situation when banks were prohibited from owning other financial companies under the Glass-Steagall Act.” The Fast Money’s Bank Trades portfolio includes Wells Fargo (WFC) and Bank of America (BAC).

Fast Money’s Big Oil Stock Trades: Interest in the energy sector is perking up after BP (BP) reported strong earnings. How should you play the rest of big oil earnings? On Tuesday’s “Fast Money” show, Deutsche analyst Paul Sankey told viewers: “I’m bearish on oil. The winter forecast doesn’t seem terribly fierce, demand is falling, and supplies are certainly adequate.” The Fast Money’s Big Oil Stock Trades portfolio includes Transocean (RIG) and Valero Energy (VLO).

Fast Money’s E-Commerce Plays: The traders see opportunity in playing the growing $150 billion ecommerce industry. On last Friday’s “Fast Money” show, Steve Grasso told viewers: “Younger people can afford to spend because they didn’t take the hit the adults did on their 401(k)s.” The Fast Money’s E-Commerce Plays portfolio includes Amazon.com (AMZN) and Expeditors International (EXPD).

Fast Money’s Public Option Trades: Despite what many think, the public option might be back on the table. What’s the trade? On last Friday’s “Fast Money” show, Joe Terranova told viewers: “The rhetoric generates uncertainty, and as a result I think the health care space is under-invested.” The Fast Money’s Public Option Trades portfolio includes Express Scripts (ESRX) and Aetna (AET).

Fast Money’s Global Market Stock Plays: Emerging market specialist Tim Seymour scours the globe for the hottest plays abroad. He’s found a number of stocks that could be the next big overseas plays. On last Thursday’s “Fast Money” show, Seymour told viewers: “Think of CTC Media (CTCM) as the Viacom (VIA.B) of Russia, a company that’s carving a niche with younger audiences.” The Fast Money’s Global Market Stock Plays portfolio includes Central European Media Enterprises (CETV) and Tata Motors (TTM).