Bloodbath on Wall Street: Special Edition

Bolling: There was selling upon selling today. The selloff was much more orderly than in 1987.

Strazzini: Orderly and scary, but this isn’t the tail end of it. This will likely go on for about a month. This is a healthy correction, and probably won’t be a terrifying one.

Adami: Just let this thing unravel.

macke: No one really came in to buy today.

Bolling: There will be continued selling.

Trading the Carnage

Bolling: Do not short into this week. Own GLD. BUY FXE. But don’t do anything tomorrow…wait and see what happens.

Macke: 1) Don’t buy puts. 2) Don’t bottomfish. 3) Don’t be an ostrich.

Adami: Take your profits off the table tomorrow.

Bring your money home?

Strazzini: The CHina correction was a good thing. Don’t jump back in. There could be more selling. It will eventually become a buying opportunity.

Bolling: Gold and oil, tellingly, held up today.

Adami: The CHinese economy is not weak. EWY and EWT are both potential buys.

Strazzini: Don’t add to emerging market positions for at least a couple of weeks.

Selloff Survival Guide

Inside Hedge Funds with Karen Finerman:

Keep one eye on the volatility index. It’s a signal of fear. Don’t buy anything until we are sure how everything will shake out. Make your shopping list but don’t buy yet. We really like FLS around $48. We also like HD.

Adami: HD is a buy.

Strazzini: I still like AXP, KR, AZN, and AXA.

Adami: AAPL is a BUY at $78.

Word on the STreet

Adami: January home sales were not that bad. But don’t run out and buy them tomorrow.

Strazzini: The chips were actually up today. MRVL, STM, ADI and SMH are BUYS.

Adami: RSH is a stock to buy on the dips.

Bolling: WYNN will be a great stock to own later. For now, BUY the refiners.

>>Happy 52 Week High to CHD<<

Face2Face

Terri in GA– Should I buy copper?

Bolling: Get away from copper. If you are in it, sell it. BUY GLD instead.

Roger in IA– How do you feel about CVS?

Strazzini: You’re probably okay in CVS.

Ann Marie in CT– What do you think of CAT?

Adami: Sell CAT…too rich at this price. You can buy it back later cheaper.

Candy in NY– Is this like the 2000 selloff?

Macke: No, it’s very different. Make a shopping list of stocks you like and price them around 10% cheaper.

The Final Trade

Macke: Make your list and check it twice.

Strazzini: AXA and STM are BUYS.

Adami: JNJ is a BUY at $61.50.

Bolling: FXE is a BUY.

See you tomorrow…stay out of the market unless you are selling!