'Fast Money' Traders Weigh In On Monday's Rally
On CNBC's "Fast Money," Guy Adami said the move higher in the S&P 500 is not done until 2,790, which is a 50% retracement. If that happens, Adami would reduce risk and take some money off the table.
He doesn't know if the crisis is over as people want it to be and he is a bit concerned about action in VIX, which didn't drop below 40.
Dan Nathan thinks investors should not be buying on a day like Monday. He explained the history teaches us rallies like this one usually fail and the unprecedented health and economic crisis like this one can not be encapsulated in a month and a half decline of 35% from the highs. He added the market might get to 2,700, but he thinks it will probably fail.
Karen Finerman doesn't like to buy on a day like this one. She still sees no clarity on the economic side. She didn't buy anything on Monday and she shorted some SPDR S&P 500 ETF Trust (NYSE:SPY) on the close, because she finds the move overdone.
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