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On Monday, investors were wondering how they should put money to work after the Commerce Department said retail sales fell for the third straight month in June.Not since the dark days of the 2008 financial crisis have retail sales fallen for 3 consecutive months.Pro investors find the development particularly worrisome because it suggests consumers are getting scared to open their wallets, and consumer spending drives about two-thirds of the economy.Considering the future looks bleak, at least the immediate future, how should you put money to work in the market?
Strategy Session with the Fast Money tradersTrader Simon Bakers thinks the way to play the market is buy high and sell higher – that is play trends that are already working, such as the recovery in housing. “I’d play that long Wells Fargo and Home Depot ,” he says. ( Click here to go to The Top Secrets of Pro Traders )Jon Najarian agrees with the thesis; stick with what’s working. He likes long Wal-Mart as people trade down to buy essentials.
Trader Stephanie Link also thinks there are buys in the market; she thinks the trick is buying the dips and selling the rips in both cyclical and defensive names.
“I took profits in Abbott Labs because I had profits but I put money to work in Bristol Myers because I like that stock.”
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