Fast Pro: Short BofA if Rally Continues
“The whole financial sphere has really been killed and is so out of favor, that I do think there is value there,” he said, especially since they don’t have serious housing exposure.

However, he’s yet to hit the buy button on Goldman because of its exposure to China.

While Goldman posted deeper-than-expected losses, Ed Najarian said when you take out the private equity losses, you have core earnings losses of only about a dollar. And that’s better than the muted expectations for the financial firm going into the quarter.

Stephen Weiss hasn’t changed his position—he’s still staying away from the banks.

“This was just a relief quarter,” he said, adding that he doesn’t know what was short covering versus real buying.

“They are very cheap stocks, [but] there’s just not a real catalyst to get them not to be very cheap stocks,” he noted. “I’m not buying them. There are plenty of other places to make money in the market.”





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Trader disclosure: On Oct. 18, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders:

STEVE WEISS

Weiss owns RIMM

Weiss owns KO

Weiss owns EUO

RICH ILCZYSZYN

Ilczyszyn owns ZSL

LIZ DUNN

(RL) : Macquarie Group Limited is currently providing Ralph Lauren Corporation with non-securities services.

Macquarie Group Limited or one of its affiliates received compensation for products and services other than investment advisory services from Ralph Lauren Corporation during the past 12 months. During this time, Macquarie Group Limited or one of its affiliates provided non-securities services to Ralph Lauren Corporation.

ED NAJARIAN

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REBECCA PATTERSON

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