Fasy Money Recap May 31

We should be bullish on technology as capex spending has been week for past 2 years and companies need to spend on technology to stay competitive. The numbers of the tech companies might not get affected for next 2 quarters. AAPL and GOOG have low forward P/E. On the other hand CELG trades at 333 P/E, GENZ at 429 and ERTS at 129. Tech is wildly under owned. People will get back in big hurry. The market action in DELL has been encouraging today. It is not a bad company and is set to trade at $30. People need to get out of the short side. The Ultimate tech play of the decade is GOOG. There is a lot of user generated content out there and ADBE is one of the ways that is being done. AAPL and ADBE look fantastic on the charts. Also RIMM is great on technical basis.

Retailers to own (which do not whine about gas prices) include TIF - benefiting from weak dollar, SKS - destination for Europeans, COH and RL. Also included in the list are NILE and LVMH.

Some small cap and lightly traded biotech stocks to watch PARD (colon and lung cancer drug), GPCB, PHRM and SPPI (developmental drug for prostrate cancer). BIIB is a takeout candidate.

JCG surged 8% in after hours trading. PALM released Foleo which is neither a handheld nor a laptop. Instead it is a big device which nobody on Fast Money likes. LGF is not an earnings story instead it is a studio, massive library of films, and intellectual property play. KFT is play on food. Ethanol stocks are a wreck and downgraded by BAC, this includes PEIX and AVR. They have negative ROE. T's CEO showed interest in international acquisitions.

CLF has moved higher over one week especially today. It is still a buy due to take over and also businesses. PCP was added to S&P500 today, hit 52-week high and is a buy.

Fast Money Recap May 30

S&P 500's record breaking climb, is this just a number or there are more meaningful implications? According to Eric Bolling, its not time for a correction yet, S&P P/E is cheap, but he hopes to see a correction soon. Pete Najarian said XLF has been strong, financials have been winners trading towards 52 week high including GS, MER, LEH, AXP, BAC and C. They are printing money along with exchanges, because this is still an untapped area. Trading in China is strong, some numbers show 250,000 to 300,000 account openings a day. Jeff Macke said that these sectors generally lag but they are climbing higher and bears are getting completely annhilated. There probably won't be a healthy correction and it will keep going higher until the bubble will burst. A strong market bear Doug Kass has lately turned bullish and this is being considered a sign of the upcoming upside. Today the market was down till FOMC minutes came out saying Q3 and Q4 are going to be good. The market continues to look for reasons to buy with breakouts in GOOG, AAPL and GS.

Since 2002 XLY (Energy) is up 207%, XLU (Utilities) is up 172%, XLB (Materials) is up 144% and XLK (Tech) is up 122%. The first 3 are still buy. Pete Najarian added OIH for those who want to get oil services exposure.

Best way to trade China could be GSOL, BIDU and CHL. Volitility has come down a lot in these stocks causing the options to be really cheap. The puts on these stocks could be used to hedge risk in Chinese market.

Macke thinks AAPL is going higher to $130, while according to Najarian Morgan Stanley has set target of $150. According to Adami there will be consolidation in the retail investment firms to 2 to 3 players. Najarian suggested that this is apparent from options activity in AMTD, ETFC and OXPS. About GS Adami said that it is set to earn $26 this year and with 10x forward earnings has a target of $260. Najarian considers DNA very cheap and also likes AMLN because diabetes is not going away. Bolling still likes TSO and POT

Final trades are MSFT and NTDOY.PK for the digital revolution, CBH, which has unusual call volume, EMC, which is up past few days despite other network storage like NTAP moving down and BUCY which is a minig stock.