Nadine Terman on Fast Money

Been rallying lately There's a graveyard of Netflix shorters. Netflix has been investing heavily in new content. $545-607 is her trading range, and shares are in a bullish formation, so it can go higher.

Weak employment numbers today, but the market reacted tepidly She wasn't surprised by today's non-reaction by markets, given the inflationary environment. Megacap stocks benefit on days like this. Employment remains weak for African-Americans.

Japan is rallying after their PM resigns This is an easy way to take advantage of this rally in Japan and benefits from currency movements. In Japan, industrial, services, real estate and financials are hot sectors that'll benefit from government stimulus. Today's Japanese rally--sparked by their PM's resignation--is a huge deal.

European financials. Boasts great earnings growth and good loan growth. She expects good surprises. The German election is a potential catalyst.

GM is expanding its massive recall of its Bolt e-car. Down 3% after hours. There's some investor fatigue. Early this week, Volkswagen and Toyota announced they're cutting production in September because of supply shortages. Those who are loyal to a stock get fatigue when they receive post-Friday news.

The USD is at 9-month highs and there are fears of a housing bubble in China. The news in China is a big deal; she's been short China where the GDP has been decelerating and is effecting the US dollar, which in turn effects China's deflation. Material prices have come off hard this week, because of China's deceleration. Until China accelerates growth, EM won't pop up. Rather, she's a big buyer of Europe, though.

Is the USD still a safe haven? It's trading because of China's deflation. The USD could continue to strengthen; it's at the top of her trading range. There could be a bounce and you could short the dollar. Go long India, short China and short a broad EM index, because China is a large part of those indices, yet avoids the risks of China like headline risk.

It's a European payments business. Payments, beause of the pandemic, have become more cashless.

The S&P has been on a juggernaut rally, hitting 48 record highs this year so far and has doubled from the pandemic low of March 23, 2020. How to invest in this market now? Market strength comes from low interest rates and that people still have cash in their pockets to spend. There's lots of dry powder to support risky asset prices. True, there are many record days now, but below the surface not every stock is rallying. There's volatility for individual stocks that far more than an overall index. You have to be choose certain sectors and geographies to trade. The tide is not lifting all boats.

Breaking news: Judge rules that Google infringed on patents She sees an increase of 10% in EBITDA for Sonos which won't rely on growth or creating new products, but just be collecting a royalty. Also, they have sold million of these speakers that will benefit hugely from this court ruling. Google can pay the royalty and it won't hurt their profits, because they are massive. The ruling is a big deal.

If the Fed raises interest rates There's a misunderstanding that when tapering occurs, interest rates go up. Actually, they go down post-QE. If you think tech stocks will still act like a bond-like security, then a rate move up will benefit tech. She takes the contrarian view to go long tech, based on her disagreeing with the consensus that the US 10-year yield will hit 2% by year's end. The market is baking in volatility already within QQQ's price.

Gold bugs, trim your holdings. The gold price hit the top end of her trading range today, so either take profits or short it.

Is the tech trade over? Big tech isn't in trouble, because these stocks are fundamentally solid, but there's more downside than upside during this current volatility. Trade this choppiness, not buying the dip and hold forever. It's more a trading than investing long-term environment. Trade tech.

It's up 37% YTD. Trade it medium-term, but sell it short. She sees downside, but you can hold this medium term.

It's up 37% YTD. Trade it medium-term, but sell it short. She sees downside, but you can hold this medium term.