We study dynamical properties of the cubic lowest Landau level equation, which is used in the modeling of fast rotating Bose-Einstein condensates. We obtain bounds on the decay of general stationary solutions. We then provide a classification of stationary waves with a finite number of zeros. Finally, we are able to establish which of these stationary waves are stable, through a variational analysis.2000 Mathematics Subject Classification. 35Q55 ; 37K05 ; 35C07 ; 35B08. 1 2 PATRICK GÉRARD, PIERRE GERMAIN, AND LAURENT THOMANN 7.2. Minimizers of G µ = 8πH + µP for M fixed 30 7.3. Minimizers of P for H and M fixed 33 7.4. Stability of stationary waves with finite mass and a finite number of zeros 37 Appendix A. Some explicit M -stationary waves 38 Appendix B. The dictionary 40 Appendix C. Sobolev spaces 41 References 42