THE SELLING STOPS:
The headline: Stocks Rebound From Their Worst Weekly Loss in Four Years... Dow Bounces Back 92 Points After Losing 585 Points Last Week... Is it Safe to Go Back In?
Eric Bolling says earnings are strong and he feels stocks are still cheap.
Jeff Macke says he’s a seller against 1490 on the S&P 500 because of diminishing returns. He also feels the market is due for a bounce.
Guy Adami anticipates some pain ahead – but overall he thinks the market looks fine.
Pete Najarian thinks investors are less nervous than they were Thursday and Friday.
WHAT'S WORKING: CHIPS:
The headline: NVIDIA (NVDA), Semiconductor Shares Among Today's Best Performers
Pete Najarian says the wireless community is on fire. He likes Vodaphone (VOD) and AT&T (T) as well as Broadcom (BRCM) , Qualcom (QCOM) , NVIDIA (NVDA), and Ericsson (ERIC).
Guy Adami tells the panel to keep an eye on NVIDIA’s gross margins.
Jeff Macke likes Intel (INTC) as a long term play.
WHAT'S WORKING: REGIONAL BANKS:
The headline: Fifth Third (FITB), Regional Banks Among Today's Best Performers
Guy Adami says the environment is favorable for regional banks but he prefers Bank of America (BAC). Guy thinks the subprime "thing" is behind BAC by and large.
Eric Bolling tells Guy no bank is through with subprime "thing". He says stay away from the entire financial sector.
OPTIONS ACTION: SCAVENGING THE WRECKAGE:
The headline: Ameritrade (AMTD) Seeing Some Interesting Options Action Today
Pete Najarian says options buying suggest to him that AMTD is beaten up – and won’t go lower.
Guy Adami speculates that AMTD will strike a deal with E*Trade (ETFC).
Jeff Macke suggests investors slowly add to their position in AMTD for its CEO Joe Moglia.
Eric Bolling says stay away from financials.
AFTER HOURS ACTION: SUN SHINES:
The headline: Sun Microsystems (SUNW) Soars 10% After Hours On Strong Earnings
Jeff Macke says KKR has taken a $700 million position in SUNW. He feels "the smartest guys in the room" are getting long this stock.
Pete Najarian agrees, he too thinks the company might start moving higher.
Guy Adami adds management is running the company better.
BARRELING TOWARD $80:
The headline: Crude Closes 20 Cents Below Record Close Of $77.03...Merrill Lynch Says Oil May Follow Pattern of Last Three Years and Pullback in Second Half
Eric Bolling says integrated oil is having a hard time keeping production high. Consequently, he thinks going forward their earnings will fall. On a related note, Eric believes the environment is right for oil to hit $80 a barrel.
Pete Najarian likes ConocoPhillips (COP), Chevron, (CVX), Exxon Mobil (XOM) with put protection.
The headline: RadioShack (RSH) Shares Slide 12% On 15% Drop In Quarterly Revenue; What Do RadioShack Earnings Say About The Larger Retail Trade?
Jeff Macke says 1) it’s a tough time to miss, 2) the CEO is inaccessible, 3) RSH missed on revenues.
ANALYSTS SHOPPING AT NORDSTROM:
The headline: Nordstrom (JWN) Surges 7% After Goldman, Citi Upgrade in the Last Two Trading Days
Jeff Macke likes JWN as a long term investment. He adds it’s nearly time to start buying retailers as trades.
TAKE YOUR POSITION: MASTERCARD:
The headline: MasterCard (MA) To Report Earnings Wednesday Before The Bell
Guy Adami thinks earnings will be fine – and adds he likes this stock as a long term investment because more people will be paying with plastic.
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Trader disclosure: On July 30th 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (JWN), (INTC); Najarian Owns (UA), Bolling Owns (XOM), Gold; Bolling Is Short (FXI); CNBC Is A Service Of NBC Universal And Dow Jones