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Calm Before Another Storm?

The markets were calm Thursday. The Dow ended little changed while Bank of America (BAC) took a stake in Countrywide Financial (CFC) which The Street considered encouraging news. Is a positive trend building or is this just the calm before another storm?

Carter Worth is Chief Market Technician for Oppenheimer & Co and he joins the panel. He feels the bottom is in this market because of recent activity at The Fed’s discount window.

Jeff Macke feels that banks going to the discount window to borrow money (which is more expensive that borrowing from one another) is not a sign of financial health.

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S&P 500
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WHAT'S KILLING COMMODITY STOCKS?

The headline:Freeport-McMoRan (FCX), Commodity Stocks Fall Again After Bouncing Back Yesterday

Pete Najarian says the volatility in the broad market is coming out. But in materials there’s still large fluctuation.

Carter Worth says the moves are attractive and he’s a buyer of this sector.

Jeff Macke feels the multiple is too high on many stocks in this space.

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FCX
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AFTER HOURS ACTION: GAP AFTER HOURS

The headline: Gap (GPS) Posts 19% Profit Jump, Authorizes Additional $1.5B Buyback GAP UP 2%

Jeff Macke tells the panel sell The Gap.

Carter Worth likes TJ Maxx (TJX) and thinks it will move higher.

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Price
 
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GPS
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TJX
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DIAMONDS IN THE RETAIL ROUGH

The headline: GameStop (GME), Dick's (DKS), Target (TGT) Stand Out This Week In A Rough Tape For Retail;

Jeff Macke says GameStop soared 10% after trouncing Street estimates and raising guidance. He likes Dick’s Gamestop and Zumiez (ZUMZ).

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Price
 
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DKS
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GME
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TGT
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ZUMZ
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CHARTOLOGY: GO FOR THE GOLD

The headline: Carter Turns To The Gold Chart To Show His Worth

Carter Worth says the charts suggest to him that this is a good time to buy gold stocks. He recommends Agnico-Eagle Mines Limited (AEM) and Barrick Gold (ABX).

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Price
 
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YNP
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FSMXX
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SPONGEBOB TOXICPANTS

The headline: Chinese Toy Scandal Continues With New Recalls Of SpongeBob, Thomas The Tank Engine Products;

Jeff Macke suggests two scenarios. He feels that Mattel (MAT) could be a screaming buy here, or that the problem starts to spread into other areas and makes for a dark Christmas. He sees evidence that the latter is developing.

Pete Najarian says China has another issue with dog treats at Wal-Mart (WMT).

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Price
 
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MAT
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WMT
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WITH TRUMP, HOW CAN THEY LOSE?
The headline: New Macy's (M) Celebrity Ad Campaign To Feature Donald Trump, Martha Stewart;

Jeff Macke explains that Macy’s is hoping Martha and The Donald will bring the perception of value combined with class. He isn’t so sure.


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M
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Trader disclosure: On Aug 23 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money; Macke Owns (DIS), (ATVI), (HAS); Najarian Owns (GS) Puts; Najarian Owns S&P Puts; Oppenheimer & Co. Inc. Is A Market Maker In (MRVL)

Symbol
Price
 
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GPS
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FCX
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