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The Dow [.DJIA  Loading...      ()   ] tumbled on Friday after a warning by computer maker Dell that companies worldwide are cutting back on technology spending spooked the tech sector.

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PC CRASH: DELL BRINGS DOWN TECH

Not only did comments from Dell [DELL  Loading...      ()   ] about technology spending spark fears of weakness, so did the company's surprisingly steep fall in quarterly profit. Shares of Dell, the world's second-largest computer maker, fell 13 percent, and dragged down rival IBM [IBM  Loading...      ()   ].

Dell was up 25% over the last 6 months, explains Pete Najarian, and they disappointed the market. The biggest hiccup is that Dell slashed prices to gain market share – but they slashed them so much they hurt themselves. I like Hewlett-Packard [HPQ  Loading...      ()   ] and IBM much more.

Morgan Stanley says it’s a buy at $22, adds Joe Terranova. But I agree with Pete. Play Hewlett-Packard.

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GOOGLE SELLOFF

Google [GOOG  Loading...      ()   ] shares are nearly 5% lower on the week due to concerns of slowing earnings growth. Meanwhile, an analyst at William Blair & Co. trimmed his earnings estimates slightly for the Internet giant, due to a stronger dollar.

I sold my Google earlier in the week, says Joe Terranova. The technicals appear to be broken. Something is wrong here.

I don’t see it as a dollar story. counters Zach Karabell. Google is still growing and I think a lot of advertising will go onto the web and they will benefit.


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IN THE BANK

Financials managed to hold their weekly gains with the XLF [XLF  Loading...      ()   ] finishing higher on the week on hopes the credit crisis is easing.

I would be selling into the strength, says Karen Finerman. I don’t see the issues plaguing the banks as being anywhere close to being solved. I’m short the XLF, BB&T Corp. [BBT  Loading...      ()   ] and Capital One [COF  Loading...      ()   ].

I think you can short banks in the short term, adds Zach Karabell. Or you can get long companies such as Citigroup [C  Loading...      ()   ] for the long-term. I’m talking a 3-5 year time horizon.

Goldman [GS  Loading...      ()   ], Lehman [LEH  Loading...      ()   ] and Merrill [MER  Loading...      ()   ] all performed on Friday, adds Pete Najarian. In the short term I think investors are expecting these stocks to move higher.

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OPTIONS ACTION: XLF AND WELLS FARGO


Increased volume in up-side call trading suggests to Pete Najarian that investors are hoping for short term bumps in the Financial Select Sector SPDR