DOW TOPS 14,000:

The headline: Dow Average Tops 14,000 For First Time Before Paring Gains in Final Hour... Is it Too Late to Get In on the Party With the Dow Up 12% This Year?

Jeff Macke says the stock market didn’t react well today. He says there was every reason in the world to rally – but the highs of the day were reached very early.

Eric Bolling says the real news today was inflation coming in tamer than expected.

Tim Seymour tells the panel to use caution and buy puts.

AFTER HOURS ACTION: INTEL FALLS AFTER HOURS:

The headline: Intel (INTC) Falls in Extended Trading Even After Posting 44% Climb in Profits... Future Profitability Concerns Take Down Intel Despite Stellar Quarter

Jeff Macke says he likes INTC but he’s not long. Jeff explains he will get long if he can get it with a 24-handle. (It’s worth noting Intel closed at $26.33 on Tuesday July 17^th)

Pete Najarian says tech is still on fire. He explains that INTC has been “on such fire” there’s some profit taking going on. Pete recommends Sandisk (SNDK), instead.

Dylan Ratigan says chip equipment names such as KLA-Tencor (KLAC) and Novellus (NVLS) were up big Tuesday.

Eric Bolling prefers the Semiconductor HOLDRs (SMH) as a tech play.

AFTER HOURS ACTION: YAHOO DROPS AFTER HOURS:

The headline:Yahoo (YHOO) Drops After Hours on Profit As Google, MySpace, Facebook Steal More Internet Eyeballs...Is Yahoo a Buy on the Earnings Dip?

Eric Bolling thinks it’s okay to buy a little bit of Yahoo! on the earnings dip. However he likes Google (GOOG) better.

TAKE YOUR POSITION: IBM:

The headline: IBM (IBM) To Report 2nd-Quarter Earnings Tomorrow After The Bell

Eric Bolling likes this stock in part because 62% of sales are outside the US. He recommends owning IBM stock going into earnings.

Pete Najarian echoes that IBM is a buy because of its low P/E ratio of 17.

TAKE YOUR POSITION: EBAY:

The headline:eBay (EBAY) To Report 2nd-Quarter Earnings Tomorrow After The Bell

Jeff Macke tells the panel to use eBay as a "tell". He says if eBay stock reacts badly after the company posts earnings, that’s going to tell him, "Something is rotten in Denmark." Instead of buying eBay, Jeff thinks Blue Nile (NILE) is a better investment.

Pete Najarian tells the panel to keep an eye on Amazon (AMZN).

MERRILL's BLOWOUT PROFITS:

The headline: Is it Time to Take Profits After Merrill's (MER) Blowout 31% Profit?

Pete Najarian says when you get a great run into earnings, it’s time to release the stock and look somewhere else. He adds get out of the financials right after good numbers.

Tim Seymour tells the panel he likes MER long term.

BEAR HEDGE FUNDS “WORTHLESS":

The headline:Bear Stearns (BSC) Falls 2% In Extended Trading After Revealing That 2 Funds Are Nearly Worthless: WSJ

Eric Bolling says consequently, expect some broad weakness in the morning when the market opens.

Tim Seymour tells the panel to carefully watch companies with high risk debt exposure, but he doesn’t think this weakness is widespread.

Pete Najarian tells the panel he’s a buyer on the weakness, and adds investors should buy puts as protection.

CRUDE CROSSES $75:

The headline: What's The Best Way to Play Oil's March Toward $80 a Barrel?

Eric Bolling says Chevron (CVX) is performing better than ConocoPhillips (COP) and shows the panel numbers to prove his point. He calls CVX the best energy name out there.

Tim Seymour agrees that integrated oil stocks look good and he recommends BP (BP) and Total (TOT).

TRUE CHAMPIONS:

The headline: Electronic Arts (ERTS) Offers Madden Players Real NFL-Like Championship Rings

Jeff Macke says if you play your way through the game – you can earn the right to buy a ring. He tells the panel he's long Activision (ATVI).

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Trader disclosure: On July 16th 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 (ATVI); Bolling Owns (BP), (XOM), Corn, Soybeans, Gold, Silver, Platinum, Copper; Najarian Owns (SNDK); Seymour Owns (BAC), (BBD), (COP), (INTC), (ITU); GE Is The Parent Company of CNBC; CNBC Is A Service Of NBC Universal And Dow Jones