DOW JUMPS 150 POINTS IN 20 MINUTES:

The headline: After a Wild Day Where Dow Dropped 79 Points, Dow Rallies to 150 Point Gain in Final Moments of Trading.

Eric Bolling says if you don’t have to – don’t make any big bets right now. He adds if you have to buy financials buy Goldman (GS) and short Citigroup (C).

Pete Najarian says the put to call ratio on the Financial Select Sector SPDR (XLF) suggests to him there are no bottom pickers in the financials, yet. He agrees with Eric that investors should stay out of the sector.

Also Pete explains late day buyers were snapping up United Technologies (UTX), Boeing (BA) and Johnson & Johnson (JNJ) as well Juniper (JNPR) and Cisco (CSCO). He says these are all good stocks.

Guy Adami also likes UTX, BA and JNJ for global growth.

BRINGING DOWN THE HOUSE:

The headline: Beazer (BZH) Homes Plunges As Much As 40% On Bankruptcy Rumors

Beazer homes says that the bankruptcy rumors are "scurrilous and unfounded"

Here’s the Beazer statement:

“We have become aware of rumors circulating in the market about Beazer Homes' liquidity and a prospective bankruptcy filing. We do not know where these scurrilous and unfounded rumors started.” 

Guy Adami says rumors such as this one makes the market do crazy things.

Eric Bolling recommends staying out of homebuilders. So does Pete Najarian.

OIL HITS ALL-TIME HIGH:
The headline: Crude Touches Intraday Record High Of $78.77 Before Closing Down 2%

Eric Bolling says refinery utilization is jumping – now at 93%. And the gas crack is shrinking.

Pete Najarian says Eric is dead on – he tells investors to get out of the refineries and into the service sector – the only sector in Pete’s opinion that’s still performing.

CAR TROUBLE:

The headline: General Motors (GM), Ford (F) Post Sharp Sales Declines, While Toyota (TM) Sees 1st Drop In Nearly 3 Years.

Guy Adami says market share of Big 3 fell below 50% for the first time. He says if you’re aggressive it’s okay to be long Ford and short GM.

AFTER HOURS ACTION: MOUSE HOUSE MOJO:

The headline: Walt Disney (DIS) Jumps After Hours On Stronger-Than-Expected Earnings, Revenue; Time Warner (TWX) Shares Tumble On Concerns Over AOL Ad Revenue

Jeff Macke says Disney’s theme park revenue is up 6% and he sees opportunity. Jeff adds he’s comfortable owning DIS now.

Pete Najarian says until TWX is split up – it’s not a buy.

AFTER HOURS ACTION:  STARBUCKS PICK ME UP:
The headline: Starbucks (SBUX) Revenue Comes In Below Estimates, But Shares Jump After Hours 

Jeff Macke says sell - get out of this stock.

Eric Bolling likes SBUX from a technical standpoint.

TAKE YOUR POSITION: JOBS REPORT:
The headline: ADP Employment Report May Hint at Possible Weak Jobs Report Friday

Eric Bolling says a bad number could lead to weakness in the market because it’s so volatile right now.

Jeff Macke agrees. 

BLACKSTONE GROUPIES:
The headline: Seven Analysts Initiate "Buy" Coverage On Blackstone (BX) Despite 32% Plunge Since IPO.

Guy Adami says only Wachovia did not rate Blackstone a "buy." He agrees with Wachovia and thinks the stock should be trading where it is. (It’s worth noting on August 1^st BX closed at  $24.31

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Trader disclosure: On Aug 1st 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 (DIS),(ATVI) Najarian Owns (GS), Bolling Owns (DIS), (T), Bolling Has Closed Out Of His Short S&P Futures Trade, Bolling Has Closed Out Of His Short Nasdaq Futures Trade