DOW PLUNGES 250 POINTS
The headline: Stocks Drop Friday, Pushing Dow to Weekly Loss on Weak Jobs Report.
Dylan Ratigan explains that data Friday revealed the first monthly employment decline in 4 years.
Guy Adami suggests the trend will continue lower in part because weak jobs growth raises recession fears and that, he says will knock stocks.
Pete Najarian believes volatility and the financials are leading The Dow lower.
THE WEEK: FINANCIALS
The headline: Financials, Failing To Sustain Rebound Friday, End Week In The Doldrums.
Karen Finerman explains that Bear Stearns (BSC) and Lehman (LEH) led the financial losers with a 5% loss for the week. And she’s preparing for another shoe to drop.
Jeff Macke tells investors sell until you can sleep.
Guy Adami believes Goldman Sachs (GS) did well through the credit crunch and he thinks they will report record earnings. Consequently he says get long GS.
Karen Finerman doesn’t agree with Guy, at all.
THE WEEK: RETAIL
The headline: Retailers End Week As Market's Worst Despite Thursday's Strong Numbers.
Jeff Macke tells the panel that Costco (COST) tumbled 8% for the week, while Target (TGT) slid 7%. He adds the sector is a tough place to be long, right now.
THE WEEK: OIL AT $77
The headline: BJ Services, Energy Stocks Break Out As Oil Hovers Around $77.
Pete Najarian reminds the panel that he likes the oil service sector which he feels did well in a rough tape. He likes BJ Services (BJS), Halliburton (HAL), and Baker Hughes (BHI).
Guy Adami adds that he’s bullish on energy.
Jeff Macke tells the panel he’s a seller of crude.
THE WEEK: GOLD
The headline: Gold Touches 16-Month Intraday High As Investors Flee To Safety.
Carter Worth, the Chief Market Technician at Oppenheimer joins the guys for this conversation.
Worth tells the panel that charts suggest to him that gold is going higher, still. He likes Agnico-Eagle Mines Limited (AEM), Barrick Gold (ABX) and Newmont Mining (NEM).
Guy Adami tells the panel to be cautious of the gold trade. He feels a rate cut is already priced into these stocks.
THE WEEK: THE DOLLAR
The headline: Greenback Hits 15-Year Low As Jobs Report Sparks Broader Economic Fears.
Karen Finerman tells the panel that it’s good news for multi-nationals.
Guy Adami believes the dollar will continue lower. He likes Hewlett Packard (HPQ) as a weak dollar trade.
Jeff Macke reminds the panel that crude is nominated in dollars.
EXCHANGING VACATION FOR VOLUME
The headline:NYSE Euronext (NYX) Reports Record Average Daily Volume Of 3.6B Shares In August.
Guy Adami says that NYSE Euronext was among Friday’s few solid performers. He recommends buying NYX on a dip. In addition Guy repeats speculation that NYX is looking to buy New York Mercantile Exchange (NMX).
Pete Najarian tells the panel that he thinks Goldman Sachs (GS) will have a monster quarter based on trading volume. Also he likes the New York Mercantile Exchange as well as the NASDAQ (NDAQ) and CME Group (CME).
FAST MONEY WORLD: INDIA
The headline: Ericsson Wins $1.3B Contract From Indian Telecom Bharat Sanchar Nigam.
Pete Najarian says the trade is Ericsson (ERIC) because it’s the world's largest maker of wireless networks. Also Pete likes SAP (SAP) for a new billion dollar project.
Guy Adami tells the panel to stay away from emerging markets until domestic markets settle, a bit.
FAST MONEY WORLD: CHINA
The headline: Is It Too Late To Get In On China Rally Ahead Of Beijing Olympics?; UBS Said Thursday China Market Should Rally Through 2009.
Pete Najarian still likes China as an Olympics play.
Karen Finerman says she’s skeptical and believes that’s all priced into stocks, already.
LEAVE BEN ALONE
The headline: Greenspan & Rep. Frank Break With Decorum By Telling Bernanke How To Do His Job.
Dylan Ratigan explains that Rep. Barney Frank is calling for a "meaningful interest-rate cut."
Jeff Macke doesn’t think a rate cut will be the kind of strong financial driver that politicians believe it will be.
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Trader disclosure: On Sept. 7, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (BJS), (BQI); Najarian Is Short (GS); Finerman Owns (GS); Finerman's Firm And Finerman Own (HD); Finerman's Firm Owns (AA), (KFT),(NTO), (WMT) Finerman's Firm Owns S&P 500 Puts ; Finerman's Firm Owns Russell 2000 Puts ; Finerman's Firm And Finerman Own (HD); Neither Carter Worth nor his firm have disclosures on gold, the Philadelphia Silver & Gold Index (XAU), AEM, ABX, or NEM as of Friday Sept. 7th