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Dow Jumps, Overcoming Record Oil

The Dow Jones Industrial Average put in its best day of the month Tuesday surging 180 points and overcoming a record close in oil. The Dow is now just 5% from its record reached in July. How do you trade?

TECH SUPPORT

The headline:Juniper (JNPR) Networks, Tech Stocks Continue 2-Day Breakout; Hewlett-Packard  (HPQ) Gains 2%, While IBM (IBM) Climbs 1%.

VIDEO0:0000:00
Word on the Street

Pete Najarian says the growth is real and sustainable because these companies benefit from the global economy. He also likes SAP (SAP) and Nokia (NOK) because they, too have global exposure.

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OIL RECORD CLOSE

The headline: Oil Jumps 1% To $78.23 As OPEC Ups Production Less Than Feared.

Dylan Ratigan explains that OPEC increased production by 500,000 barrels a day; still Exxon Mobil (XOM) rose 3% as crude continues its upward climb.

Jeff Macke feels OPEC doesn’t matter to the market anymore. On a related note, he feels that barring anything catastrophic market fundamentals will remain strong.

Karen Finerman says that as long as the global economy grows she feels investors can count on an increased demand for oil.

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AFTER HOURS ACTION:  TEXAS INSTRUMENTS AFTER HOURS

The headline:Texas Instruments (TXN) Falls After Hours On Tightened Revenue Forecast. 

Guy Adami recommends owning TXN long term, but doesn’t like the stock for a trade.

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HIGH POINT FOR HIGH FINANCE

The headline:Lehman (LEH), Financials Among Today's Stronger Performers; Countrywide (CFC) Sinks After NY Post Says It Is Seeking Multibillion-Dollar Cash Infusion.

Jeff Macke says the financials haven’t blown up as a whole, but Tuesday’s rally wasn’t financially led. He still considers the sector a liability for the bulls.

Karen Finerman agrees with Jeff Macke.

Once again, Pete Najarian reminds the panel he likes Goldman Sachs (GS) and thinks they’re going to “blow out earnings.”

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THEY'RE LOVIN' IT

The headline:McDonald's (MCD) Shares See Best Day Since July 2006 On Blowout August Same-Store Sales.

Dylan Ratigan explains that McDonald's same-store sales for August jumped 8.1% on coffee, breakfast, and snack items.

Jeff Macke tells the panel he likes this stock and recommends owning it, now.

Karen Finerman also likes McDonald’s numbers, very much.

Guy Adami reminds the panel MCD beat comps in North America which he feels is another important item.

Inside The Consumer Mind - Consistency

BURNING DOWN THE HOUSE

The headline:Masco (MAS), Maker Of Cabinets And Plumbing Products, Slides On Merrill Lynch Downgrade.

Guy Adami says he’s not sure where Merrill is going with the downgrade. He recommends buying the dip because Guy thinks all the bad news is washed into the stock.

Karen Finerman prefers American Standard (ASD) which is also her “On The Money” trade of the day.

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OPTIONS ACTION:  HEY, ST. JUDE

The headline: Najarian Seeing Unusual Options Activity In Medical Device Maker St. Jude (STJ).

Pete Najarian explains that he’s seeing increased volume in upside calls which suggests to him that this company could be a takeover target.

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Trader disclosure: On Sept. 11, 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 (INTC); Najarian Owns (BJS); Najarian Is Short (GS); Pete Najarian Is The Co-Founder Of optionmonster.com, Finerman's Firm Owns (CMVT), (DVA), (JNJ), (KFT), Finerman's Firm Owns S&P 500 Puts And Calls; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm And Finerman Own (FTWR), (HD).