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Best Week In 6 Months

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BEST WEEK IN 6 MONTHS:

The headline: Investors Basking in Rate Cut Glow, Drive Stocks To Best Weekly Gains Since March.

The S&P 500 gained 2.8% this week explains Dylan Ratigan. Weakness from Morgan Stanley (MS) and Bear Stearns (BSC) were no match for the strong earnings from Oracle (ORCL) and The Fed rate cut he says.

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Word on the Street

Pete Najarian explains that the volatility index has dropped considerably. He feels across the board the global growth story is still working.

The euphoria feels like it’s over to me, counters Karen Finerman. Now it’s time to slog through the muck.

The market has traded subprime fear for inflation fear suggests Jeff Macke.

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THE WEEK: WALL STREET EARNINGS:

The headline:Goldman (GS) Crushes Estimates, Bear (BSC) Disappoints, Lehman (LEH) Is Not So Bad;

Guy Adami explains that Goldman led the pack with a 10% weekly gain, while Lehman ended Friday up 5% for the week. He adds that subprime has not been put to bed, but investors might be able to separate “the haves” from the “have nots.”

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THE WEEK: OIL, DOLLAR, GOLD:

The headline: Oil Gains 4.5% This Week To $81.62, Notches 4 Straight Record Closes; Gold Touches 28-Year High Before Losing A Bit Of Ground Friday; Dollar Loses 1.5% Against Euro This Week, Hitting Record Lows;

Strategic investor Dennis Gartman joins the panel for this conversation. He’s concerned that The Fed ignored inflation. Here are excerpts from what he said.

“In the last paragraph of their communication after the meeting they just absolutely deleted the word inflation,” says Gartman. “They have no concern. (Consequently) you want to own the things that hurt if you drop them on your foot. You want to own gold, crude oil, wheat and soybeans.

He adds, “When the dollar goes lower ‘stuff’ goes higher and there’s no reason to think things will change until at least after the next Fed meeting….”

Where will prices be 3 months from now?

“I think gold will be higher – probably demonstrably higher… soy beans and corn will likely be higher 6 months from now, too.”

Canada’s dollar is now trading on par with the US dollar for the first time in 31 years, explains Dylan Ratigan. Meanwhile the euro crossed $1.41, which is a new high. Do you think the dollar will fall further?

“I think it will fall further” says Gartman. “In the world of foreign exchange, as long as political circumstances are the same, if you are an investors and one central bank is saying we’re raising rates and another is saying we’re lowering rates, you as an investors will go to the bank raising rates.

He adds, The Fed has said… our propensity is to ease.. the European banks have said it’s to tighten. All things being equal you’re going to avoid the US dollar.”

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THE WEEK: ENERGY STOCKS: 

The headline: Integrated Oil Like ConocoPhillips (COP), Services Like Halliburton (HAL) Surge; 

Pete Najarian says that First Solar (FSLR) and solar shares were a stand out among energy stocks this week. Other names that finished well include Arch Coal (ACI) and Peabody Energy (BTU).

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AFTER HOURS ACTION: GM

The headline: General Motors (GM) Making New Progress In Talks With United Auto Workers: WSJ

Guy Adami says he thinks the trade is Ford (F).

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THE WEEK: CONSUMER STOCKS:

The headline: Despite Consumer Discretionary Hit Thursday, Retailers Enjoy Healthy Fed Cut Bounce.

Jeff Macke explains that Best Buy (BBY), GameStop (GME),J. Crew (JCG) wereamong the strongest consumer stocks this week. He adds “good” retailers are a “buy” because he feels the fear of recession has dropped considerably.

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THE WEEK: TECH STOCKS:

The headline:Oracle (ORCL) Earnings, Bullish PC Growth Forecast Push Tech Shares To Strong Gains This Week;

Pete Najarian likes Apple (AAPL) and Intel (INTC) as tech plays.

Jeff Macke also likes Intel.

Guy Adami prefers Microsoft (MSFT).

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TEXAS HOLDS 'EM:

The headline:  Texas Instruments (TXN) Jumps After Boosting Share Buyback By $5B;

Pete Najarian explains that Texas Instruments raised dividends in Q2. He shows the following chart and says this is why he likes this stock.

Texas Instruments' Solid Fundamentals

Profit Margin:          18%
Operating Margin:    23%
Return on Assets:    13%
Return on Equity:      20%

Karen Finerman also likes the TXN buyback.

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GOOGLE ALL-TIME HIGH:

The headline:Google (GOOG) Makes Up Summer Swoon, Jumping 9% in September to New Record

Pete Najarian thinks GOOG is poised for a rally. He sees growth for most search engine stocks.

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NEW FROM MATTEL: "MY BAD" BARBIE!

The headline: Mattel Apologizes To China, Saying Toy Recall Mainly Due To Company Design Flaws

Jeff Macke says Mattel needs to “shut up!”

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Trader disclosure: On Sept. 21, 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), (INTC); Najarian Is Short(GS); Finerman's Firm Owns S&P Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns (COP), (GE), (GCO), (NYX), (NMX), (USG), (LTD), (WMT); Fineram's Firm And Finerman Own (HD); NBC Universal Is The Parent Company Of CNBC

CIBC Gartman Index Owns Gold, Wheat,Corn, Crude Oil, Soybeans; Gartman Owns (AAPL), (CF)Gartman Is Short (ICE), (CME)