Fast Money

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Fast Money

Wall Street Correction

WALL STREET CORRECTION

The headline: S&P 500 Closes at 1407.22. Just Above Credit Crunch Low Of 1406.70 on August 15th

Guy Adami says 1400 is a critical number that investors should watch closely. If the S&P closes below that level the Dow will likely dive to 12,000, he says.

Karen Finerman thinks a letter released by Senator Chuck Schumer is the reason behind Monday’s market weakness.

> Read more about Schumer's letter

Pete Najarian feels uncertainty in the financials drove the market lower.

The Going Gets Tough...

BLACK FRIDAY BUST

The headline: Retailers Help Drag Market Lower as Reports Show Shoppers Spending Less.

VIDEO0:0000:00
Word on the Street

Karen Finerman explains that Apple (AAPL) and Best Buy (BBY) bounced Monday following Black Friday sales. According to ShopperTrak, Friday And Saturday sales totaled $16.4 billion, a 7% jump over last year.

Guy Adami adds that Morgan Stanley raised its price target on Mastercard (MA) to $215. He thinks the credit card story is still in tact.

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RECORD 'NET INCOME?

The headline: Online Spending On 'Cyber Monday' May Exceed $700M, A Single-Day Record: ComScore.

Online consumer purchases on 'Black Friday' surged 22% over last year,  explains Dylan Ratigan.

Cyber-Monday is a bunch of malarkey, exclaims Jeff Macke.

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WHALE WATCHING: ACKMAN HITS THE BOOKS

The headline: Wall Street Whale Bill Ackman Boosts Stake In Borders (BGP) To 17.1%.

Karen Finerman explains that Border’s CEO also bought stock. She thinks it’s a straight valuation play.

It’s only worth a look, if you think it will pop on a short covering, adds Guy Adami.

OPTIONS ACTION: IN-FLIGHT OPTIONS

The headline: Pete Seeing Unusual Options Activity In Airline Stocks

Out of

  Into:

Delta

Dec. $15 Calls

  March $17.50 Calls

Northwest

Dec. $15 & $20 Calls

  March $17.50 Call

> Read more

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Trader disclosure: On Nov. 26, 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), (YHOO), (ATVI), (INTC), (HAS); Najarian Owns (AMTD) Options, (AMZN) Options, (GOOG) Options, (YHOO) Options, (CFC) Options, (BSC) Options; Finerman Owns (HD); Finerman's Firm And Finerman Own (GS); Finerman's Firm Owns (WMT), (YHOO), (KSS), (TSO); Finerman's Firm Owns (MSFT) Options; Finerman's Firm Owns S&P 500 Puts; Fienrman's Firm Owns (HD) And (HD) Puts; Finerman's Firm Is Short (SPY), (IWM), (MDY), (IYR), (IJR), (MBI), (LEN), (BIG); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts