Summer Swoon Continues

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The Dow gave up a 71-point advance Thursday even after The Fed sounded an all clear on the economy. But as the market did much of nothing there were plenty of hot individual stories most notably Research In Motion (RIMM) firing a pre-emptive strike at Apple (AAPL). Find out where the guys see fast money.

SUMMER SWOON CONTINUES:

The headline: Dow Falls For Fourth Day in Five, Even After Fed Keeps Interest Rates Unchanged... Is this Summer Doldrums or a Market About to Crack?

Jeff Macke says don’t make too much of it. Many traders are taking off for the July 4th holiday, already.

Symbol
Price
 
Change
%Change
S&P 500
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BARRELING TOWARD $70:

The headline: Crude Oil Climbs To 9-Month High On Increased Refinery Output...Crude Rises Above $70 Intraday For First Time Since Sept. 2006

Eric Bolling says it’s good news for energy stocks,the United States Oil Fund (USO) and Energy Select Sector SPDR (XLE).

WHAT IPHONE?

The headline : Blackberry-Maker Research In Motion (RIMM) Surges 12% After Hours On 73% Profit Surge... Meanwhile, Treo-Maker Palm (PALM) Drops as iPhone Battle Plan Raises Costs

Pete Najarian says RIMM is on fire and he’s a buyer. Eric Bolling adds APPL and RIMM have different customers.

Jeff Macke thinks PALM has nothing to offer investors.

Symbol
Price
 
Change
%Change
BB
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AN APPLE PLAY A DAY:
The headline : Our Traders Bring You Yet Another Way To Benefit From The iPhone Hysteria

Pete Najarian tells the panel to keep an eye on Vodaphone (VOD) because he thinks they will likely be selected as the iPhone wireless carrier in Europe. Guy Adami likes VOD, too.

Symbol
Price
 
Change
%Change
VOD
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MEMORY LOSS:

The headline: Micron (MU), Maker of Memory Chips, Posts 2nd-Straight Loss After Hours

Pete Najarian says even with a bad report, MU is shaking off the bad news. He and Jeff Macke believe chips are an under-owned sector.

Symbol
Price
 
Change
%Change
MU
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BED BATH & BEYOND BAD:

The headline: Bed Bath & Beyond (BBBY)Tumbles After Cutting Full-Year Guidance

Jeff Macke says “Get out!” and maybe take a poke on the short side if BBBY gets a bounce.

Symbol
Price
 
Change
%Change
DIA
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BRINGING DOWN THE HOUSE:

The headline: Beazer Homes (BZH) Plummets After Firing Executive For Attempted Document Destruction; KB Home (KBH) Shares Fall On Quarterly Loss

Pete Najarian says he often gets flack for recommending options. He says in this case owning options worked well because BZH made a monster drop Thursday.

Symbol
Price
 
Change
%Change
KBH
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TRANSMISSION ACCOMPLISHED:

The headline: General Motors (GM) Soars After Selling Transmission Unit For $5.6B to Carlyle

Guy Adami says GM as well as Ford (F) and Johnson Controls (JCI) are doing well and he’s a buyer.

Jeff Macke recommends buying Ford because it’s less of a battleground than GM.

Eric Bolling adds both the GM and Ford charts look great.

Symbol
Price
 
Change
%Change
F
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GM
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JCI
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ANOTHER HILTON IN TROUBLE?

The headline: Hilton (HLT) Shares Falling as Paris Gives First Interview to CNN

Pete Najarian says he saw unusual activity in the HLT August 35 calls yesterday. To Pete it suggests Hilton shares might catapult higher.

CHARTOLOGY: THE GOOD, BAD & THE UGLY:

The headline : Bolling Seeing Some Good , Bad & Ugly Charts

Eric Bolling says three charts aren’t looking so good. They are Sovereign Bank (SOV), Wachovia Bank (WB) and Echostar (DISH ). He says stay away.

However, Eric adds two charts that look good to him are Celanese Group (CE) and Loews Corporation (LTR).

Symbol
Price
 
Change
%Change
HAW
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DISH
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Trader disclosure: On June 28 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the
Najarian Owns (IMMR); Bolling Owns (DIS), (T), (XOM), Sugar, Gold