Bernanke Scores Big

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FED BOOSTS FINANCIALS:

The headline: Financial Stocks Rebound Further Tuesday As Fed Acknowledges Tighter Credit.

Eric Bolling tells the panel that markets love Ben! Eric says Bernanke’s confidence settles markets.

Jeff Macke agrees.

On a related note, Pete Najarian says he likes the financials and he thinks if Bear Stearns (BSC) dips to $100 a share they might start talking buy back.

Guy Adami recommends building a position in Morgan Stanley (MS).

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S&P 500
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AFTER HOURS ACTION: CISCO EARNINGS

The headline:Cisco (CSCO) on Tuesday Forecasts 13% - 16% Revenue Growth In Fiscal Year 2008

Jeff Macke says news out of Cisco suggests to him that CAPEX spending is cooking.

Pete Najarian also likes Juniper (JNPR) and Sun Microsystems (SUNW) in the space.

Guy Adami likes that Cisco’s is forecasting 40% sales growth in emerging markets. He recommends buying the stock on a dip.

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CSCO
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JNPR
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CHARTOLOGY: GOOGLE

The headline: Bolling Turns To The Charts For Guidance On Google (GOOG)

Eric Bolling explains that the charts suggest to him investors should buy Google right now.

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GOOGL
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THIN COMPUTERS, FAT SALES?

The headline: Apple (AAPL) Introduces Slimmer, Faster iMac Models

Pete Najarian says the stock hasn’t reacted yet, but he thinks it will. He expects Apple shares to test new highs.

Eric Bolling calls Apple a revolutionary company.

Jeff Macke says Apple has only 5% penetration. He’s not that impressed.

Guy Adami adds that he also likes Dell (DELL) and Hewlett-Packard (HPQ).

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VOW3
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DELL
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HPQ
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TAKE YOUR POSITION: AIG:

The headline: Dow Dog American International Group (AIG) To Report Earnings Tomorrow After The Bell

Guy Adami cautions investors not to buy this stock because it’s not clear to him, if they’re exposed to subprime slime.

Eric Bolling and Jeff Macke thinks it might be okay to take a small position in the insurers because there haven’t been any big storms or hurricanes.

OPTIONS ACTION: MYRIAD POSSIBILITIES:

The headline: Myriad Genetics (MYGN) Shares, Options Surging Tuesday; Myriad Genetics Has Potential Blockbuster Alzheimer's Treatment In The Pipeline.

Pete Najarian says investors are buying upside calls in MYGN – and he adds there’s speculation the stock could go to $70.

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MYGN
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HARRAH'S LAST HURRAH, WYNN'S WIN:

The headline: Wynn Resorts (WYNN) Shares Soar 10% On Stronger-Than-Expected Earnings; Harrah's (HET) - Which Is Being Taken Private - Sees Profit Surge 85%

Eric Bolling recommends owning Wynn as well as Penn National Gaming (PENN).

Pete Najarian likes Playboy (PLA) for their Macao exposure.

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PENN
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WYNN
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HEAT WAVE TRADE:

The headline: Wheat At Record Levels As Heat Wave Sweeps The U.S.

Eric Bolling says wheat and the other agricultural commodities are at risk for drought. On a related note, Eric believes the power companies are a buy because of the heat.

Guy Adami thinks Deere & Co (DE) is likely going higher.

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DE
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Trader disclosure: On Aug 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 (CSCO), (NMX),(GS); Bolling Owns (NMX)