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200 Point Jump Ends Wild Week

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FED SALVAGES THE WEEK

The headline: Dow Dramatically Cuts Loss For Week With 230 Point Jump After Fed Cuts Discount Rate

Karen Finerman says investors should not try and fight The Fed.

Jeff Macke agrees and says consequently, investors should not short financials.

Guy Adami feels that on a valuation basis stocks are not rich. He thinks the market is moving higher.

Symbol
Price
 
Change
%Change
S&P 500
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THE WEEK: FINANCIALS

The headline: JPMorgan (JPM), Wells Fargo (WFC) Lead Bank Share Recovery This Week; Bear Stearns (BSC) Gains 7% For Week, 1 Month After Market-Roiling Hedge Fund Losses

Money Center Banks This Week

Citibank (C) +3.8%

Bank Of America (BAC) +6.5%

JP Morgan (JPM) +6.2%

Brokers This Week

Goldman Sachs (GS) -3.0%

Merrill Lynch (MER) +2.6%

Lehman Brothers (LEH) -1.6%

Bear Stearns (BSC) +7.3%

Guy Adami likes Goldman Sachs and thinks it could trade with 100-handle very soon. He also likes Bank of America (BAC) and U.S. Bancorp (USB)

Pete Najarian warns the panel to keep an eye on volatility – he thinks there’s still nervousness in the market.

Symbol
Price
 
Change
%Change
NOVU
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SC0Y
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GS
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USB
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WFC
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THE WEEK: COMMODITY STOCKS

The headline: Freeport-McMoRan (FCX) Sheds 11%, While Alcoa (AA) Tumbles 4%

Commodities Stocks This Week

Aloca (AA) -4.0%

Nucor (NUE) -5.2%

Newmont Mining (NEM) -4.8%

Freeport-McMoRan (FCX) -11%

Guy Adami says traders were selling first and asking questions later in this sector. He adds they were selling names they should have held.

Karen Finerman says there’s fear the economy is slowing and the commodity names are very sensitive to that kind of news. She adds the activity could be a referendum on the overall economy.

Pete Najarian adds that the Materials SPDR (XLB) was murdered and options volume suggests to him that traders are looking for more downside.

Symbol
Price
 
Change
%Change
VANG SC VAL
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FCX
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NEM
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NUE
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THE WEEK: ENERGY REBOUNDS

The headline: Chevron (CVX), Oil Shares Rebound Friday To Erase Losses For Week

Guy Adami says stocks such as Exxon (XOM) were overplayed. He thinks XOM is a value at $80. (It’s worth noting that on Friday Aug. 17th XOM closed at $84.14)

On a related note, Guy adds that gasoline jumped .10 cents and he thinks that will help the refiners.

Symbol
Price
 
Change
%Change
CVX
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XOM
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THE WEEK: TECH SAFE HAVEN?

The headline: Are Tech Stocks Like Cisco (CSCO), Adobe (ADBE) Still A Save Haven After This Week's Losses?

Pete Najarian likes Hewlett-Packard (HPQ), KLA-Tencor (KLAC), Cisco (CSCO), Juniper (JNPR) and EMC Corp. (EMC) in the tech space.

Symbol
Price
 
Change
%Change
CFNLX
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CSCO
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EMC
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HPQ
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JNPR
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KLAC
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JAPAN PLUNGES MORE THAN 5%

The headline: Japan's Nikkei Plummets 5.4%, Worst Drop Since Sept. 2001

Karen Finerman explains Japan is an export-reliant nation and its exports are plunging as the yen strengthens.

On a related note, she recommends buying a little Japan on the dip because it’s a global market.

OPTIONS ACTION: WANT A FROSTY WITH THOSE OPTIONS?

The headline: Najarian Seeing Unusual Options Activity In Wendy's (WEN)

Pete Najarian says options volume suggests to him that Nelson Peltz might pay $41 a share for WEN. (It’s worth noting that WEN closed at $31.79 on Friday Aug. 17th)

Symbol
Price
 
Change
%Change
WEN
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GERMANS LOVE DAVID HASSELHOFF

The headline: Should You Buy Daimler (DAI) Now That It No Longer Owns Chrysler?

Karen Finerman thinks Daimler is a buy, now.

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Trader disclosure: On Aug 17 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money; Macke Owns (EMC); Pete Najarian Owns S&P Puts; Pete Najarian Is Short (GS), Finerman's Firm Owns (AA), (DAI), (WMT), (COP), (GS); Finerman's Firm Owns S&P Puts