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No Longer Prince Of The Citi?

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NO LONGER PRINCE OF THE CITI?

The headline: After Citigroup (C) Leads Market Slaughter This Week, Board Calls Emergency Meeting This Weekend: WSJ.

Karen Finerman believes if Chuck Prince leaves the company, the stock will bounce, short term. For a trade she recommeds being long Citi through options.

Other financials….

Tim Seymour thinks Merrill (MER) is being vilified for being more transparent than other brokerages. He bought Merrill Friday and plans to sell on Monday.

Jeff Macke says the problem isn’t solvable over the week-end, but he thinks savvy traders can play the financials.

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THE WEEK: $96 OIL, $800 GOLD

The headline: Oil Surges Through $93, $94, And Briefly $96 This Week Before Closing Up 2.6% At $95.93.

Tim Seymour thinks in the short-term oil will run into resistance at $98 or $99.

Karen Finerman likes Flowserve (FLS) in the energy space for their strong backlog and exposure to the aftermarket business. She adds FLO is her largest position.

Guy Adami thinks there’s more pain in the oil names. However, if you want to get in.. he prefers Chevron (CVX) to Exxon (XOM).

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CVX
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FLS
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XOM
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THE WEEK: TECH HOLDS ITS GROUND

The headline: Technology Stocks (and Utilities) Only Groups in the Green for the Week.

Jeff Macke likes the space. He recommends buying Microsoft (MSFT) on any dip.

In tech, Guy Adami likes Western Digital (WDC) over Seagate (STX). However, WDCtraded 12 million shares on Friday and consequently Guy recommends taking some off the table.

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MSFT
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STX
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WDC
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MILLER: BUY THE UNLOVED NOW

The headline: Bill Miller, Legendary Legg Mason Money Manager, Gets Bullish On Unloved Consumer, Financial Stocks.

According to Miller, "The new leadership will be US, large-cap, dollar-based, and grow to encompass what no one wants to own today, especially financials and consumer...The greatest gains over the next 5 years will be made in those securities people are panicked about today. For specific names, consult the 52-week new low list."

Miller's fund beat the S&P 500 for 15 consecutive years before stumbling in '06 & '07 explains Dylan Ratigan.

Tim Seymour and Karen Finerman both think Miller’s time frame is a little too long for many traders.

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Trader disclosure: On Nov. 2, 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), (ATVI), (YHOO); Finerman's Firm And Finerman Own (C), (GS), (HD); Finerman's Firm Owns (KSS), (NMX), (TSO), (WMT), (YHOO), (TWX), (NYX), (PLCE), (BBW);Finerman's Firm Is Short (SPY), (IWM), (MDY); Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Is Short (MER) And Owns (MER) Puts; Finerman's Firm Owns (MSFT) Options; Finerman's Firm Owns (NMX) And (NMX) Options; Finerman's Firm Owns (SHOO) Calls; Finerman's Firm And Finerman Owns (FLS); Finerman's Firm And Finerman Own (KALU); Seygem Asset Management Owns (AAPL), (CTCM), (INTC), (MSFT), (TIE), (USU), (YHOO), (GLD), (ITU), (ABV), (TEO), (MER), (MBT); Seymour Owns (IMMR) Calls