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Week Of Pain

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WEEK OF PAIN:

The headline: The NASDAQ had its worst week since 2002 and the S&P 500 fell to its lowest level in 2 months. What’s the word on the Street?

Karen Finerman expects to see huge volatility going into the S&P options expirations however one day next week, she expects a "doozy of a rally".

Guy Adami feels this is a fantastic environment for a trader. He says instead of fearing volatility, embrace it.

Symbol
Price
 
Change
%Change
S&P 500
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THE WEEK: BANKS TANK:

The headline:Wachovia (WB), Bank Of America (BAC), JPMorgan (JPM) Warnings Friday Cap A Rotten Week For Bank Stocks.

Pete Najarian says he was impressed that Citigroup (C) bounced. He thinks this might be a buying opportunity, however he adds volatility is here to stay.

Also he adds options action in the XLF suggests to him that investors expect upside in financials.

Tim Seymour doesn’t agree – he see no catalyst to lift financials higher.

Symbol
Price
 
Change
%Change
NOVU
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SC0Y
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THE WEEK: NASDAQ'S LOSES 6.5%:

The headline:Cisco Earnings, Outlook Disappoint Street, Triggering Tech Stock Slide;

A slowdown in sales to financial institutions, which is a crucial customer base for Cisco (CSCO), is what disappointed the Street explains Pete Najarian. However, he believes this could be a buying opportunity.

In tech, Pete Najarian likes Apple (AAPL) most, which fell 9% this week. He says they just started selling the iPhone in Germany and it will be in China not long from now.

Guy Adami adds that EMC Corp. (EMC) was dragged lower in the sell-off and he recommends buying this dip.

Tim Seymour prefers buying Microsoft (MSFT) which slid 10% on the week.

Karen Finerman concurs.

Symbol
Price
 
Change
%Change
VOW3
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CSCO
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EMC
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MSFT
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THE WEEK: DOLLAR DIVES, GOLD GLOWS:

The headline: Dollar Hits Record Low Vs. Euro After China Signals Plan To Diversify Currency Reserves.

Tim Seymour explains the French and Canadians have made some very aggressive statements about the dollar and are starting to lean on the US Treasury to make changes. He expects more news on the dollar next week.

Guy Adami says any rally in the dollar should be sold.

WHAT WAS GREEN THIS WEEK?

The headline: After This Week's Market Turmoil, Defensive Names Among The Few Closing Higher.

Karen Finerman likes Altria (MO) as a defensive play.

Guy Adami says Procter & Gamble (PG) is the name most investors talk about as a defensive consumer staples trade, however he feels Unilever (UL) is much cheaper.

Pete Najarian prefers McDonald’s (MCD) and Coke (KO) for international exposure.

Tim Seymour thinks Russia has worked as a solid defensive play.

Symbol
Price
 
Change
%Change
KO
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MCD
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MO
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PG
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ULVR
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MERCK ENDS LAWSUIT PAIN:

The headline: Merck (MRK) To Pay $4.85B To Settle Most Lawsuits Over Pain Killer Vioxx.

Guy Adami explains that Merck surged 2% Friday and at current levels he feels the stock is starting to get rich. He recommends GlaxoSmithKline (GSK), instead.

Pete Najarian feels the settlement ended up being much smaller than most investors expected.

Symbol
Price
 
Change
%Change
MRK
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TROUBLE FOR E*TRADE:

The headline:E* Trade (ETFC) Plunges 13% After Hours on SEC Inquiry, Further Write-Downs.

Karen Finerman finds E*Trade troubling. She wouldn’t get near this stock.

Symbol
Price
 
Change
%Change
ETFC
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Trader disclosure: On Nov. 9, 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 (C) Options, (CSCO) Options, (GOOG) Options, (GS) Options, (XLF) Options (YHOO) Options; Finerman's Firm And Finerman Own (GS), (HD), (KALU); Finerman's Firm Owns (WMT), (BEAS), (KSS); Finerman's Firm Is Short (LEH), (MBI), (SPY), (IYR), (IJR), (IWM); Finerman's Firm Owns (BIIB) Options; Finerman's Firm Owns (MSFT) Options; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns S&P 500 Puts; Seygem Asset Management Owns (AAPL), (CSCO), (EEM), (F), (GLD), (MER), (SBUX), (X), (YHOO), (MSFT),Gazprom