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What A Volatile Week!

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Wall Street ended a week of extreme volatility with modest gains in the Dow. Is the market stabilizing or is it the calm before the storm?

WHAT A VOLATILE WEEK:

The headline: S&P 500 Gain Friday Pushes Index Slightly Into the Green on Week.

Jeff Macke doesn’t recommend being short going into Thanksgiving week.

Symbol
Price
 
Change
%Change
NASDAQ
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S&P 500
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THE WEEK: CREDIT CRISIS CONTINUES:

The headline: Bank Stocks Drop Again After Brief Bounce Earlier This Week.

On Friday, Goldman said the credit crisis may result in a $2 trillion cut in lending and trigger a “substantial recession” explains Dylan Ratigan. If they're right, how do you play financials?

Karen Finerman says she’s long Goldman (GS) and short Lehman (LEH) because she anticipates Lehman will announce more write-downs in days to come.

Guy Adami suggests that Lazard (LAZ) might be “interesting” going into early 2008 should M&A pick up.

Symbol
Price
 
Change
%Change
GS
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LAZ
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THE WEEK: BIG CHANGES AT THE TOP:

The headline: NYSE Chief John Thain Accepts Top Post At Merrill (MER).

Pete Najarian explains that on the day of the Merrill announcement he bought the 60 strike calls and then sold stock against it. He was playing for a 2 way move. And now he’s out of that trade, entirely.

THE WEEK: AN ECONOMY “TELL”:

The headline: What Does FedEx's (FDX) Lowered Forecast Friday Tell Us About The State Of The Economy?

Jeff Macke feels weakness in transports may indicate gloomy times ahead for the economy. There was no good news about consumers this week, he adds.

Symbol
Price
 
Change
%Change
FDX
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GOLD'S WORST WEEK SINCE MARCH:

The headline: Slide In Gold Futures This Week May Point To Slowing Global Growth.

Guy Adami thinks there’s further room in gold on the downside. In addition he feels Newmont Mining (NEM) is “way overpriced” and he expects the stock to drop, sharply.

Symbol
Price
 
Change
%Change
Z2152
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NEM
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THE WEEK: WAL STANDS TALL:

The headline:Wal-Mart (WMT) Stands Out Among Retailers After Forecast Brightens Gloomy Holiday Sales Picture.

Karen Finerman tells the panel she’s sticking with her Wal-Mart play. On a valuation basis, Finerman finds the company attractive.

Jeff Macke disagrees, completely.

Symbol
Price
 
Change
%Change
WMT
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THE WEEK: PLAYING DEFENSE:

The headline:Procter & Gamble (PG), Colgate (CL), Coca-Cola (KO), Altria (MO) Stay Strong In A Tough Tape.

Karen Finerman says MO is a great defensive play and she likes its balance sheet.

Jeff Macke reminds the panel that PG reached a 52-week high.

Guy Adami likes Unilever (UL) better than Procter because he feels UL stock is cheaper on a valuation basis.

Look at Merck (MRK) and Johnson & Johnson (JNJ) too, adds Pete Najarian.

Symbol
Price
 
Change
%Change
QRE
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JNJ
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KO
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MO
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MRK
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PG
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ULVR
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THE WEEK: WILL TECH TURN IT AROUND?:

The headline: NASDAQ Little Changed Following Worst Week Since April 2002.

Pete Najarian thinks Apple (AAPL) is based at $165. “That’s where is started the week and that’s where it ended,” he says.

Najarian also likes Cisco (CSCO) for its stock buy back. And he thinks when Research In Motion (RIMM) hits China the stock should surge.

Symbol
Price
 
Change
%Change
VOW3
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CSCO
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BB
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OIL BACK ABOVE $95:

The headline: Crude Oil Rebounds Rebounds Friday, Closing At $95.10.

Guy Adami thinks crude looks “toppy” but adds Tesoro (TSO) could still be worth looking at in the mid-50’s.

Go for solar instead, says Pete Najarian.

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Trader disclosure: On Nov. 16, 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 (INTC), (YHOO); Najarian Owns (EMC); Najarian Owns (CSCO) Options, (MSFT) Options,(YHOO) Options, (GOOG) Options; Finerman Owns (ASD); Finerman's Firm And Finerman Own (FTWR), (GS); Finerman's Firm Owns (KSS), (WMT), (CROX), (YHOO),(NYX); Finerman's Firm Owns (BEAS) Options, (BIIB) Options, (NVT) Options, (NMX) Options, (MSFT) Options; Finerman's Firm Is Short (LEH), (MTW), (IJR), (IYR), (MDY), (IWM), (SPY); Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns S&P 500 Puts; Finerman's Firm And Finerman Owned (FTWR) On 9/11/07; Finerman's Firm Owned (BIIB) Options On 11/8/07; Finerman's Firm Owns (HD) And (HD) Options, Finerman Owns (HD)