Pick a Direction and Go With It!

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PICK A DIRECTION AND GO WITH IT:

The headline: Stocks Finish Higher After Fed October Minutes Spark Roller-Coaster

The price action in the market was indicative of the beginning of a bottom, Jeff Macke said. Tuesday saw the first signs of life from the bulls in some time.

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NASDAQ
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S&P 500
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Pete Najarian agreed. Stocks look like they’re starting to find a “smoothing bottom,” he said. As financials fell apart, volatility never spiked, which helped on the rally.

OIL RECORD CLOSE:

The headline: Crude Oil Surges 3.6% to $98.03; Up 61% So Far This Year

The time is right to get long Chevron (CVX), Guy Adami said. It’s cheaper than ExxonMobil (XOM).

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CVX
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XOM
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Investors shouldn’t think $100 is the endgame for oil, either, Pete Najarian said. Look for crude to continue higher after it breaches that level.

SANTA’S SLAY:

The headline:Target (TGT) Unexpectedly Misses Estimates, Making Holiday Retail Picture Even Bleaker

TGT acted terrible on Tuesday, Karen Finerman and Jeff Macke agreed. The fact that its apparel and home furnishings brands – the areas that it has been able to dominate Wal-Mart (WMT) – are no longer doing as well is concerning, according to Karen. Over time, she wants to own TGT but she’s still waiting for a good level to jump in.

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TGT
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WMT
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Jeff Macke wouldn’t play Target either way in this market.

AFTER HOURS ACTION: WHOLE FOODS:

The headline:(WFMI) Profit Slides But Sales Climb 25%

Whole Foods is fighting an uphill battle, Jeff Macke said. The economic conditions aren’t right and the company is about to find itself a real competitor in Tesco (TESO).

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TESO
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Pete Najarian said Whole Foods’ increased dividend should be good for a short-term pop.

WILL GOOGLE GO TO $900:

The headline: Google (GOOG) Jumps 4% After Credit Suisse Sets $900 Price Target

Stocks like GOOG, Apple (AAPL) and Research In Motion (RIMM) are starting to find comfortable levels at which to get back in, Pete Najarian said.

Guy Adami would rather stick with Microsoft (MSFT), which has the biggest upside on a percentage-basis, he said. Guy predicted MSFT trades in the $40s next year.

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VOW3
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GOOGL
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MSFT
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BB
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Jeff Macke also recommended staying with Microsoft. It’s the “easier way to make money,” he said.

STEM CELL BREAKTHROUGH:

The headline:Geron (GERN), Stem Cell Stocks Drop Despite New Breakthrough In Embryonic Research

Scientists announced Tuesday that they found a way to create embryonic stem cels without having to make or destroy embryos, which could ease the ethical debate on the issue.

Unfortunately, they are still years away from targeting stem cells to create organs, Pete Najarian said, so its too early to trade on the headline. In the meantime, he recommended ISIS Pharmaceuticals (ISIS) and Sangamo Biosciences (SGMO) as current plays on cancer treatment.

OPRAH’S FAVORITE THINGS:

The headline: Oprah Releases Highly-Anticipated List of Her Favorite Things

Shares of Williams-Sonoma (WSM) and Deckers (DECK), the makers of some of the items on Oprah’s list, actually moved higher after the list was revealed. Karen Finerman said it wasn’t a “dumb trade,” as Oprah really can move markets.




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Trader disclosure: On Nov. 20, 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 (YHOO), (EMC); Najarian Owns (AMTD) Options; (GOOG) Options; (YHOO) Options; Finerman's Firm And Finerman Own (GS), (KFT); Finerman's Firm Owns (SKS), (TSO), (WMT), (LTD), (CROX), Finerman's Firm Owns (MSFT) Options; Finerman's Firm Is Short (SPY), (IWM), (IYR), (IJR), (MDY), (LEN); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm Owns (HD) And (HD) Puts, Finerman Owns (HD); Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns Russell 2000 Puts