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Dow Surges 196 Points

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DOW SURGES 196 POINTS

The headline: Strong Employment / Productivity Growth Reports Set Positive Tone For Day.


The S&P surged to its highest level in nearly a month, explains Dylan Ratigan.

The market didn’t break any resistance on the top, so it didn’t prove anything says Jeff Macke.

Until we get above 1490 on the S&P, all bets are off adds Guy Adami.

Jobs is the most important number coming out this week, adds Karen Finerman.

Symbol
Price
 
Change
%Change
S&P 500
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TECH TRIUMPHANT

The headline: Nasdaq Jumps As Tech Shares Lead Market Gain; Hewlett-Packard (HPQ), Google (GOOG), Apple (AAPL), Intel (INTC) Move Higher Today.

The iPhone is just a trigger to get consumers into the Apple’s PC market and I think it’s working says Pete Najarian.

This is the space to play, exclaims Jeff Macke. Why bother with financials.

Symbol
Price
 
Change
%Change
VOW3
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GOOGL
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HPQ
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INTC
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WILL BUSH MARK BOTTOM FOR BANKS?

The headline: Financials Lead Afternoon Market Gain After on News of Mortgage Plan Announcement.

On Thursday, the White House is expected to announce it will freeze rates on certain subprime mortgages for 5 years, explains Dylan Ratigan.

Karen Finerman doesn’t like that politicians are trying to dig us out of the mortgage crisis. Let the market shake itself out!

Initially, crude surged Tuesday after OPEC decided to keep production unchanged explains Dylan Ratigan but then data out of Oklahoma suggested supply was increasing.

Adami adds, with the supply of crude appearing to stabilize oil could go much lower. He recommends shorting crude.


WALL STREET LOVES WOMEN'S SHOES

The headline: Footwear Stocks DSW Inc. (DSW), Collective Brands (PSS) Surge On Better-Than-Expected Earnings.

Karen Finerman explains that DSW profits climbed 38% whiles Payless spiked 18%. She adds, “These stocks were over-soled!”

CITI’S DARK-HORSE CANDIDATE

The headline: Speculation Suggests Citigroup (C) considering GE Executive Michael Neal for Top Job

It’s troubling that no one wants the job, says Guy Adami.



AFTER HOURS: GENETECH

The headline:Genetech (DNA) pops 5% after hours Wednesday.

An FDA panel said Genentech's Avastin should not be approved for patients with breast cancer that has spread to other parts of the body, explains Pete Najarian. But the vote was 5-4 and there’s a belief that the FDA could reverse itself. Pete likes the stock no matter what happens with the drug.

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Trader disclosure: On Dec. 5, 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), (ATVI); Pete Najarian Owns (BSC) Options, (COP) Options, (GOOG) Options, (XMSR) Options, (YHOO) Options, (TSL) Options (EMC) Options, (BIDU) Options, Finerman's Firm And Finerman Own (GS); Finerman's Firm Owns (BEAS), (BWS), (CROX), (TSO), (YHOO), (NMX), (NYX), (PLCE); Finerman's Firm Is Short (SPY), (IJR), (IYR), (IWM), (MBI); Finerman's Firm Is Short (MDY) And Owns (MDY) Puts; Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns (MSFT) Options; GE Is The Parent Company Of CNBC