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Dow Closes On Low

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DOW CLOSES ON LOW, DOWN 173 PTS...

The headline: Economic concerns and credit market worries drag down the Dow 173 points.

The Dow fell below its 100-day moving average, a key technical level watched by traders explains CNBC’s Mary Thompson in a special report. Typically it suggests more weakness to come.

Karen Finerman feels there’s definitely value out there. Stocks are cheaper, right now and she intends to start buying when stocks reach her target level.

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S&P 500
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TECH LOSSES PUSH NASDAQ DOWN 2%

The headline:Google (GOOG), Apple (AAPL) Post Sharp Declines Monday As Tech's Strongest Names Sell Off.

They shoot horsemen, don’t they?!! exclaims Jeff Macke. However, they only closed down 1% he adds. There could be a rally coming.

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VOW3
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GOOGL
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RAW WOUNDS

The headline: Raw Materials Stocks Lead Market Lower As Gold, Copper Hit New Lows.

As the dollar stabilizes, gold skid to a 2-week low Monday, and oil prices fell, explains Dylan Ratigan. Also copper prices dipped to a 9-month low on fears of weaker demand.

Guy Adami likes the space and suggests Freeport McMoRan (FCX) at $90 is a buy.

Pete Najarian reveals he’s seeing options action in Newmont Mining (NEM). Investors are buying March calls, he explains which suggests to him that NEW could move higher if gold starts to bounce.

Guy Adami doesn’t agree. Stay away, he says.

Play streetTRACKS Gold ETF (GLD) instead, recommends Jeff Macke.

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FCX
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Z2152
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MERGER MONDAY IS BACK

The headline:Ingersoll-Rand (IR) To Buy HVAC Services Company Trane (TT) For $10.1B.

The deal will create one of world's largest makers of air conditioners explains Karen Finerman.

Guy Adami suggests if Ingersoll-Rand is willing to make an acquisition of this size, perhaps the global story isn’t quite so bleak.

On a related M&A note, National Oilwell Varco (NOV) announced a deal to buy drilling-equipment maker Grant Prideco (GRP) for $7.37B explains Pete Najarian.

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IR
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NOV
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OIL FALLS, BUT REFINERS NEVER FINER

The headline: Tesoro (TSO), Valero (VLO), Refiners Pop Even As Crude Oil Falls For 3rd Straight Day.

Karen Finerman likes the refiners as the crack spread continues to get wider.

As he said on Friday, Guy Adami prefers Holly Corp (HOC) in the space.

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ANDV
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VLO
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BANKS SURVIVE CITI'S SALVO

The headline: JPMorgan (JPM), Wells Fargo (WFC), Wachovia (WB), Bank Shares Climb Despite Citigroup Downgrades.

“They’re so late on the call,” says Jeff Macke, “it’s absurd!” The trade in the financials is done, he adds.

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WFC
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BARRON'S SLAMS BUFFETT

The headline: Buffett's Berkshire Hathaway (BRK) Drops Most In 3 Years After Barron's Says It May Be Overvalued.

Guy Adami thinks Berkshire is facing a succession issue. What happens after Warren Buffett remains unclear.

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Trader disclosure: On Dec. 17, 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), (DIS); Najarian Owns (BIIB); Najarian Owns (GOOG) Options, (TGT) Options,(YHOO) Options; Finerman's Firm And Finerman Own (FLS), (GS); Finerman's Firm Owns (TSO), (VLO), (WMT), (YHOO), (AEO), (DVA); Finerman's Firm Is Short (SPY), (IWM), (IYR), (IJR), (MDY), (MBI), (SUN); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns (MSFT) Calls