Dow Surges 205 Points

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DOW SURGES 205 PTS

The headline: Stocks Closed Sharply Higher, With The DowIndustrials Posting A Triple-Digit Advance In The Runup To Christmas

Pete Najarian believes the market surged Friday because investors are starting to think the American economy looks okay.

Jeff Macke agrees. He liked Friday’s action.

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BERRY-GOOD EARNINGS

The headline:Research In Motion Surges 12% Following Blow-Out Earnings

Pete Najarian thinks RIMM is a buy on any pullback.

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CIRCUIT CITY UNPLUGGED

The headline: Circuit City Plunges Nearly 30% After The Company Posts Greater Than Expected Loss.

Jeff Macke says CC is getting pummeled. He wonders how much longer Circuit City will remain in business.

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BREATHING LIFE INTO MERGERS

The headline: Philips Electronics Buys Respironics For $5.1 billion In Busy Week For The Amsterdam Company.

Pete Najarian likes PHIL and thinks they’re moving in the right direction.

Jeff Macke reminds the panel it’s a corporate deal and not private equity.

Karen Finerman wonders if private equity will put money into the brokerages.

Deal flow is alive and well in emerging markets, says Tim Seymour. He reminds the panel that Ingersoll-Rand (IR) bought Trane (TT) For $10.1 billion on Monday. Also National Oilwell Varco bought drilling equipment maker Grant Prideco (GRP) For $7.4B This Week.

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EMERGIN' URGIN'

The headline: Emerging Markets Surge 2%, Gold, Oil And Commodities Jump

Tim Seymour recommends keeping an eye on Asian tech as well as commodities.

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Trader disclosure: On Dec. 21, 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), (ATVI), (INTC); Finerman's Firm Owns (YHOO), (GS); Finerman's Firm Is Short (IYR), (IJR), (IWM), (SPY); Finerman's Firm Owns (MDY) Puts; 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 And Is Short The Russell 2000; Finerman's Firm Owns (MBI) Puts; Najarian Owns (C), (ETFC), (MS), (MSFT); Najarian Owns (YHOO) Options, (ANR) Options, (EMC) Options; Seymour Owns (AAPL), (BLK), (CFC), (INTC), (MER), (MSFT), (YHOO); Seygem Asset Management Owns (MOS), (EEM)