Dow's Best Week Since 2003


Stocks snapped a disastrous three-week losing streak with their best weekly gain in 5-1/2 years.

For the week, the Dow gained 4.75 percent, while the S&P 500 rose 4.6 percent. It was the S&P's best week since February. The Nasdaq advanced 4.1 percent for the week -- its best week since early August.

However on the day, the Dow closed lower due to weakness in manufacturing and financial stocks after bleak data on consumer confidence and construction.

Thoughts on the day?

It’s very hard for a value investor like me to find value because valuations change within hours, says Karen Finerman. If you have a long term horizon then you’d probably want to be a buyer.

There is value out there, adds Joe Terranova, but you do have to look.

I’m much more confident than I was just one week ago, exclaims Pete Najarian. I also think there are values in this market.

It seems to me that there is a bottom forming here, adds Zach Karabell. However don’t get spooked by economic data that comes out over the next few months. It probably won’t be good. Our economy is changing, but it can’t change on a dime.

How are you trading?

If you’re looking for a trade I love General Mills , Mastercard and Potash , adds Terranova.

The action on Schlumberger has also been extraordinary, adds Karabell.

Keep an eye on Haliburton as well as Nabors, counsels Najarian. They report next week. Also I’m very interested in the United States Natural Gas Fund . Action in the options market suggest this ETF could go higher.

The OSX index has never traded at current levels in over a decade, adds Finerman. That alone is a reason to buy it.



The Baltic Dry Index, a gauge of worldwide economic growth, is nearing a 6 year lower suggesting the global economic is a less than rosy.

I think that’s great cocktail party conversation, says Zach karabell. But beyond that I don’t give it much credence.



Shares of Google traded higher after the Internet search giant surprised the Street with blockbuster earnings. CNBC’s Jim Goldman writes, “You really can't look at the Google third quarter earnings report any other way than blockbuster. And its stock price is reflecting this far better than expected performance.”

They really made their money with the DoubleClick acquisition, explains Pete Najarian. That’s what hit the bottom line, their ad revenue. As for other tech companies IBM also had great numbers. I think there’s some good companies in this space, he adds.

These fundamentals in technology remain in place despite the credit market, says Zach Karabell. As Libor comes down these stocks could go up.



Prosecutors have subpoenaed a dozen executives of Lehman Brothers Holdings including Chief Executive Dick Fuld in connection with three grand jury probes investigating the fall of the investment bank.

It appears that federal prosecutors will focus on whether executives made false comments about the health of the firm ahead of the brokerage's recent bankruptcy.

Read More:

> Lehman Executives Including Fuld Subpoenaed

For the past few weeks, Dylan Ratigan has expressed outrage that there are investors who got rich at the expense of the American banking system. And now it’s the American taxpayer footing the bill

To hear what he has to say please watch the video or click here.

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Trader disclosure: On Oct. 17, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Karabell Owns (AAPL), (CSCO), (GOOG), (JPM), (MS), (SLB); Finerman Owns (GS); Finerman's Firm Owns (MSFT), (NOV), (UNH), (DVN), (WLP); Finerman's Firm Owns (DNA_ Call Spreads: Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY), (USO), (BBT), (COF); Najarian Owns (AAPL) And (AAPL) Call Spread; Najarian Owns (AMD) Puts; Najarian Owns (CHK) And Is Short (CHK) Calls; Najarian Owns (HAL) And Is Short (HAL) Calls; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (YHOO) Calls; Najarian Owns (MGM) And Is Short (MGM) Calls ; Najarian Owns (UNG); Terranova Owns (AAPL), (EXM), (FCX), (FTO), (MA), (NOV), (POT), (X), (VLO)

GE Is The Parent Company Of CNBC

Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)

Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Virtus Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (CNW), (OFC), (DLM), (DRH), (DLR), (EPR), (EXR), (FL), (SLB), (LNET), (MAC), (DBC), (DBV), (SKT), (UA), (BLV), (VV), (CLB), (GWX), (IGE), (FSMXX); Virtus Investment Partners Owns Seagate Tax Refund Rights; Virtus Investment Partners Owns Seagate Technology Tax Refund Rights; Virtus Investment Partners Owns More Than 1% Of Shares Of Incitec Pivot Ltd.; Virtus Investment Partners Owns More Than 1% Of Shares Of Essex Property Trust Inc. with wires