'Fast Money' Recap: 2008 Outlook

The stock market saw its biggest up day in two weeks on Friday. The Dow finished up 205 points and the Nasdaq closed up 51 points. The crew at CNBC's "Fast Money" discussed the rally and how the credit crunch could affect 2008. Dennis Gartman and Dennis Kneale join the show for additional input on commodities and the tech sector.

According to Pete Najarian, the market rocketed up because of Research In Motion's earnings and continued strength in anything tied to the global story. He mentioned that investors are starting to believe the US economy is looking okay. Research In Motion(RIMM Quote) exploded up 12% after reporting strong earnings that beat the street. Najarian believes if RIMM pulls back below $105 it's a buy.

Jeff Macke explained that volatility came down and the news flow wasn't bad on Friday. Tim Seymour thinks the macro is back in and emerging markets are being driven by liquidity. He continues to think the global growth story is alive.

Credit Crunch 2008

CNBC's Charlie Gasparino joined the "Fast Money" crew to discuss his take on the credit issues for 2008. Gasparino predicts the first half of 2008 will be worse because the market will see write-down's from Merrill Lynch(MER Quote) and Citigroup(C Quote). Gasparino predicted that Merrill will have to write-down $15 billion and Citigroup $20 billion and both firms will have to layoff as much as 10% of their workforce.