Fast Money Recap: Numbers Watch

The team has a mixed outlook before Friday's economic numbers.
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The

Dow

rose 58 points Thursday after strong retail sales and economic data brought the bulls out in force. However, the team on

CNBC's

"Fast Money" offered a mixed reaction ahead of the important jobs numbers on Friday morning.

Jeff Macke says the market right now is marking time. Karen Finerman wasn't impressed with the action on Thursday. Guy Adami says this could be a monster opportunity to short the market on the jobs report. Pete Najarian says retail isn't what is driving this market right now. Macke says good news is bad and bad news is good in regards to the jobs report.

Gold crossed $700 for the first time since May 2006. Adami says if we don't get a rate cut on Sept. 18 from the

Federal Reserve

gold will likely continue to climb higher.

The crew also gave their quick take on the day's headline items and stocks.

Word on the Street

Apple

(AAPL) - Get Report

announced on Thursday plans to give a $100 credit to iPhone buyers who aren't happy about the company's recent price cut of the popular device. Macke says the company is in uncharted territory and he would be selling the stock. Finerman agreed. Najarian believes Apple is a great company and the iMac is screaming. (

RealMoney

Take: Scott Rothbort said recently, "Apple -- expect a rise in Mac sales as more incoming freshman select Mac as their platform" To read more on what Rothbort said,

click here

.)

National Semiconductor

(NSM)

reported better-then expected earnings on Thursday. Adami likes the stock and Najarian advises buying it on weakness.

UBS issued a buy recommendation on China saying the Olympics will keep the rally going through 2009. Finerman says this is ridiculous and asks how the analysts could have clarity in the market through '09. Macke says this is a terrible upgrade and investors should use it to sell. Najarian says the China telecom stocks are on fire. Adami likes

China Mobile

(CHL) - Get Report

. (

RealMoney

Take: Dan Fitzpatrick said recently, "China Mobile scared out a lot of bulls in early August, but the stock has rallied almost $20 since the August low, and it looks like it's ready for more." To read more on what Fitzpatrick said,

click here

.)

Smith & Wesson

(SWHC)

traded higher after hours on a strong earnings report. Adami says don't chase it but buy it on a pullback.

Juniper

(JNPR) - Get Report

hit a new high after a positive analyst day. Najarian says he loves Juniper,

SAP

(SAP) - Get Report

and

Cisco

(CSCO) - Get Report

.

Is the Consumer Dead?

August sales numbers from retailers beat expectations and have many bulls on Wall Street thinking the subprime-mortgage issues and housing problems aren't killing the great American consumer.

CNBC

retail reporter Margaret Brennan joined the crew to discuss the current state of the American consumer. Brennan says the rumors of the death of consumer are exaggerated. She says the CEOs she's talking with are more bullish about their outlook than Wall Street is on the consumer.

Traffic might be slower, but people are spending more when they do buy. Adami says he likes

Tiffany

(TIF) - Get Report

,

Saks

(SKS)

and

Sotheby's

(BID) - Get Report

.Finerman disagreed with Adami on Sotheby's. Macke says the retail numbers were good, but the jobs number is a more important indicator to watch.

Is the Commodity Bull Market Dead?

Commodities continued to rip higher on Thursday with gold trading above $700, oil closing above $76 a barrel and wheat continuing its fantastic price run. What is the trade as global demand strengths for commodities?

Adami says the reason the commodity stocks sold off so aggressively is because hedge funds had to liquidate positions. He believes

Freeport McMoRan

(FCX) - Get Report

will go to $115 and he also likes

Exxon Mobil

(XOM) - Get Report

.

Najarian says steel and energy stocks will continue to go higher as the global growth story continues. He likes

Posco

(PKX) - Get Report

and

BJ Services

(BJS)

, which had monster call-buying on Thursday. Adami believes oil has the most momentum here, and gold scares him because if there is no rate cut on Sept. 18 it will get crushed. Macke believes gold wants to break higher more than oil.

Is Dealmaking Dead?

The credit market blow up took private equity out of the dealmaking equation for the time being. Now, dealmaking is looking to make a comeback from the corporate side with deals like

Yahoo!

(YHOO)

buying Bluelithium on Tuesday. Is dealmaking back? Finerman says that with a weak dollar foreign buyers could come in and the corporate buyers still have strong balance sheets to make deals. Her play is

Meriden Gold

(MDG)

.

Najarian suggest taking a look at the device makers. He believes the

Biomet

(BMET)

deal will get done and he is watching

Dade Behring

(DADE)

,

Ventana

(VMSI)

and

Roche

(ROG) - Get Report

.

Macke says the big deals are gone and if this is the best we can do the equity traders have no opportunity. (

RealMoney

Take: Jim Cramer recently said, "

Google

(GOOG) - Get Report

is selling at only 1 time its growth rate. It is innovating constantly and we all know is taking share from Yahoo!" To read more on what Cramer said,

click here

.)

Final Trade

  • Finerman recommends UnderArmour (UA) - Get Report.
  • Najarian likes Dick's Sporting Goods (DKS) - Get Report. (RealMoney Take: Scott Rothbort said recently, "Dick's Sporting Goods -- athletic shoes, cleats, football and soccer gear will highlight strong back to school sales. A moderate hurricane season will also benefit late season golf sales." To read more on what Rothbort said, click here.)
  • Macke says short the SPDRs going into tomorrow's number with a tight stop at 1500. Adami is with Macke and he says buy Short Dow30 ProShares (DOG) - Get Report, which is a bet against the Dow. (RealMoney Take: Scott Rothbort recently said, "Other stocks I have bought or added to in the last month are Under Armour." To read more on what Rothbort said, click here.)

Pops & Drops

Pops --

Anhueser-Busch

(BUD) - Get Report

traded up 2% after raising its full year forecast. Finerman says it popped on the back-to-school keg trend.

Biogen Idec

(BIIB) - Get Report

popped 2% after reaffirming 2007 guidance. Adami still likes it and so does Najarian. (

RealMoney

Take: Jim Cramer recently said, "and it looks Biogen Idec is in play." To read more on what Cramer said,

click here

.)

Ann Taylor

(ANN)

moved up 4%. Macke says sell it into the strength.

Aeropostale

(ARO)

popped 5% after beating expectations. Najarian says that was no surprise after he highlighted the options activity in the name on Wednesday.

Nokia

(NOK) - Get Report

traded up 3%. Najarian says it's not too late to buy the stock.

ADC Telecommunications

(ADCT) - Get Report

popped 4% after raising its 2007 outlook. Finerman says that with any hope this is just the beginning.

Drops --

GAP

(GPS) - Get Report

fell 4% after same-store sales fell 1%. Macke advises buying this dip.

Office Depot

(ODP) - Get Report

fell 6% after cutting back expansion plans.

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