The markets ended its worst week since the big rally.
Dow Jones Industrial Average
fell 62.68, or 0.75%, to 8,268.64, while the
dropped 10.19, or 1.14%, to 882.88. The
fell 9.07, or 0.54%, to 1,680.14.
Karen Finerman said on
's "Fast Money" TV show that this week's pullback was insignificant against the backdrop of the enormous upside move. She said the leaders on the way up -- financials, consumers and materials -- were the laggards on the way down this week. She said she remains long on energy and oil services.
Pete Najarian said today's action left him feeling in what "may be no-man's land" but in a pocket that may be at 875. He also said the VIX moved up to 33 today and could move higher next week after the expiration of a huge number of put protections.
Guy Adami noticed the trading volume of the financials was anemic. For example,
traded 93 million shares compared to an average of 182 million during the past three months. He believes the stock will retrace to $22.
Adami also sees
heading down $10 to $15 despite reports that it is going to pay back its TARP money.
Shifting overseas, Tim Seymour said he liked
because it is selling its investment arm and doesn't need any government help.
Melissa Lee, the moderator of the show, shifted the panel's attention to another big business story: six insurers, including
getting access to $22 billion of TARP money. Najarian said he noticed a lot of unusually strong options activity ahead of the announcement.
Lee noted specialty retailers ended lower today. Adami said the easy trade in retailers has been over some time, but he said investors might want to check out
whose margins look better despite "awful" same-store sales. He sees Gap, which closed at $15 today, in play at $14 to $14.50.
, with its success in food and consumable sales, is awfully cheap at $48. Finerman said she's been buying the stock this week and recommended getting into Wal-Mart-like stocks like
Lee said that oil dropped 3.7% today. Adami sees the commodity headed down another $8 to $10, but Seymour said the drop may be "good news," because it is a sign of stabilization that is needed for a lot of names like
.that need predictability.
Najarian said investors should be taking some profits off the table of the ag names, which soared 14% to 15% this week.
Lee brought in Youssef Squali, managing director of Jefferies & Co., who put out a buy on
with a price target of $442.
Squali said he based his decision on the rapid growth in searches in the U.S. for Google, which is up 45% year over year in April. He said that's a significant rise from the previous months.
Jon Juricic, president of streetinsider.com, came on the show to talk about the portfolios of well-known CEOs. He told the panel that Bill Ackman, CEO of
had bought 7.5 million shares of an apartment REIT, took up a new stake in
, cut his stake in
and maintained a sizable stake in his own company.
set to report earnings next week, Jim Goldman, a
reporter said he expects its results to be in-line. He said the results should provide some reason for optimism by analysts for the company whose shares are down for the year compared with
, up 20%, and
, up 7%.
He said HP should get a nice bounce from Windows 7 which is scheduled for release during the holiday shopping season. He said the company's problem is its printer business which faces some competition.
Jim Delaney, vice president of Saratoga Capital, came on the show to talk about the move earlier this week by the Obama administration to tighten regulation of the credit default swaps markets. He said the proposed steps will provide much needed transparency and improved risk management but he warned that too much regulation such as onerous margin requirements could drive products offshore and "nobody will make money."
Gregg Fisher, president and chief investment officer of Gerstein Fisher, appeared on the show to talk about investing in "sexy" muni bonds. He told the panel that his clients are investing in general obligation bonds across states. He also said he would hedge against inflation by investing in gold, foreign currencies and foreign bonds.
In the final trades, Seymour was for
, Adami for
Johnson & Johnson
, Finerman for shorting
SPDR S&P Retail ETF
and Najarian for
"'Fast Money'Portfolios of the Week" on Stockpickr every Thursday.