Technology stocks continued to show strength on Wednesday with the Nasdaq closing up 28 points while the Dow struggled to close down 20 points. Poor housing numbers and record high oil prices continue to keep the markets at bay. CNBC's "Fast Money" panel tries to make sense of this market divergence.Washington Mutual ( WM) reported a 72% decline in profits and the CEO says the housing slump isn't over. Karen Finerman believes the divergence between technology strength and financial weakness is sustainable as long as people have jobs. She is very nervous about future quarters for Washington Mutual. In Pete Najarian's opinion, the market digested the financial crisis too quickly and he expects to see future adjustments. On the flip side, he expects technology stocks to remain strong. In other mortgage news, Countrywide Financial ( CFC) was hit with a SEC informal investigation into stock sales by CEO Angelo Mozilo. Guy Adami points out that where there is smoke, there is generally fire.
Citigroup Vs. JPMorganJPMorgan ( JPM) one upped Citigroup ( C) on Wednesday with a better earnings report due to superior cost controls. CNBC's Charlie Gasparino joined the "Fast Money" crew to discuss his take on the big banks. Gasparino says the rumors are that Citigroup CEO Chuck Prince is out tonight. Citigroup is denying it, but Gasparino doesn't believe the denials. Too many senior executives at Citigroup are telling him that Prince is gone. Adami suggests that Citigroup could be a buy right now after 100 million shares traded on Wednesday at the 52-week low. Finerman is getting anxious to buy some Citigroup for a play on Prince leaving. Jeff Macke cautions investors that Citigroup could be a value trap.