The stock market plunged Friday as the Dow has now seen its worst 3-day start since 1932 and the S&P 500 has seen its worst start to the new year since 2000. The Dow finished the day down 256 points and the Nasdaq fell 98 points. The team at CNBC's "Fast Money" did a post mortem on the day and previewed upcoming conferences in various sectors.

Jeff Macke explained that the S&P 500 is right back to the panic lows it made in August and November but now it's at a great risk of breaking those lows. Pete Najarian says the job number shocked him and the Intel ( INTC) downgrade was a surprise. He explained how the Intel downgrade crushed names like Apple ( AAPL), Research In Motion ( RIMM) and Google ( GOOG). He thinks this selloff on Apple is a great buying opportunity heading into Macworld.

Jon Najarian likes Research In Motion, if it holds $100 going into the Consumer Electronics Show. However, Guy Adami favors Unilever ( UL), Procter & Gamble ( PG), Altria ( MO) and Microsoft ( MSFT) at the $32 level. Macke mentioned he would be a buyer of the S&P 500 for a trade with a tight stop at 1400.

CES Trade

The 2008 International Consumer Electronics Show (CES) is set to start on January 7Th in Las Vegas. Pete Najarian explained that the CES isn't a monster catalyst for the technology sector. Instead, he thinks investors should keep an eye on gadget maker Research In Motion. Jon Najarian would rather pay attention to Apple's Macworld, which happens one week after CES. Adami mentioned that Dell ( DELL) is getting attractive at current levels. Jon Najarian noted that he saw lots of call buying on DELL Friday.

(Here's how one manager set up his electronics portfolio in Stockpickr.com My 14-7Electronics.)

JPMorgan Healthcare Conference Preview

Next week the JPMorgan Healthcare Conference is set to kick off. Every subsector in healthcare will be represented at this conference. CNBC Pharmaceuticals Reporter Mike Huckman joined the "Fast Money" crew to discuss his take on the healthcare sector. Huckman highlighted a few companies that he would keep an eye on going into the conference. His first name to watch was Celgene ( CELG) which will give guidance on Monday. Pete Najarian mentioned he likes CELG.

Next on the list was Amgen ( AMGN) which will present on Tuesday. Huckman advises watching for comments from AMGN on its anemia drug franchise. But Pete Najarian thinks investors should keep an eye on Millennium Pharmaceuticals ( MLNM), which will present on Wednesday. Finally, Adami told viewers to watch Biogen Idec ( BIIB).

Prescription drug companies are using TV commercials to promote allergy medications and now even anti-psychotic medications. Pete Najarian likes generic drug maker Teva ( TEVA) and Novartis ( NVS). Adami favors Organon Pharmaceuticals which was just bought out by Schering Plough ( SGP). Jon Najarian likes WellPoint ( WLP).

(Take a look at the names in this healthcare portfolio on Stockpickr.com Top Yielding Healthcare Stocks.)

Catch a Falling Knife

Airlines, auto rental companies and casino stocks all fell this week as the market prices in the possibility of a recession. Macke sees a trading bottom in UAL Corporation ( UAUA). He would avoid rental car companies which he mentioned are trading like they're already in a recession. Adami favors AMR Corporation ( AMR) for a trade off of the high short interest.

Financial stocks continue to get battered as investor's fear the worst is still to come. Pete Najarian explained the investment banks finally cracked Friday after Goldman Sachs Group ( GS) fell below $200. He thinks now is the time to buy the put options on the Financial Select Sector SPDR Fund ( XLF). Jon Najarian warns that Bear Stearns ( BSC) is setting up to drop 20% in one day.

Not so Bad

Utility stocks put in a strong week in the face of a declining market. Adami likes Public Service Enterprise Group ( PEG), but with the stock up 53% he doesn't see much more upside from current levels.

Oil fell 1.3% after hitting a record high of $100.09 on Thursday. Adami says buy Jacobs Engineering ( JEC) as long as energy prices are high. Jon Najarian mentioned he is still short refiners and Pete Najarian disclosed he is short Valero ( VLO).

Same-Store Sales Heads Up

On Thursday same-store sales will be released. Macke expects Friday's poor jobs report could be a leading indicator to bad same-store sales data. He advised investors to watch Costco Wholesale ( COST) which will benefit from a soft economy. He also likes Gap ( GPS) for a trade off of low expectations.

Pops & Drops

This segment of POPS&DROPS highlights the most extreme stock moves of the week.

Pops - Osiris Therapeutics ( OSIR) traded up 11% after the biotech company won a $225 million contract. Pete Najarian says this is a huge win for OSIR.

Humana ( HUM) traded up 5% after a CIBC analyst made some bullish comments on the health insurer. Adami sees more room to the upside for Humana.

Drops - Valero ( VLO) and Tesoro ( TSO) both fell more than 8%. Jon Najarian thinks they will continue moving lower.

Sallie Mae ( SLM) fell 15%. Adami thinks it still has more room on the downside.

Macy's ( M) fell 12% off of the bearish jobs report. Macke explained that the jobs data caused a parade of sellers in the retail stocks.

KLA-Tencor ( KLAC) fell 12% after Intel was downgraded on Friday. Jon Najarian is looking for KLAC to drop below $60.

Talbots ( TLB) fell 19% after the women's clothing firm said it would shut down its children's and men's clothing and cut 5% of its workforce. Macke reminded investors to never buy specialty retailers on the dip.

Fast Fire

The team faces up to the trades that didn't go as planned.

It was December 17th when Adami went negative on Newmont ( NEM). He was dead wrong and Newmont has gone up 12% since his call. Now Adami thinks if investors want to play gold they should buy streetTRACKS Gold Trust ( GLD).

On January 2nd Macke went bullish on retailers and he told investors to buy the Retail HOLDRS Trust ( RTH) at $90. Since his call the RTH has fallen 3% and Macke admitted the trade was a mistake after the jobs number disappointed.

December 26th was the day Najarian recommended coal play Alpha Natural Resources ( ANR). He was off the mark on this call and ANR has fallen 12% since he recommended it. Najarian isn't giving up just yet, he is sticking with the coal name.

Quicker Than the Ticker

Equal time is given to the trades that did perform well.

On December 17th Najarian turned bullish on Newmont ( NEM). He was dead right and the stock has gone up 12% since his call.

It was January 2nd and Macke recommended shorting Bed Bath & Beyond ( BBBY). He was right on the money and BBBY went down 15% since his call.

On December 31st Adami went positive on Monsanto ( MON). He nailed the call and MON has ripped up 9% since his call.

Final Trade

The teams ends a difficult week with some trade that investors might like.
  • Macke favors Procter & Gamble (PG).
  • Adami would buy Johnson & Johnson (JNJ).
  • Jon Najarian recommends shorting iShares Russell 2000 Index (IWM).
  • Pete Najarian prefers Anderson (ANDE).
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