Jim Cramer Blog

The PowerShares DB Agriculure Fund, DBA (AMEX:DBA), lost more than 3% on Friday, responding to dramatically overbought conditions that developed on Wednesday.
Perennial traders' favorite, the ProShares UltraShort Oil & Gas ETF, DUG (AMEX:DUG) was among the better performing of the widely-traded funds, gaining more than 3% and moving back up toward its recent highs.
Reflecting continued weakness overseas in Latin America, the iShares Brazil Index Fund, EWZ (NYSE:EWZ) resumed its descent on Friday, losing nearly 3% and closing at new lows. The iShares S&P Latin America 40 Index ETF, ILF (NYSE:ILF) was also lower, losing nearly 2%.
The PowerShares QQQ Trust ETF, QQQQ (NasdaqGM:QQQQ), continues its progress above the 200-day moving average, closing above that level for the sixth consecutive time. The QQQQ has not had this many consecutive closes above the 200-day moving average since late May.
The move lower in gold has contributed toward more selling in the Select Gold Shares SPDRs, GLD (NYSE:GLD), which were down more than 2% on the day en route to lower lows for the month.
Trading below their 200-day moving average and once again overbought, the Select Technology Sector SPDRs, XLK (AMEX:XLK), were higher again on Friday.

Labels: DBA, DUG, EWZ, GLD, Hot Stocks, ILF, QQQQ, XLK

Word on the Street

Bad news from Boeing (BA) and Honeywell (HON) helped the bears. DaimlerChrysler (DAI) was hit with bad news Wednesday as the United Auto Workers are striking. Macke doesn't think the strike will impact the auto supply stocks and favors Johnson Controls (JCI) and American Axle (AXL). Seymour recommends Magna (MGA).

Dennis Gartman

Gartman says the Fed isn't concerned about inflation and will continue to cut rates. He would be a buyer on weakness in gold and sell short the U.S. dollar. He would accomplish this via the streetTRACKS Gold Trust (GLD). Seymour is still concerned about inflation.

Stents

Wednesday night news broke that the FDA advisory panel is backing drug-coated stents made by Medtronic (MDT). CNBC's Mike Huckman recommends investors look at SurModics (SRDX), Abbott Labs (ABT), Novartis (NVS) and Wyeth (WYE). Lawsuit risk keeps Najarian from being a fan of the stent market. He would rather be in Myriad Genetics (MYGN). Medical device maker Zimmer (ZMH) saw huge options activity Wednesday.

Pops & Drops

Pops-Nokia (NOK) traded up 1%. Najarian

Akamai (AKAM) traded up 4% after being upgraded.

Google (GOOG) traded up 2%. Seymour claims the beat goes on with Google.

Drops- Alcoa (AA) fell 3% after earnings disappointed.

PetSmart (PETM) fell 4% after lowering profit forecasts.

Turkcell (TKC) dropped 5%.

I-Robot (IRBT) fell 8% after reporting a loss.

TempurPedic International (TPX) fell 7% after bearish analyst comments.

Final Trade

Jon Najarian: Google (GOOG) is going to trade to $700 before the end of the year.

Pete Najarian favors ValueClick (VCLK).

Seymour: ConocoPhillips (COP) for its European exposure.

Finerman: Tyco Electronics (TEL).

Macke: Merck (MRK).

Labels: BA, CNBC, DAI, Fast Money, Fast Money Recap, GLD, HON, JCI, MGA