'Fast Money' Recap: Global Godzillas

The gang on CNBC's "Fast Money" show on Monday saw last week's stock market plunge as a battle between King Kong (financial distress) and Godzilla (global growth). And due to credit problems, King Kong won.

This week, Treasury Secretary Hank Paulson will be in China for trade talks. Eric Bolling is bullish on China and he would own iShares FTSE/Xinhua China 25 Index(FXI Quote) and CurrencyShares Euro Trust(FXE Quote).

Guy Adami is bullish on American firms that reap big gains from having global market share like Hewlett-Packard(HPQ Quote), Boeing(BA Quote), and Utek(UTK Quote).

Jeff Macke agreed with Adami that American firms that do business in China is the way to play it. His pick was Honeywell(symbol Quote), while Pete Najarian was bullish on United Technologies(UTX Quote), China Mobile(CHL Quote) and China Unicom(CHU Quote).

Trash Talk

A potential earnings play this week could be from a sector most investors don't think about. This week, two big garbage companies come out with earnings: Allied Waste(AW Quote) and Waste Management(WMI Quote). Guy Adami's favorite pick in this sector is Republic Services(RSG Quote). Pete Najarian agreed with that pick and also endorsed Allied Waste.

Dealmaking Not Dead Yet?

Last week saw many Wall Street traders predicting that mergers are dead due to higher borrowing costs for private equity firms. But could Corporate America pick up the slack? Pete Najarian thinks deals will continue to close, noting with Roche and Rural Cellular (RCCC Quote) as examples for this week. He thinks that some firms could be turning away potential deals, but the M&A activity is still alive.