'Fast Money' Recap: Callaway Swingin'

The stock market had a mixed day Monday, as oil pulled back from a new high and the tech sector found some footing. The Dow climbed 0.3%, the S&P 500 gained fractionally and the Nasdaq was up 0.8%.

Pete Najarian said that oil spiked in the early market session. He said oil at $140 "was not so great" but when it pulled back, "financials started to kick in" and rallied throughout the day. He said technology stocks Dell (DELL Quote), IBM (IBM Quote) and Hewlett-Packerd (HPQ Quote) showed strength and voiced concern about the chip space.

Guy Adami said recent gains in Lehman Brothers (LEH Quote) didn't offer much information as to the future course of the stock. "The stock could go up, could go down. But I wouldn't short it nor get in it either," he said. He also said, "The easy money has been made already" in Lehman.

The traders observed that Goldman Sachs (GS Quote) has risen 7% since last Friday. Joe Terranova said he hopes the company's earnings report will lend momentum to the financials. Najarian said there has been heavy call activity in Goldman.

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Of the dollar, Guy Adami predicted it would be higher by the end of the year. Macke predicted that it would draw back to support.

On the downward action in oil, Najarian said Chesapeake Energy (CHK Quote) and American Airlines operator AMR (AMR Quote) are good plays if oil continues to fall.

Callaway Golf (ELY Quote) shares climbed. Adami said the high ratings for the US Open faceoff between Rocco Mediate and Tiger Woods helped Callaway.

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