Fast Money Recap: Black Gold, Texas Tea

Oil hit a record high Wednesday, trading above $80 a barrel after supplies fell more than expected. The team at CNBC's "Fast Money" TV show tackled this topic and the flip-flopping equity market.

As oil keeps climbing, wheat hits a record high and gold continues to trend higher, trading well over $700, what is the trade now in the hot commodities sector? Dennis Gartman, author of The Gartman Letter, joined the crew to discuss his thoughts on the recent action in commodities.

Gartman says global demand for oil continues to push the commodity higher and he feels the trend will continue. Gartman says he remains long oil and specifically long Athabasca(ABM Quote) and Suncor(SU Quote).

Guy Adami likes the upgrade out of Goldman Sachs on Apache(APA Quote). Karen Finerman says she is long Conoco(COP Quote) and sticking with it.

Moving on to the dollar, Gartman believes the poor price action in the greenback suggest the Fed will cut rates. He feels the dollar will continue to be weak in an environment where many Persian Gulf states say they want to price oil in other currencies -- meaning they'd rather use euros than dollars to pay for oil transactions, in turn dumping dollars on the market as they stock up on euros.

Macke wants to play a weak dollar by buying Sara Lee(SLE Quote) and General Mills(GIS Quote). Dylan Ratigan recommends that if investors want to be long the yen they should buy CurrencyShares Japanese Yen Trust(FXY Quote) and play the euro with CurrencyShares Euro Trust(FXE Quote).

With this in mind, Gartman remains bullish on gold and he believes anyone short gold is going to get hurt. Gartman feels the recent run in wheat over $9 is a good signal to sell; he thinks it will go to $7. Pete Najarian says the commodities are running the show along with biotech and Big Pharma.

Word on the Street

Lehman Brothers(LEH Quote) rebounded, jumping 3% on Wednesday. Najarian thinks that when Lehman reports earnings it will be indicative of the entire financial sector. (RealMoney Take: Jim Cramer said recently, "I can't tell you how the numbers are, but let me just say we are having a much better September than August. That's what I expect Lehman to say." To read more on what Cramer said, click here.)

Amgen(AMGN Quote) continued to rally on positive anemia drug news. Najarian says he still doesn't like Amgen and he thinks it's time to take it off. (RealMoney Take: Jim Cramer recently said, "You can simply start taking those out-year gains to the bank, Amgen -- after this non-ruling." To read more on what Cramer said, click here.)

Target(TGT Quote) announced that it is considering the sale of its credit card division. Finerman says she would buy this stock right now, and Jeff Macke likes it for a trade.

Wal-Mart(WMT Quote) announced after 19 years it will have a new advertising campaign. Macke says Wal-Mart can fix its problems by focusing more on value, spending more on store maintenance and getting rid of the CEO Lee Scott. Macke says don't own the stock, but Finerman says own it for a long-term hold.