'Fast Money' Recap: Worst Start

Next week Wall Street will hear from Citigroup and Merrill Lynch(MER Quote - Cramer on MER - Stock Picks) when they both report earnings. CNBC's Charlie Gasparino joined the "Fast Money" crew to discuss his take on the financials. Gasparino says his sources are telling him that Citigroup is going to receive $15 billion from a consortium of investors. He feels that Citigroup will come clean on layoffs and how big their write-downs will be on Tuesday. Finerman disclosed she has a tiny position in Citigroup.

Gasparino mentioned that he thinks Merrill will take a $12 billion write-down for the current quarter and $20 billion for their total write-downs. Adami favors MER over C. Najarian suggests the best way to trade Citigroup is to buy the stock and sell the calls against it for a hedge.

Defense Budget

The new defense budget from the President is set to be reported next month. Adami advises buying the best defense companies on the planet like Lockheed(LMT Quote - Cramer on LMT - Stock Picks), Raytheon(RTN Quote - Cramer on RTN - Stock Picks), General Dynamics(GD Quote - Cramer on GD - Stock Picks) and L-3 Communications(LLL Quote - Cramer on LLL - Stock Picks).

(Check out this portfolio for defense budget stocks on Stockpickr.com Aerospace & Defense.)

MacWorld trade

Apple is set to hold its largely anticipated Macworld conference next week. Najarian mentioned that Apple has been slaughtered for the past two weeks. He says the normal move for Apple during Macword is 8%, so he is recommending buying the $180 call and selling the $185 call. Najarian also noted that the chatter on Wall Street is that iPhone sales will be big for Apple.

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