'Fast Money' Recap: Oil's Sheen

Margin calls at hedge fund Carlyle group and bullish outlook on the subprime crisis from Standard & Poor's left U.S. stocks undecided which way to go Thursday. The Dow was up 0.3%, the S&P 500 rose 0.5% and the Nasdaq climbed 0.9%

On CNBC's "Fast Money" TV show, the traders looked at high-volume trading in Bear Stearns BSC. Pete Najarian said that he didn't know if Bear was seeing a bottom, but noted that it traded 70 million shares by the end of the day, which he called incredible volume. He said there was capitulation in the market.

Guy Adami suggested getting long Goldman Sachs GS with a stop at Tuesday's low.

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On the default and margin call at Carlyle Group and S&P's bullish forecast, Karen Finerman said there likely remain a few bombs related to subprime paper; she expressed skepticism at S&P's outlook, saying the firm missed the beginning and the middle of the crisis, so it's unlikely it'd be able to call the end. The bad news from Carlyle has mostly been digested.

Joe Terranova said the Federal Reserve has indicated it understands the market is deleveraging. It wants to make sure that the deleveraging process is orderly, he said. He is not a seller of U.S. stocks here, but is instead a patient buyer.

Najarian said it is still a trading environment and investors should buy dips and sell rips. He noted that the S&P 500 touched 1282 and held twice. He said the index has to bust through 1330 before a real run can begin.

Terranova said that in commodities, the oil trade would continue to work through next Wednesday. Adami noted that Newmont Mining NEM rose 5% on the day. He recommended getting long the streetTracks Gold GLD ETF instead.

He also likes Nucor NUE, U.S. Steel X and Freeport-McMoRan FCX. Terranova said he likes Freeport as well and also recommended Southern Copper PCU.

Najarian said that if the Oil Service HOLDRs OIH reaches $170, it's a buy. If it hits $177, sell it, he said. Burlington Northern Santa Fe BNI has been similarly tradeable, he said. Adami recommended natural gas plays as well. He likes XTO Energy XTO and Apache APA.

Najarian expressed enthusiasm for massive insider buying by Chesapeake Energy CHK CEO Aubrey McClendon. McClendon has increased his stake in Chesapeake by millions of shares each time he's bought in the past several years, Najarian said.

Terranova said that the natural gas play is a real story because of supply concerns.

Chrysler said it would cease production for two weeks this summer. Adami said that BorgWarner BWA was the best way to play the auto sector.

Amgen AMGN shares traded wildly on a mixed bag of news today. Najarian said today was good for Amgen because nothing had been working for the company in the past couple of years.

In home retail, Najarian said Lowe's LOW had been beaten "with the ugly stick." Adami said he believes Home Depot HD could run to $30.