'Fast Money' Recap: Tech Is for Real

Adami said IBM is bullish and is the trade off this news. Macke said that the EDS acquisition is a one-off deal, and it doesn't mean there will be a huge rollup in the technology space.

Transports on the Move

The traders noted a strong day for the transportation sector, buoyed by positive action in FedEx (FDX Quote), UPS (UPS Quote) and the airlines.

Adami said that investors can't deny FedEx' price action. He said he still likes the company for the second half of the year. Macke said the action in UPS didn't provide a buying opportunity. He said not to chase the stocks, but that investors should respect the price action.

Najarian noted that on the decline in oil refiners such as Valero (VLO Quote) and Tesoro (TSO Quote) also moved higher today. He recommended taking a look at Pride International (PDE Quote) which had heavy call activity and is at a 52-week high.

Adami said Valero might still be cheap despite today's run.

Seymour pointed out that China demand seems to be weakening. He said that if that trend continues, oil bears will begin hitting the commodity.

The Bouncing Buck

The traders also observed that the U.S. dollar appears to be strengthening. Adami said people are beinning to believe in the dollar. He said that crude is a real commodity, and he recommended shorting gold for a synthetic trade on the dollar's rally.

Seymour said that the European Central Bank may be turning dovish here, and the fed funds futures indicate that people don't believe the Federal Reserve will ease rates into the year end. He said this news is bullish for the dollar.