'Fast Money' Recap: Heading Sideways

Adami also said Chesapeake (CHK) and Nucor (NUE) are issuing stock in secondary offerings. He said normally this is bad news, but he recommends buying Nucor's secondary.

Najarian said he believes natural gas has room to the upside. He urged investors not to fight breakouts in names like ConocoPhillips (COP). He said coal names are looking bullish as well.

Jon Najarian joined the show to talk about put activity in the financials. He said there is heavy put volume in the Financial Select Sector SPDR (XLF). He said he doesn't think investors are merely protecting long positions from the downside. He said he thinks the financials will trade sideways from here. He also said emerging markets appear to be rolling over.

The traders discussed ways to play oil without going directly to the sector. Joe Terranova said Goldman Sachs (GS) has the best collection of oil traders around. Najarian agreed. Adami said Trinity Industries and Hexcel (HXL) are good plays on wind. He also recommended Halliburton (HAL).

Hot Couch Potatoes

Macke said that oil prices will keep people at home, so he recommended some couch-potato trades, including Activision (ATVI) and Yum! Brands (YUM).

Najarian said he disagrees with Macke, saying that those trades play into expensive commodities.

Stealth Solar

The traders then discussed the possibilities for DuPont (DD). Najarian said it's an under-the-radar energy play. He said that the company has adapted recently and has promising exposure to photovoltaic technology.

He said that recent positive earnings from First Solar (FSLR), Energy Conversion Devices (ENER) and Canadian Solar (CSIQ) mean that DuPont's PV segment will probably get bigger as time goes on.

Adami said DuPont adapts better than any other company and is still cheap on a valuation basis. Macke said it's a better play than the solar-specific stocks.

Selective Inflation

The traders then spoke with River Twice Research President Zach Karabell about trading inflation. Karabell said that inflation isn't occurring across the board. He said that items that are purchased often are experiencing price increases, whereas low-frequency items are actually experiencing falling prices.

He urged investors to look into irreplaceable inputs, such as iron ore, which leads to stocks such as Vale (RIO) and Cleveland-Cliffs (CLF).

Brands can also be irreplaceable inputs, he said. Stocks with powerful brands like Apple, LVMH (LVMH) and Tiffany (TIF) should do well in this environment, he said.

Trader Radar

Symantec (SYMC) traded on extraordinary volume today.

Again speaking of plays on summertime activities, the traders discussed some stocks that might benefit from consumers' propensity to barbecue during that time of year. Najarian recommended Clorox (CLX), which owns Kingsford Charcoal. Terranova said Crocs (CROX) might be a good play as the company attempts to get women to wear its shoes.

Adami said Suburban Propane (SPH) is interesting on a valuation basis. Macke said investors should look at Wal-Mart.

Fast Messages

One viewer asked the traders what was going on in gold. Adami recommended buying Freeport-McMoRan and said he thought the recent rise in gold was a short-covering rally.

Macke counseled another viewer against buying stock in PC companies, saying the sector has had a good run, and it was time to sell when Wall Street analysts went positive on the sector.

Najarian told a third viewer he believes it's OK to buy shipping stocks but recommended following the companies' pricing for their services to better play the sector.

Another viewer had all his money in energy stocks. Terranova recommended taking some profits.

Final Trade

Macke said to buy SPDRs with a tight stop. Adami recommended Public Service Enterprise Group (PEG). Najarian chose Excel Maritime (EXM).

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