'Fast Money' Recap: Take It to the Bank

On CNBC's "Fast Money" TV show, the traders opened the show by speaking on today's market activity, specifically the financial sector and its bounce.

Jeff Macke led off by saying that right now, investors "have no idea" with financials and that betting on red or black gives you roughly the same odds as betting on the financial stocks.

Jon Najarian added that he has been noticing a lot of selling of puts and a lot of buying of calls in options activity.

Joe Terranova said that "what is troubling about financials is commercial mortgage-backed securities."

Guy Adami, speaking on Lehman Brothers(LEH Quote), said "I don't trust this rally at all," and investors "did not see capitulation yesterday."

Suggesting a trade, Terranova weighed in, saying to take Goldman Sachs(GS Quote) and Morgan Stanley(MS Quote) long and to short any other financials.

Jon Najarian disagreed, saying that he likes JPMorgan Chase(JPM Quote) the best.

Other Action

Briefly discussing Hewlett-Packard(HP Quote), Adami said that he believes this stock looks cheap from a valuation perspective and that yesterday's news was not tremendously impressive.

Moving into oil, Terranova said that today's inventory numbers show a "huge build in oil," and the "non-OPEC supply continues to decline." He said to "play integrated oil service names."

Adami, speaking on commodities, said "I still like the steel stocks," but we are in a "sell-the-rallies mode." He said to look at US Steel(X Quote).

Losing at the Casino

Next, moving into casinos having trouble, Macke brought up MGM Mirage(MGM Quote) and Las Vegas Sands(LVS Quote). He said, "I think MGM is going to wish they were BP getting kicked out of Russia," referring to the shakedown happening in Macau.