'Fast Money' Recap: Copper Is King

Dylan Ratigan opened today's "Fast Money" on CNBC by talking about how crude oil is rallying today -- it is currently up $5.28, or 4.5%, to $121.07. He also mentioned that the dollar is trading downward as the major indices trade in negative territory.

Jon Najarian brought up the Consumer Discretionary SPDR(XLY Quote), which is an ETF that contains companies such as retailers and auto manufacturers. He has noticed very high put option volume, leading him to feel negative toward companies that are levered to discretionary income.

Jeff Macke sarcastically mentioned how "consumers have been in a cocoon for months." He said consumers' discretionary income has been strained for quite awhile, which is why retailers have been having a troubling time.

Guy Adami is bullish on the copper sector, specifically Freeport-McMoRan(FCX Quote). He then pointed out that U.S. Steel(X Quote) was trading higher today but said he is not bullish on any of the steel companies and suggested that investors "sell into the rallies."

Joe Terranova mentioned that he likes National Oilwell Varco(NOV Quote); the stock is up about 5% to $78.26. However, he said he disagrees with Adami and stated, "U.S. Steel should be up."

Najarian stated that he really likes Joy Global(JOYG Quote), since he is bullish in the coal industry.

RIM Shot

Ratigan said Research In Motion(RIMM Quote) will be releasing a new BlackBerry model, to be called Bold.

Najarian said "keep an eye on this one" regarding Research In Motion. He stated that on average, the stock has moved up about 50% when it trades above its 100-day moving average right before a product launch.