'Fast Money' Recap: Unhappy Crew

Melissa Lee started Tuesday's episode of CNBC's "Fast Money" by stating how the market was "fairly quiet" as the major indices all closed essentially flat for the day. Lee also mentioned that Freddie Mac (FRE Quote) and Fannie Mae (FNM Quote) "continued to rise."

Mike Huckman, pharmaceutical reporter of CNBC, came on the show with some breaking news on Eli Lilly (LLY Quote) and Amylin Pharmaceuticals (AMLN Quote). Huckman said that Eli Lilly and Amylin were currently holding a conference where it was announced that there was four additional deaths among people in a study for the drug Byetta. However, both Eli Lilly and Amylin stated that they do not believe the deaths are directly attributable to Byetta.

Adami said "I think you got to buy it" if Eli Lilly trends down to $45 a share.

The Best Defense

Adami went on to say how much he likes the defense sector, most specifically Boeing (BA Quote) and Lockheed Martin (LMT Quote). He said he likes Lockheed more than Boeing, since he feels there is more upside potential with the stock.

Jon Najarian commented on why Freddie Mac and Fannie Mae moved up today. He said the move upward has to do with Goldman Sachs making some positive comments on both of the companies before the market opened.

Regarding the overall market, Quint Tatro said, "It's a tough tape to do much; that is why you should wait on the sidelines."

Adami said he feels the dollar will continue to rise. He mention that he feels "Europe is very weak" and will have to lower interest rates soon to help its economy -- and that in turn, he says, will only strengthen the dollar even more.