'Fast Money' Recap: What Good Is Goldman?

Dylan Ratigan hosted CNBC "Fast Money" show Tuesday night. He started the show with a discussion of Goldman Sachs Group(GS Quote). He mentioned that Goldman CEO Lloyd Blankfein spoke at a Merrill Lynch conference today. Blankfein was quoted as saying "our reformation as a bank holding company isn't having a material impact on the way we operate our business."

Guy Adami said the problem is that Wall Street doesn't know how Goldman will make money going forward. He says "at some point the smartest guys in the room will come out and say something." Tim Seymour said the good news for Goldman is that value guys are looking at the stock. Karen Finerman says "the one good thing for Goldman is that credit default swaps have not moved out materially."

The "Chart of the Day" was the Dow. Ratigan pointed out that the Dow is stuck in the middle of the range. Adami says "the only edge you have in the market is the range, so sell the extremes and buy the dips."

Najarian said that if you want to trade the range, then play Burlington Northern Santa Fe(BNI Quote) at $80, Norfolk Southern(NSC Quote) at $52 and Union Pacific(UNP Quote) at $60.

Seymour said one interesting play is Frontline(FRO Quote), which should announce a 35% dividend yield next week.

Seymour said the story of the day was the announcement that American Express(AXP Quote) gained emergency approval to become a bank holding company overnight. Najarian told viewers to look at IBM(IBM Quote) and Hewlett-Packard(HPQ Quote). He says "if the emerging markets start to come back, these tech names will trade higher."