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'Fast Money' Recap: Digging Into Oil Prices

Molycorp (MCP) fell 17%. Kelly said investors who are long should get out while they can. 

Coach (COH) is down roughly 15% in the past month and 40% year to date. Nathan said the dividend could get cut and investors should wait for the stock to trade into the $20s before getting long. 

Pete Najarian said there still seems to be upside in Celgene (CELG), which has plenty of of drugs in its pipeline. 

Kelly reasoned that investors could use the SPDR Biotech ETF (XBI) or the iShares Nasdaq Biotechnology ETF (IBB) as a leading indicator for the broader stock market. 

Nathan said Lumber Liquidators Holdings' (LL) disappointing earnings pre-announcement could be company-specific and does not necessarily indicate a housing market slowdown. 

Kelly pushed back on Nathan's theory, arguing the housing market is soft although not "falling apart."

CNBC's Sara Eisen suggested three possible takeover targets in the food industry: Annie's (BNNY), Mondelez International (MDLZ) and WhiteWave Foods (WWAV). Organic foods are certainly in demand, she said. 

Kelly said he likes Hain Celestial Group (HAIN) and Nathan liked Annie's.

Pete Najarian is long Dick's Sporting Goods (DKS) based on bullish options activity. Specifically, he cited the July $47 call options. 

Jon Najarian is long Colgate-Palmolive (CL), which had bullish options activity in the August $72 calls.

Ken Sena, managing director at Evercore, has a conviction buy rating on shares of Amazon (AMZN) with a $440 price target. The company has much larger scale when it comes to the opportunities in the cloud, he said. The company has a strong ecosystem in place with its customers, and that will be hard for competitors to break, he concluded. 

Pete Najarian said Microsoft (MSFT) seems like the only company that can surpass Amazon as the cloud leader. Kelly said he likes both Microsoft and Amazon near current levels. 

Jon Najarian agreed with Pete Najarian about Microsoft taking over as the leader, but added that it could take a long time.

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