'Fast Money' Recap: Financials Fight Back

"The market today was squirrely," said host Dylan Ratigan to kick off Tuesday's episode of CNBC's "Fast Money." He also mentioned that "financials had been weak all day but picked up a nice head of steam heading into the afternoon." Among those financials were Bank of America(BAC Quote) and Washington Mutual(WM Quote), which had "huge moves."

Staying with the financials, Pete Najarian said that when Fanny Mae(FNM Quote) and Freddie Mac(FRE Quote) turn, "the market also turns, and they turned in a big way today." He described it as "finally near an area I can feel secure." Jim Macke wasn't as optimistic, saying "these companies have enough problems as it is" and that today was simply a "keeping-them-honest rally."

Turning to oil, Macke noted that "U.S. Oil(USO Quote) is getting attractive." Joe Terranova retorted by saying that "people shouldn't get too excited about oil, as this isn't the freefall we've been expecting." He added that "just going out and saying 'let's short oil' is a fool's errand." Najarian advised to "look at ConocoPhillips(COP Quote), Exxon Mobile(XOM Quote) and Chevron(CVX Quote), as there is a possibility we could see some pressure on oil." Macke finished by saying that he is "a buyer until there's an uptrend break in oil." ...