The stock market took another beating Wednesday with the Dow closing down 211 points and the Nasdaq finishing down 34. The S&P 500 has now given up all of its gains on the year. The crew at CNBC's "Fast Money" tried to find good trades in the bear market. They also asked guests Dennis Gartman and Mike Huckman to discuss the oil and pharmaceutical outlooks, respectively.

Pete Najarian continues to like the four horseman names like

Apple

(AAPL) - Get Report

,

Google

(GOOG) - Get Report

and

Research In Motion

(RIMM)

which showed strength on Wednesday. Najarian also thinks that buying puts on the financials will continue to work in this market.

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Guy Adami recommended getting long

General Motors

(GM) - Get Report

right here with a specific stop price in mind. However, Jeff Macke thinks there is no compelling reason to be long GM or the market right now. Karen Finerman mentioned she had almost no buy tickets out on Wednesday. She did find it strange that

Fannie Mae

(FNM)

went up Wednesday.

Dennis Gartman's Take

Crude oil came close to $100 on Wednesday, but fell just short and finished the day at $97.19. Dennis Gartman, author of The Gartman Letter, joined the "Fast Money" crew to discuss his take on oil and the markets. Gartman feels the stock market is behaving horribly and he is short names like

Harley-Davidson

(HOG) - Get Report

,

Tiffany

(TIF) - Get Report

and

Coach

(COH)

and long

Microsoft

(MSFT) - Get Report

and

Apple

(AAPL) - Get Report

.

Gartman thinks the U.S. has started a recession and stock prices will tumble from here. He feels the consumer is tapped out and the housing market isn't even close to a recovery. Gartman continues to be bullish on gold and he thinks crude oil will trade to $100 sometime next week. Gartman's favorite position right now is short

Cummins

(CMI) - Get Report

and he plans on adding to the position.

Drug Concerns

Big pharmaceutical stocks might not be the safe haven that many investors think. With issues like patent expiration, regulatory risks and the possibility of a Democratic President the big pharma group is under pressure.

CNBC

Pharmaceuticals Reporter Mike Huckman joined the "Fast Money" crew to discuss his take on big pharma stocks. Huckman explained that

Pfizer

(PFE) - Get Report

is having issues with safety concerns on a stop smoking drug, falling Lipitor sales and generic competition.

Huckman also mentioned that

Merck

(MRK) - Get Report

,

Eli Lilly

(LLY) - Get Report

and

Bristol Myers

(BMY) - Get Report

were all down on Wednesday and all of these firms face big generic competition. Najarian believe these stocks are going down as investors rotate to other sectors. Najarian still likes Eli Lilly.Macke sees no problems with Merck as a defensive play and Finerman likes

Johnson & Johnson

(JNJ) - Get Report

.

Tax Loss Selling

Investors tend to sell their biggest losers towards the end of the year to reduce the tax hit they take from their winners. The theory implies that if you buy the stocks at 52-week lows on December 15th, they will usually outperform the market through February 15th. All of the traders except Macke agree with the theory. Some of the names at 52-week lows are

Citigroup

(C) - Get Report

,

Pfizer

(PFE) - Get Report

,

Merck

(MRK) - Get Report

,

J.C. Penny

(JCP) - Get Report

,

Capital One Financial

(COF) - Get Report

,

Advanced Micro Devices

(AMD) - Get Report

and

AIG

(AIG) - Get Report

.

Word on the Street

Consumer sentiment falls to the lowest level in 2 years. Macke recommended buying

The Gap

(GPS) - Get Report

on dips. Finerman likes

Limited

(LTD)

on valuation. Adami suggested buying

Citi Trends

(CTRN) - Get Report

ahead of earnings for Monday. Najarian likes

Target

(TGT) - Get Report

for a valuation play in retail.

Deere & Company

(DE) - Get Report

traded up 5% after profits rose 52%. Adami thinks the farm trade will still work and Goldman and Credit Suisse have $180 price targets on Deere. Najarian suggests looking at

Agco

(AG) - Get Report

which performed great in a weak tape.

Najarian noted strong call options trading activity on

Tibco Software

(TIBX)

. He mentioned that the call options were moving up as the stock was moving down and this suggests that institutional traders think the company is a takeover target.

Pops & Drops

Pops -

Google

(GOOG) - Get Report

traded up 2% bucking the overall down trend in the market. Najarian thinks Google has found a base and will go up from here.

U.S. Steel

(X) - Get Report

traded up 5% also bucking the down trend in the market. Adami comments that pricing power in Steel is coming back and he likes the stock.

Drops -

Tesoro

(TSO)

fell 3% after the refiner adopted a poison pill and stays neutral on Kirk Kerkorian's offer. Finerman can't figure out why it dropped.

American International Group

(AIG) - Get Report

fell 6%. Adami thinks at $50 AIG could be a buy.

Circuit City

(CC) - Get Report

fell 6% after a JPMorgan analyst downgraded the stock. Macke is keeping his rating of worst company on earth for CC.

Jamba Juice

(JMBA) - Get Report

plunged 30% after the firm's profit report disappointed Wall Street. Finerman remarks that the only thing that Jamba Juice has going for it is not a lot of debt.

Final Trade

The crew signs off with their best Thanksgiving trade ideas.

  • Macke says don't buy stocks if you don't have to and Adami and Finerman just gave thanks in the holiday spirit.
  • Najarian likes Apple (AAPL) - Get Report and he thinks the stock will explode into January.

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