Oil hit a record high Wednesday, trading above $80 a barrel after supplies fell more than expected. The team at CNBC's "Fast Money" TV show tackled this topic and the flip-flopping equity market.

As oil keeps climbing, wheat hits a record high and gold continues to trend higher, trading well over $700, what is the trade now in the hot commodities sector? Dennis Gartman, author of

The Gartman Letter

, joined the crew to discuss his thoughts on the recent action in commodities.

Gartman says global demand for oil continues to push the commodity higher and he feels the trend will continue. Gartman says he remains long oil and specifically long

Athabasca

(ABM) - Get Report

and

Suncor

(SU) - Get Report

.

Guy Adami likes the upgrade out of Goldman Sachs on

Apache

(APA) - Get Report

. Karen Finerman says she is long

Conoco

(COP) - Get Report

and sticking with it.

Moving on to the dollar, Gartman believes the poor price action in the greenback suggest the

Fed

will cut rates. He feels the dollar will continue to be weak in an environment where many Persian Gulf states say they want to price oil in other currencies -- meaning they'd rather use euros than dollars to pay for oil transactions, in turn dumping dollars on the market as they stock up on euros.

Macke wants to play a weak dollar by buying

Sara Lee

( SLE) and

General Mills

(GIS) - Get Report

. Dylan Ratigan recommends that if investors want to be long the yen they should buy

CurrencyShares Japanese Yen Trust

(FXY) - Get Report

and play the euro with

CurrencyShares Euro Trust

(FXE) - Get Report

.

With this in mind, Gartman remains bullish on gold and he believes anyone short gold is going to get hurt. Gartman feels the recent run in wheat over $9 is a good signal to sell; he thinks it will go to $7. Pete Najarian says the commodities are running the show along with biotech and Big Pharma.

Word on the Street

Lehman Brothers

( LEH) rebounded, jumping 3% on Wednesday. Najarian thinks that when Lehman reports earnings it will be indicative of the entire financial sector. (

RealMoney

Take: Jim Cramer said recently, "I can't tell you how the numbers are, but let me just say we are having a much better September than August. That's what I expect Lehman to say." To read more on what Cramer said,

click here

.)

Amgen

(AMGN) - Get Report

continued to rally on positive anemia drug news. Najarian says he still doesn't like Amgen and he thinks it's time to take it off. (

RealMoney

Take: Jim Cramer recently said, "You can simply start taking those out-year gains to the bank, Amgen -- after this non-ruling." To read more on what Cramer said,

click here

.)

Target

(TGT) - Get Report

announced that it is considering the sale of its credit card division. Finerman says she would buy this stock right now, and Jeff Macke likes it for a trade.

Wal-Mart

(WMT) - Get Report

announced after 19 years it will have a new advertising campaign. Macke says Wal-Mart can fix its problems by focusing more on value, spending more on store maintenance and getting rid of the CEO Lee Scott. Macke says don't own the stock, but Finerman says own it for a long-term hold.

Bear Stearns Trade

Bear Stearns

( BSC) recently benefited from some good news when billionaire investor Joseph Lewis took a 7% stake in the firm. Now all of Wall Street is speculating on why he took the position and what is in store for the future of Bear.

CNBC's

Charlie Gasparino joined the team to discuss what he is hearing is likelty to happen at Bear.

Gasparino believes Lewis took the stake because he believes that Bear will be bought and the possible suitor is

JPMorgan

(JPM) - Get Report

. Najarian agrees that Bear is a takeover target. Finerman says the way to trade it is to buy leap options out of the money. (

RealMoney

Take: Jim Cramer said recently, "Now I know that there has been some serious impairment to future earnings, particularly from those more reliant on mortgage backs: Lehman and Bear." To read more on what Cramer said,

click here

.)

Sea Change

On Wednesday's "Sea Change" segment, Najarian explained that 78 million baby boomers are nearing retirement and this bodes well for the growth of the orthopedic-device market. He sees big demand and massive growth for knee and hip replacements.

Najarian says the names to play are

Zimmer

(ZMH)

,

Stryker

(SYK) - Get Report

,

Johnson & Johnson

(JNJ) - Get Report

and

Smith & Nephew

(SNN) - Get Report

.

Macke thinks the play is to buy

Callaway Golf

(ELY) - Get Report

because boomers will play more golf after getting knees fixed.

Pops & Drops

Pops --

Mattel

(MAT) - Get Report

traded up 4% after the CEO vowed to put an end to lead paint problems. Macke says he is recalling his short call on Mattel.

International Game Technologies

(IGT) - Get Report

popped 3% after a Wachovia analyst upgraded the stock to outperform. Adami is bullish on the stock.

Rambus

(RMBS) - Get Report

traded up 6% on rumors of a takeover by

Sun Microsystems

( JAVA). Najarian says rumors and the options action are saying a takeover is going to happen and the buyer is Sun.

Sirius

(SIRI) - Get Report

traded up 3% on speculation the merger with

XM Satellite

( XMSR) will get done. Macke says the stock has bottomed and it will move much higher.

JoS. A. Bank

(JOSB)

popped 4% after the company beat estimates. Finerman says the consumer is not dead; they are at JOSB.

Skechers

(SKX) - Get Report

traded up 9% after BB&T analyst David Turner upgraded the stock to a buy. Finerman says the stock isn't worth the headache.

Orbitz

(OWW)

popped 6% off a Goldman Sachs buy rating. Macke says get out of this and get long

Priceline.com

(PCLN)

.

Drops --

SanDisk

dropped 5%. Najarian says this stock will go higher. (

RealMoney

Take: Richard Suttmeier said recently, "SanDisk: I see a triple top on the daily chart as strength fails below my semiannual risky level at $58.75. Monday's high was a test of my annual pivot at $54.19." To read more on what Suttmeier said,

click here

.)

Final Trade

The Fast Money team signs off with its best idea for the day.

  • Macke says take a bearish bet on the Dow by buying Short Dow30 ProShares (DOG) - Get Report.
  • Adami recommends Zimmer Holdings.
  • Finerman says she really likes Johnson & Johnson.
  • Najarian recommends buying St. Jude Medical (STJ) .

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