The Dow closed down 77 points as Wall Street traded cautiously in front of the Federal Reserve meeting set for Wednesday. The crew at CNBC's "Fast Money" tried to make sense of the market for its viewers.

Rude Crude

Crude oil declined 3% Tuesday as investors now fear that the global growth story might be in jeopardy. A large short position is building in crude, so is now the time to sell? Karen Finerman declares that if you feel the US economy is going to slow down, then demand for oil will also drop. She would look to short the

United States Oil Fund

(USO) - Get Report

.

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Additionally, Guy Adami points out that shorting

Exxon Mobil

(XOM) - Get Report

ahead of earnings is a gutsy trade that could pay off big. On a valuation basis Exxon is very expensive. Pete Najarian remarks that he saw a lot of put buying in the oil space on Tuesday. However, Jeff Macke retorts that the short oil position is almost a long dollar position, and in that case it might not be the best idea. Dylan Ratigan mentions one more way to short oil is to buy the

UltraShort Oil & Gas ProShares

(DUG) - Get Report

.

Tech Talk

Adami liked hearing that

Dell

(DELL) - Get Report

is announcing a big buyback, while the stock is at a 52 week high. In Finerman's opinion, valuations aren't that rich and companies see value in their own stocks. Najarian says this plays well for Dell, as well as

Apple

(AAPL) - Get Report

,

Hewlett-Packard

(HPQ) - Get Report

and

Microsoft

(MSFT) - Get Report

. He maintains that the PC story is working and the chips are starting to bounce.

The Wall Street Journal reported that

Verizon

(VZ) - Get Report

and

Google

(GOOG) - Get Report

are currently in conversation for a mobile phone partnership. Najarian insists the Gphone is the real deal and now Google is looking at Verizon for the hardware side. Najarian predicts that Google will trade higher. Macke expects the first application to killed will be Apple's iPhone and he likes Verizon as a trade.

Stocks Featured on Fast Money, Mad Money

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Video Game Level 1

International Game Technology

(IGT) - Get Report

and

Electronic Arts

(ERTS)

are both set to report earnings this week. Video games as an entertainment product is an exploding trend and Macke thinks the trade is to buy

Activison

(ATVI) - Get Report

,

Nintendo

(NTDOY)

and

Microsoft

. He currently owns ATVI. Macke went on to say that ERTS has already said they will beat and if they don't he thinks it could be dangerous for the stock. Najarian noted monster options activity in the November $17.50 calls for

Take-Two Interactive

(TTWO) - Get Report

. The action makes him think that TTWO is set to move higher.

(For more game stock ideas, check out this portfolio on Stockpickr.com

Video Game Index

.)

Word on the Street

Procter & Gamble

(PG) - Get Report

reports a 14% rise in profits but disappoints Wall Street on its full-year outlook. Macke explained that Procter said bad things regarding the consumer and the firm's operating costs. But he still thinks you can add the stock dips. For overseas growth though, Najarian favors

Colgate-Palmolive

(CL) - Get Report

.

Merrill Lynch

(MER)

drops after former CEO Stan O'Neal leaves. Finerman doubts the CO-CEO arrangement will work. While Adami continues to like

Raymond James

(RJF) - Get Report

in the financial sector.

Wynn Resorts

TST Recommends

(WYNN) - Get Report

fell in after-hours trading on poor third quarter net profits. Najarian is positive on WYNN as a play on Macau. He would look to buy the stock on selloff. Adami would rather be long

Las Vegas Sands

(LVS) - Get Report

and

Boyd Gaming

(BYD) - Get Report

.

Under Armour

(UA) - Get Report

trades up 7% on strong earnings and a bullish outlook. Najarian says UA had great earnings but everyone stepped in and sold the stock in early trading. He went on to explain that once investors saw the numbers were great, the stock rebounded strong.

Masco

traded up 4% on strong earnings Tuesday. Masco came out and smoked numbers Tuesday. Adami sees a couple more percent to the upside.

Happy 52-Week High

State Street

(STT) - Get Report

Pops & Drops

Pops -

Goodyear Tire

(GT) - Get Report

traded up 8% on higher sales numbers. That still doesn't make Macke a fan.

Colgate-Palmolive

(CL) - Get Report

traded up 1% on higher international sales. Najarian believes CL will continue to benefit from a weak dollar.

Avon Products

(AVP) - Get Report

traded up 4% on strong profits from emerging market strength. Finerman concedes that AVP is a turnaround story, but she favors

Estee Lauder

(EL) - Get Report

in this space.

Sohu.com

(SOHU) - Get Report

traded up 8% on a 47% rise in profits. Najarian expects that the stock will keep working.

Yum! Brands

(YUM) - Get Report

traded up 3% on no news. According to Finerman, YUM has a good story and strong growth in China.

AGCO

(AG) - Get Report

popped 9% on strong profits. Adami suggests looking for a pullback in AG before pulling the trigger.

Sepracor

(SEPR)

exploded up 16% after the drug maker raised its 2008 forecast. Najarian hints that big pharma might be looking at this company for a takeover.

Drops-

US Steel

(X) - Get Report

fell 7% after reporting a 35% drop in profits. Adami agrees that this was a bad quarter from X, but having said that he would look to buy it around $95.

WellCare Health Plans

(WCG) - Get Report

plunged 33% after the firm announced plans to halt expansion into Florida. The FBI still has an ongoing investigation into WGC. Finerman warns investors to stay away this disaster.

Sirius Satellite Radio

(SIRI) - Get Report

dropped 9% after the firm's earnings report failed to please Wall Street. Macke advises picking up SIRI here for a longer term play.

Face2Face

Viewers write in with burning questions to be answered

Nick from Florida writes, "Can you please explain the relationship between higher crude prices and profits for companies like

Exxon Mobil

(XOM) - Get Report

. As crude prices go up, do profits go up? Or do profits go down on margin squeezes? Should I hold XOM? Adami explains that XOM sells oil and refines oils. The refining segment of the business is affected by the crack spread. He predicts XOM will miss earnings and tells Nick that the stock is expensive on valuation. He advises getting out and buying it cheaper at a later date.

Jay from South Carolina asks, "Karen, what are your thoughts on

Mastercard

(MA) - Get Report

earnings? Would you be a buyer on the dip? Or wait to buy MasterCard when the Visa IPO comes out in the first part of 2008? Or should I do both?" Finerman isn't sure about the Visa IPO. However, she does like MA and she recommended averaging in over time.

Lynette from Illinois writes, "What are your thoughts about buying

Potash

(POT)

at this level? As you may know, it was upgraded Monday in light of long-term transport issues faced by a Russian competitor. Have I missed the boat? Najarian counsels against chasing POT here. Wait for another pullback before getting in.

Final Trade

The team signs off with their best trade ideas for the show.

  • Macke suggests buying the pullback in Yahoo! (YHOO) . He currently owns YHOO.
  • Adami recommends Dell.
  • Finerman says buy Cadbury Schweppes (CSG) for a Halloween candy trade.
  • Najarian favors Dick's Sporting Goods (DKS) - Get Report.

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