The stock market plunged Wednesday with the Dow falling 360 points and the Nasdaq falling 76 points as credit losses and write-downs continue to plague the financial stocks. The team at CNBC's "Fast Money" surveyed the carnage for investors.

Faltering Financials

Washington Mutual

(WM) - Get Report

fell 16% on Wednesday after reporting that credit losses for the year could be as much as $2.9 billion. Guy Adami suggests bears are overshooting on the downside with the financials just like when Long Term Capital collapsed. He concedes

Goldman Sachs

(GS) - Get Report

could trade down to $205 and that is where investors should look to buy it. Karen Finerman likes Goldman and currently long the company and short

Lehman Brothers Holdings

(LEH)

and

Merrill Lynch

(MER)

. Pete Najarian recommends

State Street

(STT) - Get Report

.

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Morgan Stanley

(MS) - Get Report

joins the party and takes a $3.7 billion write-down for the fourth-quarter due to subprime losses. In Tim Seymour's opinion, this write-down is less then what it was rumored to be. Adami concedes this isn't good, but on the positive note, Morgan is getting knocked down to attractive levels. Najarian advocates buying volatility because news like this is going to only increase the swings in the stock market. To that end, the trade he puts forward is straddling the

S&P 500 Index

(SPY) - Get Report

.

Oil $100?

Crude oil hit another record high on Wednesday trading up to $98.62. Addison Armstrong, Director of Market Research at Tradition Energy joined the "Fast Money" crew to discuss his take on oil. According to Armstrong, the long term trend is still bullish for oil. He sees that oil demand is strong and supply is very tight and the oil markets have zero margin for error right now. From a fundamental perspective, oil should be at $60, but he feels it's going to $109.

Najarian mentions the largest oil trader on the New York Mercantile Exchange told him that oil is the new currency and it's going to $150. Seymour adds that the Saudis and Russians will try to dominate oil in their home currencies. Najarian mentions that China doesn't want to buy U.S. dollars and that might mean they'll put their money into oil.

Where Next?

John D'Agostino, author of the new book

Rigged: The True Story of an Ivy League Kid Who Changed the World of Oil, from Wall Street to Dubai

joined the "Fast Money" crew to discuss his thoughts on what foreigners enriched by the oil boom will buy next. D'Agostino predicts wealthy Middle Easterners will look to buy U.S. financial innovators like

Bear Stearns

(BSC)

. Seymour mentions that China is looking to buy emerging market banks and his play is

Standard Bank

of South Africa. Conversely, Seymour doesn't think American banks are in play with the Chinese because of regulatory issues.

Consumer Trade

Same-store sales are set to be released for some of the biggest retailers on Thursday. Finerman likes that expectations are really low and she still owns

Wal-Mart

(WMT.)

Adami declares the only way to play the retailers is with

MasterCard

(MA) - Get Report

. He noted that MasterCard doesn't take credit risks and a Deutsche Bank Analyst recently put a $250 price target on the stock.

(Interested in siding with the consumer, check out this portfolio on Stockpickr.com

ProFunds Consumer Goods UltraSector Inv.

.)

Word on the Street

American International Group

(AIG) - Get Report

falls 3% after hours on a 27% drop in third quarter profits. Adami ponders whether AIG has any exposure in sub prime. He believes the stock could be compelling at some point. Najarian asks why buy a falling knife like AIG?

Despite a 37% rise in first quarter profits

Cisco Systems

(CSCO) - Get Report

falls 9% after hours. Najarian says the problem with Cisco was everyone expected them to blowout earnings and they didn't do that. For Adami, Cisco looks attractive at these levels. For Seymour, it's the growth in emerging markets for Cisco.

Research In Motion

(RIMM)

and

Amazon

(AMZN) - Get Report

bucked the market weakness to close higher on Wednesday. Najarian says a top analyst gave Research In Motion a $180 price target and he noted this analyst has been dead on with RIMM.

Adami mentions that Citigroup upgraded

Allstate

(ALL) - Get Report

and he would own it here for a trade, and stop out at $50.

First Solar

(FSLR) - Get Report

explodes up 22% after hours on a blowout quarter. Najarian reports revenues doubled and growth in Germany is strong. First Solar is on a tear.

Pops & Drops

Pops -

Potash

(POT)

traded up 2%. Seymour points out that prices for Potash are going up and he recommends keeping this stock.

Onyx Pharmaceuticals

(ONXX)

exploded up 18% after the drug company posted a third quarter profit off of strong sales of its leading cancer drug Nexavar. Najarian remarks it's a monster move and a great drug for Onyx.

DirectTV

(DTV)

traded up 3% after subscribers grew by 400,000. Adami comments that DTV looks okay.

TurboChef Technologies

(OVEN)

traded up 9% after the oven maker reported a smaller loss. Seymour notes that residential TurboChef ovens are going to hit the market soon.

Drops -

Fannie Mae

(FNM)

fell 10% after New York Attorney General Andrew Cuomo announced he is investigating Fannie Mae and Freddie Mac. Finerman warns investors to stay away because there is more downside to come.

Ford Motor

(F) - Get Report

fell 5% in front of earnings set for Thursday. Adami maintains Ford goes to $9.75.

Yahoo

(YHOO)

fell 8% after Alibaba.com (Yahoo owns 37%) fell 17%. Najarian is long Yahoo and he isn't happy.

Capital One

(COF) - Get Report

fell 16% after warning on credit losses. Consumer credit isn't a great place to be, according to Finerman.

Fluor

(FLR) - Get Report

fell 6% after missing Wall Street estimates. Adami mentioned the backlog continues to go up, which is good reason to stay with Fluor.

Final Trade

Like catching a falling knife, the team ventures to give trade ideas on a difficult day in the market.

  • Seymour thinks its payday with Gold Fields (GFI) - Get Report.
  • Adami expects the next 300-500 points on the Dow will be down, so his play is Short Dow30 Proshares (DOG) - Get Report.
  • Finerman continues to recommend being long Goldman Sachs (GS) - Get Report and short Lehman Brothers (LEH) .
  • Najarian gave us green play Evergreen Solar (ESLR) .

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