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'Fast Money' Recap: Volatility Knocking

Most of the crew sees more bumpiness ahead.

The crew on CNBC's "Fast Money" show Tuesday tangled with whether the stock market has finally seen the worst, or whether it's just resting before the next decline.

Pete Najarian said volatility is starting to subside and there's now a great chance for the

Fed

to sit on the sideline. Jeff Macke said to buy the

CBOE Volatility Index

I:VIX

, as this is just the calm before the storm.

Constance Hunter said the yen rallying means the carry trade is still under pressure; she'd also buy the VIX.

Najarian believes the credit worries are now priced into the market and he'd be a buyer of stocks like

Bank of America

(BAC) - Get Bank of America Corp Report

,

Citigroup

(C) - Get Citigroup Inc. Report

,

Wells Fargo

(WFC) - Get Wells Fargo & Company Report

and

Capital One

(COF) - Get Capital One Financial Corporation Report

.

(RealMoney Take: Jim Cramer said recently, "The case for Capital One is a compelling one" To read more on what Cramer said,

click here.

)

Crude oil fell below $70 after the hurricane missed key gulf oil platforms. Guy Adami believes oil is getting cheap at these levels as hedge funds have had to liquidate energy stocks recently.

Tech stocks were again some of the strongest performers on Tuesday. Najarian would be a buyer of

EMC

(EMC)

,

VMware

(VMW) - Get VMware, Inc. Class A Report

and

Research In Motion

(RIMM)

.

(RealMoney Take: Dan Fitzpatrick recently said, "EMC has been in a steep uptrend for the past year. A strong on-balance volume indicator (a gauge of accumulation vs. distribution) increases the likelihood that this latest pullback is a function of profit-taking rather than an outright rejection of the uptrend." To read more on what Fitzpatrick said,

click here.

)

Adami would buy

Network Appliance

(NTAP) - Get NetApp, Inc. (NTAP) Report

and he thinks it goes to $30. Hunter would buy

Apple

(AAPL) - Get Apple Inc. (AAPL) Report

-- she believes the stock is oversold. Macke likes

Intel

(INTC) - Get Intel Corporation (INTC) Report

to $30 if the consumer isn't dead.

Target

(TGT) - Get Target Corporation Report

reported a 13% jump in profit and reaffirmed forecasts for the rest of the year. Macke believes specialty retail stocks are screaming buys, and he likes

GameStop

(GME) - Get GameStop Corp. Class A Report

and

Zumiez

(ZUMZ) - Get Zumiez Inc. Report

.

Medtronic

(MDT) - Get Medtronic Plc (MDT) Report

fell after hours after missing revenue estimates. Najarian said to buy on this opportunistic dip.

China raised interest rates for the fourth time since March as inflation hits 10-year highs. Adami said this raises concerns for the China trade. Hunter said money is being let out of China to go into Hong Kong and the trade is to get long

iShares MSCI Hong Kong Index

(EWH) - Get iShares MSCI Hong Kong ETF Report

. Najarian said to own China up to the Beijing Olympics, then sell it.

Fed Trade

Treasury bill yields continue to fall along with Fed fund futures. This action has market speculators thinking the Fed will lower interest rates by the next meeting on Sept. 18. Najarian would be a buyer of

iShares Dow Jones Select Dividend Index

(DVY) - Get iShares Select Dividend ETF Report

,

Johnson & Johnson

(JNJ) - Get Johnson & Johnson (JNJ) Report

and

Kraft

(KFT)

.

Adami said to buy

Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. (GS) Report

-- it will benefit big time if the Fed cuts rates. Hunter said buy

WisdomTree International Financial

(DRF)

, an ETF that's a play on international financials.

(RealMoney Take: Jim Cramer recently said, "The Goldman short is starting to hurt because of fear that the Fed moves any minute." To read more on what Cramer said,

click here.

)

Macke said the cut is already in the market, and he wouldn't be a buyer of financial stocks, but he would buy techn stocks.

As Goes Target Goes America?

Tossing out economic data, with stores in 47 out of 50 states and $150 million worth of goods sold per day -- is Target the best indicator for economic behavior in America? Macke said Target's earnings looked just fine and the numbers showed the consumer isn't dead.

Is The Energy Trade Over?

With crude oil falling below $70 a barrel Tuesday, is the great bull market in energy finally over? Najarian believes energy stocks are going down more and the put buying on the

Energy SPDR

(XLE) - Get Energy Select Sector SPDR Fund Report

and the

Oil Service Holdrs Trust

(OIH) - Get VanEck Vectors Oil Services ETF Report

reconfirms his thinking. Najarian also thinks

ExxonMobil

(XOM) - Get Exxon Mobil Corporation Report

TheStreet Recommends

is going lower.

(RealMoney Take: Rev Shark recently said, "A bounce in crude isn't helping the Oil Service HOLDRs either, which would seem to indicate that investors want out of the group." To read more on what Rev Shark said,

click here.

)

However, Najarian sees falling oil prices as good for the airline stocks. Adami says one bad thing that could happen is if another major storm actually hits the gulf this time -- that would take crude up to $80. Adami would be a buyer of Exxon on dips and he would buy

Holly Corporation

(HOC)

. Hunter likes

BMB Munai

(KAZ)

-- she thinks the stock is cheap.

Trading The Fall Sports Season

Dick's Sporting Goods

(DKS) - Get Dick's Sporting Goods, Inc. Report

, the largest publicly traded sports store, "killed" their earnings on Tuesday. The "Fast Money" crew debated with the CEO of Dick's, Ed Stack, on the best way to play the sports trend.

Stack said the best brands working at Dick's are

Nike

(NKE) - Get NIKE, Inc. (NKE) Report

,

Under Armour

(UA) - Get Under Armour, Inc. Class C Report

,

Adidas

and

Callaway

(ELY) - Get Callaway Golf Company Report

.

(RealMoney Take: Jim Cramer said recently, "Under Armour we know from Dick's is going great guns." To read more on what Cramer said,

click here.

)

Hunter said with Dick's investment in Galaxy Golf she wouldn't be a buyer of Dick's. Everyone else would be a buyer the stock.

Pops & Drops

Pops --

Apple

(AAPL) - Get Apple Inc. (AAPL) Report

traded up 4% on positive comments from a UBS analyst. Adami said the analyst is early. (RealMoney Take: Jim Cramer said recently, "When the market catches its breath, it comes back to the same old same old: Apple." To read more on what Cramer said,

click here.

)

Synchronoss Technologies

(SNCR) - Get Synchronoss Technologies, Inc. Report

popped 11%. Najarian said stay away from this stock.

RealNetworks

(RNWK) - Get RealNetworks, Inc. Report

traded up 8% on news of the company partnering with MTV to take on iTunes. Macke said Real isn't a threat to Apple.

Continental Airlines

(CAL) - Get Caleres, Inc. Report

popped 9%,

AMR

(AMR)

rose 7%, and

Delta

(DAL) - Get Delta Air Lines, Inc. Report

jumped 10% as oil fell below $70 a barrel. Hunter said this pop on the airline stocks was nothing but short-covering.

VMWare

(VMW) - Get VMware, Inc. Class A Report

traded up 15% on positive comments from a Baird analyst. Adami said the stock is the hottest IPO this year, but you can't chase it here. (RealMoney Take: Jim Cramer recently said, "you can get good IPOs, like VMWare," To read more on what Cramer said,

click here.

)

Take-Two Interactive

(TTWO) - Get Take-Two Interactive Software, Inc. Report

traded up 9% after announcing the release date of its much-anticipated BioShock game. Macke said sell this stock -- they can't get their games out on time.

(RealMoney Take: Jim Cramer said recently, "In other words, there's more than just one form of pressure on these funds. There is position pressure -- how do I get out of Take-Two Interactive" To read more on what Kuittinen said,

click here.

)

Costco

(COST) - Get Costco Wholesale Corporation Report

traded up 4% on no news; Macke said to buy this stock.

Amazon.com

(AMZN) - Get Amazon.com, Inc. Report

popped 4%. Macke said "run away."

Starwood Hotels & Resorts

(HOT)

traded up 4% on speculation that Kirk Kerkorian was taking a stake. Najarian sees interesting options activity, so traders should keep an eye on this one. Drops --

Toll Brothers

(TOL) - Get Toll Brothers, Inc. Report

fell 4% after Bank of America downgraded the stock.

UST

(UST) - Get ProShares Ultra 7-10 Year Treasury Report

dropped 8% after

Altria's

(MO) - Get Altria Group Inc Report

Philip Morris announced plans to sell its own smokeless tobacco. Najarian believes this is a major problem for UST.

Infosys

(INFY) - Get Infosys Limited Sponsored ADR Report

fell 5% as investors worry about the subprime affect on outsourcing with U.S. banks. Hunter said the drop is a buying opportunity.

Final Trade

Macke said sell

Take-Two Interactive

(TTWO) - Get Take-Two Interactive Software, Inc. Report

into the bounce. Najarian recommended buying

Under Armour

(UA) - Get Under Armour, Inc. Class C Report

.

Adami would be a buyer of Target, while Hunter is a buyer of

Desarrolladora Homex

(HXM)

.

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