NEW YORK (TheStreet) -- Stocks rebounded on Wednesday following the Federal Reserve minutes. The S&P 500 climbed 0.46%. 

On CNBC's "Fast Money" TV show, the trading panel took a look at oil prices. 

Brian Kelly, founder of Brian Kelly Capital, said WTI crude prices look poised to go lower because there is a lot of supply. He is short crude oil and reasoned that perhaps the economy is not as strong as investors had assumed, meaning demand will be lower too. 

Pete Najarian, co-founder of and, says energy stocks should continue to the upside since not all of them are dependent on oil prices. Stocks like Canadian Pacific Railway (CP) - Get Canadian Pacific Railway Limited Report and Union Pacific (UNP) - Get Union Pacific Corporation Report continue to do well. 

Jon Najarian, co-founder of and, reasoned that energy stocks should continue to do well. He even suggested that the U.S. could become a bigger exporter -- pending regulatory approval -- since Western Europe will have less supply coming from Russia. 

Dan Nathan, co-founder and editor of, said that despite falling gas price, U.S. consumers still appear to be "strapped" on spending.

Andy Lipow, president of Lipow Oil Associates, said WTI crude oil could break below $100 soon, and below $95 if Iranian oil production comes back online. There has not been a supply disruption from Iraq but if there is one in the future, WTI crude prices will increase. He argued that world oil demand appears to be increasing. 

Kelly, along with selling short crude oil, is a buyer of Schlumberger (SLB) - Get Schlumberger NV Report, Frontline (FRO) - Get Frontline Ltd. Report and Trinity Industries (TRN) - Get Trinity Industries, Inc. Report

Pete Najarian sees "plenty of upside" in ConocoPhillips (COP) - Get ConocoPhillips Report and Devon Energy (DVN) - Get Devon Energy Corporation Report.

Nathan said he wouldn't buy United Continental Holdings (UAL) - Get United Airlines Holdings, Inc. Report at current levels. He added that airline stocks will suffer if the U.S. economy slows. 

Pete Najarian said JetBlue Airways (JBLU) - Get JetBlue Airways Corporation Report could continue higher and UAL could start to catch up to the rest of its peers, as it has been lagging for quite some time. Jon Najarian said JBLU could be a merger candidate. 

Molycorp (MCP) fell 17%. Kelly said investors who are long should get out while they can. 

Coach (COH) is down roughly 15% in the past month and 40% year to date. Nathan said the dividend could get cut and investors should wait for the stock to trade into the $20s before getting long. 

Pete Najarian said there still seems to be upside in Celgene (CELG) - Get Celgene Corporation Report, which has plenty of of drugs in its pipeline. 

Kelly reasoned that investors could use the SPDR Biotech ETF (XBI) - Get SPDR S&P BIOTECH ETF Report or the iShares Nasdaq Biotechnology ETF (IBB) - Get iShares NASDAQ Biotechnology ETF Report as a leading indicator for the broader stock market. 

Nathan said Lumber Liquidators Holdings' (LL) - Get Lumber Liquidators Holdings, Inc. Report disappointing earnings pre-announcement could be company-specific and does not necessarily indicate a housing market slowdown. 

Kelly pushed back on Nathan's theory, arguing the housing market is soft although not "falling apart."

CNBC's Sara Eisen suggested three possible takeover targets in the food industry: Annie's (BNNY) , Mondelez International (MDLZ) - Get Mondelez International, Inc. Class A (MDLZ) Report and WhiteWave Foods (WWAV) . Organic foods are certainly in demand, she said. 

Kelly said he likes Hain Celestial Group (HAIN) - Get Hain Celestial Group, Inc. Report and Nathan liked Annie's.

Pete Najarian is long Dick's Sporting Goods (DKS) - Get Dick's Sporting Goods, Inc. Report based on bullish options activity. Specifically, he cited the July $47 call options. 

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Jon Najarian is long Colgate-Palmolive (CL) - Get Colgate-Palmolive Company Report, which had bullish options activity in the August $72 calls.

Ken Sena, managing director at Evercore, has a conviction buy rating on shares of Amazon (AMZN) - Get, Inc. Report with a $440 price target. The company has much larger scale when it comes to the opportunities in the cloud, he said. The company has a strong ecosystem in place with its customers, and that will be hard for competitors to break, he concluded. 

Pete Najarian said Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report seems like the only company that can surpass Amazon as the cloud leader. Kelly said he likes both Microsoft and Amazon near current levels. 

Jon Najarian agreed with Pete Najarian about Microsoft taking over as the leader, but added that it could take a long time.

Alcoa (AA) - Get Alcoa Corp. Report climbed 6% and was the first stock on the show's "Pops & Drops" segment. Kelly said the company reported a great earnings report with strong results from its aerospace segment. 

Garmin (GRMN) - Get Garmin Ltd. (GRMN) Report fell 5%. Nathan said not to buy the stock until it's in the low $50s. 

Marvell Technology Group (MRVL) - Get Marvell Technology Group Ltd. Report fell 2%. Pete Najarian said he would avoid the stock and buy Western Digital (WDC) - Get Western Digital Corporation Report or Seagate Technology (STX) - Get Seagate Technology PLC Report instead. 

Reynolds American (RAI) jumped 2%. Jon Najarian says it has become an acquisition target for British American Tobacco (BTI) - Get British American Tobacco PLC Sponsored ADR Report

After receiving an order for 150 777X jets worth roughly $56 billion from Emirates, Boeing (BA) - Get Boeing Company Report was the featured stock on the show's "Street Fight" segment. 

Jon Najarian says the company is reporting record revenue and its better fuel efficiency gives it a competitive edge over AirBus. Shares of Boeing are cheap, Najarian reasoned, and is one of the best stocks in the Dow Jones Industrial Average. It can increase its dividend too. 

Kelly was the bear, arguing that growth estimates are too high for shares of Boeing. Analysts are assuming that emerging markets will order a lot of new planes, and this is not a guarantee, he said.

Niccolo De Masi, CEO of Glu Mobile (GLUU) - Get Glu Mobile Inc. Report, said 2014 will be the company's best year in terms of revenue and earnings per share. That statement was made even before the Kim Kardashian mobile application game was released. It could end up being the company's "biggest game of all time," he said. Glu Mobile is looking for more companies to acquire, he added. Shares are up 45% since the release of the Kardashian game. 

Jon Najarian said it will be important to see if GLUU can monetize its new Kardashian game. 

Nathan pointed out the bullish call buying activity in shares of Electronic Arts (EA) - Get Electronic Arts Inc. Report. Specifically, he referred to the 10,000 September $37/$41 bull call spreads that were purchased. 

He also pointed out the 8,000 July 25th weekly $93 Apple (AAPL) - Get Apple Inc. (AAPL) Report put options that were purchased for $1.45. The trade is profitable if shares of Apple decline below $91.55 by July 25th expiration. The move could be used to protect profits headed into earnings, he said. 

For their final trades, Pete Najarian was a buyer of Under Armour (UA) - Get Under Armour, Inc. Class C Report and Kelly said to buy the SPDR Gold Trust ETF (GLD) - Get SPDR Gold Trust Report. Jon Najarian is buying Energy Transfer Equity (ETE) and Nathan is a seller of bonds via a long put options position in the iShares 20+ Year Treasury Bond ETF (TLT) - Get iShares 20+ Year Treasury Bond ETF Report

-- Written by Bret Kenwell in Petoskey, Mich.

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Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter.