NEW YORK (

TheStreet

) -- The markets retreated Wednesday as the dollar strengthened.

The

Dow Jones Industrial Average

fell 19.07, or 0.17%, to 11, 457.47 while the

S&P 500

dropped 6.36, or 0.51%, to 1,235.23. The

Nasdaq

was down 10.50, or 0.40%, to 2,617.22.

The trading panel on

CNBC

's "Fast Money" TV show engaged in a heated debate on the significance of the rising dollar and its impact on the markets.

Pete Najarian said on

CNBC

's "Fast Money" TV show that rise in the dollar took a toll the commodity space, including gold and oil. He said volatility did a good job holding at 17.5.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

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Tim Seymour said the dollar's advance signified the strength of the U.S. economy as evidenced in retail sales and industrial production.

But Peter Schiff, president of Euro Pacific capital, said the dollar's rally will not last. He said the

Fed

is goosing the economy artificially with cheap money. He said its policy of quantitative easing has backfired with the rise of interest rates. And he said he was avoiding anything that has to do with the American consumer and focusing instead on the emerging markets and consumers who are saving money and producing.

Turning to the financials which declined today, Karen Finerman said she still likes

JPMorgan

(JPM) - Get Report

and

Goldman Sachs

(GS) - Get Report

, which she said will rebound as the economy and loan growth improve.

Najarian said he still likes

Morgan Stanley

(MS) - Get Report

and

Citigroup

(C) - Get Report

, which he owns.

Dan Niles co-CIO of Alpha One Capital, told the panel he's taking a defensive approach to tech stocks because of the headwinds from Europe.

His "less sexy tech plays" include

Oracle

(ORCL) - Get Report

,

VeriFone

(PAY)

and

eBay

(EBAY) - Get Report

. He also will be shorting European banks like

Banco Santander

(STD)

.

Tech analyst Colin Gillis and Kelly squared off on

Research In Motion

(RIMM)

.

Kelly said he sees RIMM going higher because of its new QNX tablet, while Gillis listed his reasons why he has a sell rating on the stock. He said QNX tablet faces formidable competition from

Apple

's

(AAPL) - Get Report

iPad2 and the cheaper Android handsets in overseas markets. He also had concerns about the size of the tablet and its slow adoption cycle to enterprise. "The headwinds are daunting," Gillis said.

Schiff offered his top three trading ideas for 2011. He said the bull bond market is over and that investors should avoid long-term bonds like Treasuries and municipals. He said to stay invested in precious metals and commodities. And third, he said to buy emerging market equities and currencies.

For the hedge fund pick of the week, Anthony Scaramucci chose

Enzon Pharmaecuticals

(ENZN)

for its royalty streams from its rheumatoid arthritis drug and a hepitatus C drug. He said the stock is worth $25.

Lee switched to Jon Najarian who said that most of the tweets he got today were on

Visa

(V) - Get Report

and

Baidu

(BIDU) - Get Report

, both of which were down today.

He said Baidu was down after a company executive said growth was slowing and that the company may have to buy companies to continue growing. He attributed Visa's decline to more debt legislation in the works in Congress.

Pete Najarian offered up his picks for 2011. He sees an explosion in the chemical stocks, with PE's close to 10. He also like the shippers and

Dryships

(DRYS) - Get Report

, which he said has plenty of upside. His third pick was

Yahoo!

(YHOO)

, which he believes will unlock its assets in Japan, focus on the performance of what they own and do better in online search and ads.

In the final trades, Seymour liked

Bank of America

(BAC) - Get Report

. Khouw said

Fedex

(FDX) - Get Report

will be a thermometer for holiday sales. Finerman liked

JP Morgan

(JPM) - Get Report

, while Najarian was a seller of the pop in

Joy Global

(JOYG)

.

--Written by David Tong in San Francisco.

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David Tong

.

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.

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.

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