'Fast Money' Recap: Feisty Financials

A trader says the financials rallied strong today, and was compelled to buy WaMu for a couple of good reasons.
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Thursday brought on the bears as the major indices took on losses. The

Dow

shed 2.43% to 11,349.28; the

S&P 500

lost 2.31%, ending at 1,252.54, while the

Nasdaq

dropped 1.97%, finishing at 2,280.11.

On

CNBC's

"Fast Money" TV show, Dylan Ratigan opened the show stating the stock market today was "miserable." He said that

Ford's

(F) - Get Report

data were lousy and that consumer discretionaries were not good. Ratigan turned to the traders for insight.

Joe Terranova said that investors were "back to defense -- that's what happened." He said that he bought gold as a defensive measure and that "we're right back where we were."

Karen Finerman said that the financial rally "was so powerful." She added, "I would not continue to short the

XLF

(XLF) - Get Report

."

Jeff Macke said that right now we have to realize that "sometimes the hardest trade to make is no trade." He continued saying "right now we're in speculative no-man's land."

Discussing financials, Finerman said that she added

Washington Mutual

(WM) - Get Report

because she saw two scenarios. Either the company "goes out of business or they muddle through."

Shifting to

Crocs

(CROX) - Get Report

, Ratigan said that it is "tumbling," and that half of its value was taken out today, again.

Finerman added that the last time it blew up, the company did not have a handle on the business.

Terranova offered a different situation, asking which one the traders would pick: Ford, Crocs or WaMu. He asked, "What do you feel best about buying at five bucks?"

Tim Seymour said that he would pick Ford because its South America and Europe numbers "look great." He said that brand value is there and that he's "been buying it down."

Macke took a different approach, saying that "these guys are really hard to fix," and that not to forget that investors "always have the option to do nothing."

Speaking on

Microsoft

(MSFT) - Get Report

, Ratigan said it dropped 4% today and desired the traders' opinions.

Macke lead off saying that the company has no idea which direction it is going and that it has thrown its money away.

Terranova said that he is "stuck long

Yahoo!

(YHOO)

." He continued "being long Microsoft and being long Yahoo!, it is a struggle."

Moving on to

Amazon

(AMZN) - Get Report

, Ratigan noted it had jumped 12% and brought on guest, Jeffrey Lindsay of Sanford Bernstein. Lindsay said that it has had 41% year-over-year growth and that it "can keep going for quite some time." He said that the company has locked in its delivery rates and should not be affected by high energy prices. Lindsay wrapped up with, "People are buying online more than ever before," and that although it is very volatile, "it's not done."

Speaking to the President and CEO of Nymex, James Newsome, Ratigan asked about some more color on the talk of traders manipulating oil prices.

Newsome said, "The markets are converging very efficiently," and that there "are no signs of manipulation." He continued saying that the Nymex is a very transparent and regulated marketplace. Newsome then moved on to discuss his company's stock performance, saying that the exchange sector has had "unwarranted downturns," and that "people have to start paying attention," to the great job management is doing in the exchange sector.

Questioning whether the commodities "cash cow" has been cashed out, Ratigan asked the traders for their stance. He used stocks like

Potash

(POT)

,

Alpha Natural Resources

(ANR)

and

StreetTRACKS Gold

(GLD) - Get Report

as examples.

Seymour said that in the case of Potash, "earnings have been extraordinary," and it will continue to grow. However, he cautioned, the "chart is very scary," although "a lot of these guys have been oversold."

Terranova weighed in saying that "natural gas is in a freefall," and that the resource stocks need some time. He said that investors will be "getting nothing more than a quick trade."

Discussing cult CEO issues, Macke brought up

Apple

(AAPL) - Get Report

, which has made recent headlines due to its CEO.

Macke said that Apple CEO Steve Jobs' "health is material," and it is "very hard for a stock to recover." He said that people ride these stocks to the ground and if you are a part of one, you "end up pushing up daisies." Macke gave advice to investors, "have the discipline to get out."

This article was written by a staff member of TheStreet.com.