'Fast Money' Recap: Financials Fight Back

The trading panel sorts out the late-day rally in financials.
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"The market today was squirrely," said host Dylan Ratigan to kick off Tuesday's episode of

CNBC's

"Fast Money." He also mentioned that "financials had been weak all day but picked up a nice head of steam heading into the afternoon." Among those financials were

Bank of America

(BAC) - Get Report

and

Washington Mutual

(WM) - Get Report

, which had "huge moves."

Staying with the financials, Pete Najarian said that when

Fanny Mae

and

Freddie Mac

turn, "the market also turns, and they turned in a big way today." He described it as "finally near an area I can feel secure." Jim Macke wasn't as optimistic, saying "these companies have enough problems as it is" and that today was simply a "keeping-them-honest rally."

Turning to oil, Macke noted that "

U.S. Oil

(USO) - Get Report

is getting attractive." Joe Terranova retorted by saying that "people shouldn't get too excited about oil, as this isn't the freefall we've been expecting." He added that "just going out and saying 'let's short oil' is a fool's errand." Najarian advised to "look at

ConocoPhillips

(COP) - Get Report

,

Exxon Mobile

(XOM) - Get Report

and

Chevron

(CVX) - Get Report

, as there is a possibility we could see some pressure on oil." Macke finished by saying that he is "a buyer until there's an uptrend break in oil."

3 Stocks I Saw on TV

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Focusing on the pharmaceuticals, Najarian advised to "look at

Novartis

(NVS) - Get Report

and

Merck

(MRK) - Get Report

." He said that in these companies the "pipelines are strong across the board right now," and that "we are starting to see some rotation out of some commodities and into beaten up pharmaceuticals." He finished by adding that he was "getting more bullish all the time on a lot of these names."

Ratigan then reported that today saw a "huge surge in

Crocs

(CROX) - Get Report

," to which Najarian replied that "this company has been brought back." He added that "today's action grabs attention" and that he really likes it. Macke, on the other hand, called it a "dangerous stock" and said he "would not touch it."

Calling in as a guest was CPM Group managing partner Jeff Christian, who spoke primarily about oil and currency. He felt that oil "can and will go back below 900 over the next few weeks and will probably be a giant buying opportunity." He also felt like oil is a "currency-oriented commodity" and that the "selloff is a short-term phenomenon."

On the subject of currency, he said he expects an "increase in volatility" with the dollar, and would "park some money in gold, silver and other commodities."

Sticking with oil, Jon Najarian joined as another guest and remarked that there was "a nice two-day selloff in crude oil" but that he would "like to see a longer selloff." He also added that because of this, "

American Airlines

could make a very sharp turnaround." Karen Kinerman, though, said that "for airlines, this drop in oil would not help them." Najarian finished by saying to watch for

Nymex

(NMX)

, and that it could "make a nice rally if crude oil continues to slide."

On the topic of

Anheuser-Busch

(BUD) - Get Report

, Ratigan asked if it was "setting up to maybe be another

Yahoo!

(YHOO)

?" Finerman said that it was doing "way too little, way too late" and that it should just "take the money." Macke agreed that the "Belgians are at the gate and Bud has no defense."

Talk turned from oil to alternative energy sources. Terranova said you should "keep an eye on the price of sugar itself," as sugar-based ethanol could be a possibility. Finerman added that "valuations are crazy, and alternative energy is a must." She also hastened to say that it was "viable as a product, but as a stock no way."

Finerman then finished the show by discussing

Proctor & Gamble

(PG) - Get Report

, saying how she likes its "massive size and market share." She said that in a lot of its major product categories, it is "number one by a lot" and that "tremendous market share helps both growth with suppliers as well as with customers." She advised to "stick with them."

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