Crude oil was down for the week, and "we thought it was going to control the market" Dylan Ratigan told viewers of


"Fast Money."

Joe Terranova said, "I'm buying gold because I'm concerned and worried."

Pete Najarian stated that "we put so much on oil, but we go right back to the financials; nothing has been solved overnight." He said this market is going to take some time to play out.

Quint Tatro added that "this market is trading on the data" and said this morning's data helped support the market. He said we are starting to "take our cues." On the basis of financial news, he said, "we are consolidating," and noted that the

S&P 500

stayed flat; he said "this is actually a positive."

Najarian stated that we had an "early move in the financials today, but I didn't buy into it that the credit crisis isn't done." The financials at the end of the day didn't look all that strong, and Narjarian said he does not want to be in them.

A Win for Amgen

In breaking news,


(AMGN) - Get Report

provided positive result on drug trial and is up 10% in after-hours trading. Tatro said that "Pharma and biotech is where the action is and where you need to be buying."

Najarian added that "this a biotech that's doing the right thing."

Ratigan then moved the group forward, stating that "gold posted its worst week since May and hasn't done much here this week."

Terranova said that this weakness needs to be used as an opportunity and said to use this pullback to "play it as a defense and hedge."

Shifting gears into tech stocks, Ratigan stated that Apple

(AAPL) - Get Report

is down despite earnings. He said, "Is there anything to be had here?"

Najarian said the big news today was


(JNPR) - Get Report



(CSCO) - Get Report

, not Apple. These guys "knocked the cover off the ball." He said they're seeing growth and said wireless is growing. He also likes AT&T

(T) - Get Report

because they "put out some great numbers earlier this week."

Moving on to

Research In Motion

( RIMM),Tatro said the stock is "going be met with some serious upside resistance, but look for it to go up in the long run." He also added that


(IBM) - Get Report

is in a stellar state as "they continue to perform day to day."

Wamu, What Next?

Ratigan then asked the group if

Washington Mutual

(WM) - Get Report

will survive "a raft of defaults as it has lost one-third of its value in a week."

Paul Miller of FBR Capital markets then joined the show, stating that "this week when they came out with earnings, we know they have enough capital at $19 billion of loses, but they are probably going to need another capital raise." "Current shareholders are going to be diluted away," he added. Miller says this is a risky bet at $3 because of capital structure. "I don't think they can make it, and I believe they will have to raise capital."

Data Watch

Moving forward, Michael Darda joined the traders to talk about the GDP number coming out next week. Darda says the number will come in above expectations at 2.5%, but "the credit markets still don't look good though." Also, he said he believes the jobs report will "be down 85,000," as he is looking for a weaker-than-expected number. "Were in a sharp slowdown, and the second half of this year should be worse than the first half," he added.

Darda stated that this is a recession for certain sectors of the economy as "credit indicators have deteriorated and until they turn we will have to wait on the economy and the financials." Next week, GDP should actually look good, but "it may not be relevant because of the stimulus checks."

Touching on health care, Tatro stated that these stocks are a safety play and said to look at

Intuitive Surgical

(ISRG) - Get Report


Johnson & Johnson

(JNJ) - Get Report

as they are "breaking out of a trend line, but put on a tight stop though" he added.

In the Cards

Najarian then commented on


(V) - Get Report



(MA) - Get Report

, reminding viewers that these are not credit names, they are transaction names. When their earnings come out next week, we will find out where everyone is spending. We have a pretty good sense of where this will be, he said, and these companies don't take the credit risk. Najarian likes

American Express

(AXP) - Get Report

at its current level for the long term and Visa and MasterCard in the short term.

The group then moved on to Arch Coal

(ACI) - Get Report

, as it was up 9% and over 80% in the past year. CEO Steve Leer joined the show and said his company is "seeing tremendous demand growth, with the deficit in world energy we are seeing a huge surge." Demand growth is estimated to be a billion tons by 2012, and Arch stands to benefit.

Najarian said he really likes coal right now and tells viewers "to wait for pullbacks and buy into this sector."

This article was written by a staff member of