'Fast Money' Recap: Yahoo! Snack - TheStreet

It was a wild day in stocks, with a "big, strong finish to an otherwise unchanged market," said host Dylan Ratigan to start


"Fast Money" on Tuesday.

Karen Finerman said it was still "really short term," however. Joe Terranova added that "volume was substantial" and that now "everyone is in the financial trades from the long side." He did, however, caution to "be very careful and get above the lows we saw in March." Jim Macke also agreed that it was a wild finish, saying that people "made their money in the last hour, making huge gains."

Recapping the day, Pete Najarian said that "all the commodity names started getting hit, and when that rotation started, the financials began to take off." Terranova added that "the energy story isn't over yet," and Finerman warned that we "could still see meaningful trouble ahead." In describing the current state of the market, Macke said "it's bullish" and wondered how you could see it any other way. He believes the trend "is that clearly financials are long" and hastened to add that he's "out of oil completely and still long financials."

Staying with the talk of financials, Terranova noted that the "trend still looks down and has not reversed yet." He also says that they will continue to be the story to close out 2008 and enter 2009. Focusing on specific companies, Najarian said

Washington Mutual

(WM) - Get Report

had made "a pretty big move right now" and was waiting to see if it would continue. He also liked


(ETR) - Get Report

, stating that it was "doing a lot of things right like adding assets and customers." He acknowledged that "tonight's earnings don't look so good," but still says that "talking long term, you need to look at WaMu and E-Trade."

The analysts then turned to tech, specifically stopping to discuss


(AAPL) - Get Report

. Macke said that "nothing fixed Apple's problems," but Najarian disagreed, saying that you had to "have a look at the big picture." He felt that "as the iPhone grows, it'll become a bigger piece" and that in the end it would be about the Mac sales.

Focusing more on tech was guest analyst Gene Munster of

Piper Jaffray

. He recommended buying



, saying that it had "investor support to negotiate with


(MSFT) - Get Report

." He also felt that "Microsoft needs Yahoo! in order to grow in the next 10 years." Asked about Apple, Munster said he believes that if it "lowers the price of their products then the Street number will go up and the stock will go up."

Joining the program next was another guest,

Lehman Brothers

( LEH) pharmaceutical analyst Tony Butler. He said there are "more fears around the cholesterol market" and that "revenue growth hasn't done well for


(PFE) - Get Report

," despite the fact that it has cut costs. When asked about upcoming numbers, he was optimistic that "both

Eli Lilly

(LLY) - Get Report


Bristol-Myers Squibb

(BMY) - Get Report

likely have the best numbers."

Butler also advised to "lean toward Bristol over the next two days." Closing out the segment, Najarian said he'd "love to see either generics or biotechs start jumping," and Terranova finished by advising to "take a look at the

S&P Biotech

(XBI) - Get Report

ticker today."

Noting that airlines had a huge day of gains, the show welcomed guest,


(JBLU) - Get Report

CEO, Dave Barger. Barger said that we were soon "going to see an industry that's much smaller" and commented on JetBlue's planned slowing of growth. Barger said they were planning to "be flat at best into 2009" but was hopeful in saying that "people are going to fly, even if fewer have the opportunity because of airfares moving higher." He finished the interview by stressing that its plan "is one of organic growth and partnerships with strategic investors."

Closing out the program was the Final Trade segment. Najarian took


(WMT) - Get Report

while Terranova took gold futures. Macke, meanwhile, was selling


(T) - Get Report


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