Wall Street experienced some wild swings on Wednesday, with the Dow Jones Industrial Average swinging 600 points. The Dow finished the day up 298 points and the Nasdaq closed up 24 points. Pete Najarian said the rally Wednesday was due to the prospect of a government bailout of the bond insurers and rumors of a rate cut out of the European Central Bank. He says the markets will remain volatile for the next couple of weeks. According to Jeff Macke, now is the right time to buy the financials and retailers for a trade. Guy Adami agreed with Macke on the financials, and he explained that investors can't fight the Fed. Karen Finerman said she had a fun day Wednesday. She disclosed she bought Altria ( MO) and Flowserve ( FLS) in the morning after both stocks were knocked down hard. Google ( GOOG) and Apple ( AAPL) plunged as the Nasdaq traded higher Wednesday. Adami says now is the chance to make an easy trade and buy Google with a stop at $513. Najarian disclosed that he added to a long position in Apple. Adami says now is the time to buy Apple after he saw the volume and the reversal he was looking for in the stock. Finerman mentioned she is getting close to taking a look at Apple for a value play. Retail stocks put in a strong performance, led by Wal-Mart ( WMT), Target ( TGT) and Home Depot ( HD). Macke liked the price action in Wal-Mart Wednesday and he thinks the stock has its momentum back. Finerman disclosed she sold many of her retail stocks into strength. Najarian says the strength in retail was an opportunity to sell. Adami recommends taking profits in Home Depot. Pfizer ( PFE) reported profits and sales that beat forecasts. According to Najarian, investors can look to buy Pfizer, Abbott Labs ( ABT), Johnson & Johnson ( JNJ) and Merck ( MRK). Adami favors Pfizer. Railroad and trucking stocks surged in the face of recession concerns. Najarian says the selling in YRC Worldwide ( YRCW) has been overdone. He explained that strong earnings are helping to lift railroad stocks like CSX ( CSX), Burlington Northern ( BNI) and Norfolk Southern ( NSC). Adami mentioned that the railroad stocks are a synthetic way to play the agriculture sector. He cautioned investors to take some off the table in the rails.
CNBC's Jim Goldman joined the "Fast Money" crew to discuss his take on Microsoft. Goldman says analysts are looking for a very strong earnings report for Mister Softee, but Wall Street really will be keying in on the guidance. He also mentioned that Microsoft will shed light on the health of the global tech-upgrade cycle with so much of its business coming from the enterprise customers. Macke believes MSFT is a buy right here. Najarian says the trade is to own MSFT shares and sell the $35 February call options.