Stocks in New York sank Friday on oil's continued rise and ongoing problems in the housing market. The Dow lost 1.2%, the S&P 500 fell 1.3% and the Nasdaq shed 0.8%.On CNBC's "Fast Money" TV show, Jeff Macke said he would love to buy the dips on the U.S. Oil Fund (USO). He said that buying heights on the USO will mean being on the wrong side of a V-top. He said shorting oil is the "silliest trade right now."

Tim Seymour said he wonders why the Federal Reserve isn't paying more attention to inflation. He said that the current environment bears eerie similarity to the 1970s.

Jon Najarian predicted a short-term top in crude oil. Guy Adami pointed out that the UltraShort Oil & Gas ( DUG - Get Report) ETF was actually up today. He said this might mean energy will pull back. Macke said that the rise in oil is fueled by speculation. Oil went higher on bearish events, he said.

The traders discussed the impact on businesses that depend on oil. In the automakers, Adami said he has liked Ford ( F - Get Report) as a turnaround story. He says he hates General Motors ( GM - Get Report). He said he wouldn't go near any of the automakers at this point and instead recommended Borg Warner ( BWA - Get Report) as a downstream play on the autos.

Seymour said that both GM and Ford are down 20% in the past five days. He pointed out that the companies are streamlining and growing their international businesses.

Najarian said $4 a gallon for gasoline will likely remain for a very long time. Macke said that consumers are staying home rather than trading in their SUVs for hybrids.

On the airlines, Adami said he would play AMR ( AMR - Get Report) from the long side in anticipation of a drop in oil. He recommended using a tight stop.

Najarian predicted that AMR and the rest of the domestic airlines are in bad shape. He said he's more interested in the European airlines.

Buy in Bulk

In retail, Macke said Wal-Mart ( WMT - Get Report) and Costco ( COST) are the stocks to own. He said Wal-Mart is a one-stop shop, which is good when customers don't want to drive. He said it's best-of-breed, which is why he likes it.

The Real Macau

Of the gaming industry, Najarian said to only go near the casinos with a Macau presence.

Macke said that he wouldn't trust a turnaround in the casinos.

In tech, Najarian said he would buy this week's dip. In particular, he said he likes Apple ( AAPL - Get Report). He said he thinks the stock will go to $200.

Macke said he would own Apple shares but sell the stock into the launch of the new iPhone.

Yahoo! ( YHOO) advised shareholders to vote against a Carl Icahn-sponsored changeup of the board. Macke made fun of Yahoo!.

Gartman Letter author Dennis Gartman joined the show to talk about the rise in crude oil prices. He said he wouldn't trade oil here. He said instead he's long airlines as a bet that oil prices will decline. He said he's also long grains and gold and is not in any stocks other than airlines. He said he's playing airlines instead of directly shorting oil because he's more confident he'll be able to understand where his thesis may go wrong in the airlines.

Quicker Than the Ticker

The traders went over some of their good calls. Macke had picked the USO, which went up 11% since his call. Najarian selected Anheuser-Busch ( BUD), which went up 16%. Adami chose Western Digital ( WDC), which rose 20% since his most recent recommendation. Seymour said he liked Market Vectors Russia ( RSX), which rose 10% since his call.

The traders kicked around the idea that this summer could be dominated by Apple on its next-generation iPhone. Najarian said his fund is long the stock, and said that investors should sell the stock in advance of the release of the new iPhone. Seymour and Adami agreed. Macke said he likes Research In Motion better.

Lehman Brothers and other brokers were in a swoon this week. Macke said he didn't buy the dip because he was scared. He said he'll still have time to do so next week.

Seymour said the stocks still have a lot of "smoke" around them. He said the companies' balance sheets may not be as good as they had previously seemed.

Najarian observed unusual options activity in Lehman. He said that four times normal volume of puts were traded lately, and he had seen similar activity in Bear Stearns That brokerage was sold in a fire sale to Bank of America ( BAC).

Macke said that the entire debt market is now questionable as a result of an admission by Moody's ( MCO) that it had mispriced a substantial slice of the debt market.

This Bud's for Who?

Belgian beer company InBev, which brews Stella Artois among other beers, said it is interested in buying Anheuser-Busch ( BUD). Macke said Bud is playing catch-up here. He said the deal may face antitrust headwinds. Seymour disagreed, saying InBev is more in the European market, meaning regulators won't be very concerned about consolidation as a result of the merger.

Najarian said the deal shouldn't get approval, and said the consumer is suffering as a result of insufficient regulation of big mergers.

Adami said that Boston Beer ( SAM) can make big moves and is now getting toward oversold levels. Macke said he still likes Molson Coors ( TAP - Get Report). Seymour recommended AmBev ( ABV).

Fast Fire

Adami had recommended FedEx ( FDX - Get Report), which fell 11%. He said the stock logged two false breakouts and he's been "dead wrong" about the name.

Seymour had picked Genco ( GNK - Get Report). He said investors can buy the stock on this dip.

Najarian had chosen Masco ( MAS), which subsequently declined 9%. He said to stay away.

Macke had selected Hasbro ( HAS), which declined. He said that it's a best-of-breed play but it's hard to fight consumer sentiment week to week.

Sunlight on Evergreen

The traders spoke with Evergreen Solar CEO Richard Feldt to the show to talk about the success of his company's stock. He said demand for solar energy continues to be strong. He also said he uses less silicon than other companies in the industry.

Macke said he's afraid of the solar names. Adami said the move is already over in the solar stocks. Najarian advised viewers to buy on dips.